Vera Bradley, Inc. (Nasdaq: VRA) today announced its financial
results for the first quarter ended April 30, 2022.
In this release, Vera Bradley, Inc. or “the
Company” refers to the entire enterprise and includes both the Vera
Bradley and Pura Vida brands. Vera Bradley on a stand-alone basis
refers to the Vera Bradley brand.
First Quarter Comments
Rob Wallstrom, Chief Executive Officer of the
Company, noted, “While total Company first quarter revenues of
$98.5 million fell below our expectations and resulted in a net
loss, before certain charges, of $0.19 per diluted share, we
continued implementation of our price increases which helped offset
logistics and sourcing pressures, continued to drive product
innovation, controlled expenses, and completed $10.5 million of
share repurchases, while maintaining a strong, debt-free balance
sheet.
“We are clearly seeing a bifurcation in the
spending of our customer base. At Vera Bradley, Direct Channel
full-line revenues were above last year as customers with higher
household incomes remained engaged and spent more than last year.
We also saw a healthy year-over-year rebound in Indirect Channel
revenues. However, inflationary pressures, including rising gas
prices, particularly impacted the spending of Vera Bradley
full-line customers with household incomes below $55,000 as well as
traffic and spending in our Vera Bradley Direct Channel factory
stores for the quarter. In addition, Pura Vida’s ecommerce revenues
continued to be significantly affected by the shift in social and
digital media effectiveness and rising digital media costs.
“For the balance of the year, we are taking
decisive actions to strengthen the enterprise and remain highly
focused on our two core brands.
- On a Company-wide basis, we are:
- Meaningfully reducing our cost structure, targeting annual
savings of $15 to $25 million.
- Continuing to evaluate and execute strategic price increases
for both brands to offset rising raw material and freight costs, as
appropriate.
- At the Vera Bradley brand, we remain confident in our core
strategy, by continuing to:
- Innovate and build on our lifestyle merchandising strategy,
with a laser focus on protecting the core, amplified by targeted
marketing, by:
- Maximizing the travel category, which is nearly back to
pre-pandemic levels.
- Optimizing back-to-campus opportunities, with strategic
assortment enhancements.
- Continuing with successful product collaborations like Disney
and adding new iconic partnerships including Star Wars, Coleman,
and Tupperware.
- Expanding our footwear and home assortments this fall and
holiday season.
- At Pura Vida, we are focused on returning the brand to
long-term growth.
- Our newly-hired Chief Growth Officer and Pura Vida leadership
team will work to build a more diverse, innovative, effective, and
performance-based marketing program by bolstering our internal
marketing and data analytics talent and platform.
- We will open three additional retail store locations, building
on the success of the first store opening in San Diego in 2021.
Since opening, we continue to experience a double-digit
differential in our San Diego ecommerce business relative to the
rest of the country, demonstrating the power a retail presence has
in driving digital sales, omni-channel loyalty, and spending.
Stores will play a key role in driving new customer acquisition as
we continue to diversify our marketing platforms.
- We will build customer excitement and engagement through
collaborations like Disney and Hello Kitty, partnering with key
influencers, and offering themed-collections centered around key
events.”
Wallstrom continued. “We are preparing for the
macro environment to remain challenging through the remainder of
this year and into next year. And, despite the strength in Pura
Vida’s store business and opportunity for new store growth, we know
that it will take time to return the ecommerce business to growth
as rebuilding the marketing platform and remixing the marketing
program is underway. We are taking decisive actions that will
further strengthen both core brands and our enterprise as a whole,
not only to successfully manage through this period but position us
for the future. Our teams are focused, and our cash position and
balance sheet remain strong. We have successfully managed through
challenging business cycles before, and I am confident we will
manage through this period as well. We look forward to returning
both brands to steady growth.”
Summary of Financial Performance for the
First Quarter
Consolidated net revenues totaled $98.5 million
compared to $109.1 million in the prior year first quarter ended
May 1, 2021.
For the current year first quarter, Vera Bradley,
Inc.’s consolidated net loss totaled ($7.0) million, or ($0.21) per
diluted share. These results included $0.8 million of net after tax
charges, comprised of $0.4 million of intangible asset amortization
and $0.4 million of impairment charges. On a non-GAAP basis, Vera
Bradley, Inc.’s consolidated first quarter net loss totaled ($6.1)
million, or ($0.19) per diluted share.
For the prior year first quarter, the Company’s
consolidated net loss totaled ($2.1) million, or ($0.06) per
diluted share. These results included $0.4 million of net after tax
charges related to intangible asset amortization. On a non-GAAP
basis, Vera Bradley, Inc.’s consolidated prior year first quarter
net loss totaled ($1.7) million, or ($0.05) per diluted share.
Non-GAAP Numbers
The current year non-GAAP first quarter income
statement numbers referenced below exclude the previously outlined
intangible asset amortization and impairment charges. The prior
year non-GAAP first quarter income statement numbers referenced
below exclude the previously outlined intangible asset
amortization.
First Quarter Details
Current year first quarter Vera Bradley Direct
segment revenues totaled $61.6 million, a 7.6% decrease from $66.7
million in the prior year first quarter. Comparable sales declined
11.1% in the first quarter. The Company permanently closed six
full-line stores and opened seven factory outlet stores in the last
twelve months.
Vera Bradley Indirect segment revenues totaled
$17.0 million, an 11.2% increase over $15.3 million in the prior
year first quarter. Current year revenues reflected an increase in
certain key and specialty account orders.
Pura Vida segment revenues totaled $19.8 million,
a 26.8% decrease from $27.1 million in the prior year first
quarter.
First quarter consolidated gross profit totaled
$52.5 million, or 53.3% of net revenues, compared to $59.2 million,
or 54.2% of net revenues, in the prior year first quarter. The
current year gross profit rate was negatively impacted by higher
inbound and outbound freight expense, partially offset by price
increases.
Consolidated SG&A expense totaled $60.9
million, or 61.9% of net revenues, for the quarter, compared to
$60.9 million, or 55.8% of net revenues, for the prior year first
quarter. On a non-GAAP basis, consolidated SG&A expense totaled
$59.6 million, or 60.5% of net revenues, for the current quarter,
compared to $60.1 million, or 55.1% of net revenues, for the prior
year first quarter.
The Company’s first quarter consolidated operating
loss totaled ($8.2) million, or (8.4%) of net revenues, compared to
an operating loss of ($2.0) million, or (1.8%) of net revenues, in
the prior year first quarter. On a non-GAAP basis, the consolidated
operating loss totaled ($6.9) million, or (7.0%) of net revenues,
compared to ($1.2) million, or (1.1%) of net revenues, in the prior
year.
By segment:
- Vera Bradley Direct’s first quarter operating income was $5.5
million, or 8.9% of Direct net revenues, compared to operating
income of $10.9 million, or 16.3% of Direct net revenues, in the
prior year.
- Vera Bradley Indirect’s first quarter operating income was $5.5
million, or 32.3% of Indirect net revenues, compared to $4.5
million, or 29.2% of Indirect net revenues, in the prior year.
- Pura Vida’s first quarter operating income was $1.1 million, or
5.3% of Pura Vida net revenues, compared to $2.5 million, or 9.3%
of Pura Vida net revenues, in the prior year. On a non-GAAP basis,
Pura Vida’s current year first quarter operating income was $1.8
million, or 9.2% of Pura Vida net revenues, compared to $3.3
million, or 12.1% of Pura Vida net revenues, in the prior
year.
Balance Sheet
Net capital spending for the first quarter totaled
$1.7 million compared to $0.5 million in the prior year.
Cash, cash equivalents, and investments as of
April 30, 2022 totaled $64.0 million compared to $52.7 million at
the end of last year’s first quarter. The Company had no borrowings
on its $75 million ABL credit facility at quarter end.
Total quarter-end inventory was $161.8 million,
compared to $150.3 million at the end of the first quarter last
year.
During the first quarter, the Company repurchased
approximately $10.5 million of its common stock (approximately 1.4
million shares at an average price of $7.35). $35.3 million remains
under the Company’s $50.0 million repurchase authorization that
expires in December 2024.
Forward Outlook
Wallstrom also commented, "As we expect the
challenging macroeconomic environment to continue for the balance
of the year and that it will take time to return the Pura Vida
ecommerce business to growth, we believe it is appropriate to lower
our outlook for the fiscal year.”
Excluding net revenues, all forward-looking
guidance numbers referenced below are non-GAAP. The prior year
SG&A and earnings per diluted share numbers exclude the
previously disclosed net charges related to intangible asset
amortization. Current year guidance excludes previously disclosed
intangible asset amortization, impairment, and any similar
charges.
For Fiscal 2023, the Company’s updated
expectations are as follows:
- Consolidated net revenues of $490 to $505 million. Net revenues
totaled $540.5 million in Fiscal 2022. Year-over-year Vera Bradley
revenues are expected to decline between 5% and 7%, and Pura Vida
revenues are expected to decline between 12% and 16%.
- A consolidated gross profit percentage of 54.5% to 55.0%
compared to 53.3% in Fiscal 2022. The potential year-over-year
increase is primarily related to price increases, partially offset
by incremental inbound and outbound freight expense.
- Consolidated SG&A expense of $248 to $253 million compared
to $258.8 million in Fiscal 2022. The reduction in SG&A expense
is being driven by cost reduction initiatives and a reduction in
compensation expense, marketing, and other variable-related
expenses due to the expected sales decline from the prior
year.
- Consolidated operating income of $18.8 to $25.0 million
compared to $30.1 million in Fiscal 2022.
- Consolidated diluted EPS of $0.35 to $0.50 based on diluted
weighted-average shares outstanding of 32.1 million and an
effective tax rate of between 23.0 and 24.0%. Diluted EPS totaled
$0.57 last year.
- Net capital spending of approximately $10 to $12 million
compared to $5.5 million in the prior year, reflecting investments
associated with new Vera Bradley factory and Pura Vida store
locations and technology and logistics enhancements.
Disclosure Regarding Non-GAAP
Measures
The Company's management does not, nor does it
suggest that investors should, consider the supplemental non-GAAP
financial measures in isolation from, or as a substitute for,
financial information prepared in accordance with accounting
principles generally accepted in the United States (“GAAP”).
Further, the non-GAAP measures utilized by the Company may be
unique to the Company, as they may be different from non-GAAP
measures used by other companies.
The Company believes that the non-GAAP measures
presented in this earnings release, including free cash flow;
selling, general, and administrative expenses; operating loss; net
loss; net loss attributable and available to Vera Bradley, Inc.;
and diluted net loss per share available to Vera Bradley, Inc.
common shareholders, along with the associated percentages of net
revenues, are helpful to investors because they allow for a more
direct comparison of the Company’s year-over-year performance and
are consistent with management’s evaluation of business
performance. A reconciliation of the non-GAAP measures to the most
directly comparable GAAP measures can be found in the Company’s
supplemental schedules included in this earnings release.
Call Information
A conference call to discuss results for the first
quarter is scheduled for today, Wednesday, June 8, 2022, at 9:30
a.m. Eastern Time. A broadcast of the call will be available via
Vera Bradley’s Investor Relations section of its website,
www.verabradley.com. Alternatively, interested parties may dial
into the call at (800) 437-2398, and enter the access code 1664068.
A replay will be available shortly after the conclusion of the call
and remain available through June 22, 2022. To access the
recording, listeners should dial (844) 512-2921, and enter the
access code 1664068.
About Vera Bradley, Inc.
Vera Bradley, Inc. operates two unique lifestyle
brands – Vera Bradley and Pura Vida. Vera Bradley and Pura Vida are
complementary businesses, both with devoted, emotionally-connected,
and multi-generational female customer bases; alignment as casual,
comfortable, affordable, and fun brands; positioning as “gifting”
and socially-connected brands; strong, entrepreneurial cultures; a
keen focus on community, charity, and social consciousness;
multi-channel distribution strategies; and talented leadership
teams aligned and committed to the long-term success of their
brands.
Vera Bradley, based in Fort Wayne, Indiana, is a
leading designer of women’s handbags, luggage and other travel
items, fashion and home accessories, and unique gifts.
Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia
R. Miller, the brand is known for its innovative designs, iconic
patterns, and brilliant colors that inspire and connect women
unlike any other brand in the global marketplace.
In July 2019, Vera Bradley, Inc. acquired a 75%
interest in Creative Genius, Inc., which also operates under the
name Pura Vida Bracelets (“Pura Vida”). Pura Vida, based in La
Jolla, California, is a digitally native, highly-engaging lifestyle
brand founded in 2010 by friends Paul Goodman and Griffin Thall.
Pura Vida has a differentiated and expanding offering of bracelets,
jewelry, and other lifestyle accessories.
The Company has three reportable segments: Vera
Bradley Direct (“VB Direct”), Vera Bradley Indirect (“VB
Indirect”), and Pura Vida. The VB Direct business consists of sales
of Vera Bradley products through Vera Bradley full-line and factory
outlet stores in the United States, verabradley.com,
verabradley.ca, Vera Bradley’s online outlet site, and the Vera
Bradley annual outlet sale in Fort Wayne, Indiana. The VB Indirect
business consists of sales of Vera Bradley products to
approximately 1,800 specialty retail locations throughout the
United States, as well as select department stores, national
accounts, third party e-commerce sites, and third-party inventory
liquidators, and royalties recognized through licensing agreements
related to the Vera Bradley brand. The Pura Vida segment consists
of sales of Pura Vida products through the Pura Vida websites,
www.puravidabracelets.com, www.puravidabracelets.eu, and
www.puravidabracelets.ca, and through the distribution of its
products to wholesale retailers and department stores.
Website Information
We routinely post important information for
investors on our website www.verabradley.com in the "Investor
Relations" section. We intend to use this webpage as a means of
disclosing material, non-public information and for complying with
our disclosure obligations under Regulation FD. Accordingly,
investors should monitor the Investor Relations section of our
website, in addition to following our press releases, SEC filings,
public conference calls, presentations and webcasts. The
information contained on, or that may be accessed through, our
webpage is not incorporated by reference into, and is not a part
of, this document.
Investors and other interested parties may also
access the Company’s most recent Corporate Responsibility and
Sustainability Report outlining its ESG (Environmental, Social, and
Governance) initiatives at
https://verabradley.com/pages/corporate-responsibility.
Vera Bradley Safe Harbor
Statement
Certain statements in this release are
"forward-looking statements" made pursuant to the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements reflect the Company's current
expectations or beliefs concerning future events and are subject to
various risks and uncertainties that may cause actual results to
differ materially from those that we expected, including: possible
adverse changes in general economic conditions and their impact on
consumer confidence and spending; possible inability to predict and
respond in a timely manner to changes in consumer demand; possible
loss of key management or design associates or inability to attract
and retain the talent required for our business; possible inability
to maintain and enhance our brands; possible inability to
successfully implement the Company’s long-term strategic plan;
possible inability to successfully open new stores, close targeted
stores, and/or operate current stores as planned; incremental
tariffs or adverse changes in the cost of raw materials and labor
used to manufacture our products; possible adverse effects
resulting from a significant disruption in our distribution
facilities; or business disruption caused by COVID-19 or other
pandemics. Risks, uncertainties, and assumptions also include the
possibility that Pura Vida acquisition benefits may not materialize
as expected and that Pura Vida’s business may not perform as
expected. More information on potential factors that could affect
the Company’s financial results is included from time to time in
the “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of the
Company’s public reports filed with the SEC, including the
Company’s Form 10-K for the fiscal year ended January 29, 2022. We
undertake no obligation to publicly update or revise any
forward-looking statement. Financial schedules are attached to this
release.
CONTACTS: Investors: Julia Bentley, VP of Investor
Relations and Communications jbentley@verabradley.com (260)
207-5116
Media:
mediacontact@verabradley.com 877-708-VERA (8372)
Vera
Bradley, Inc. |
Condensed
Consolidated Balance
Sheets |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
April 30, 2022 |
|
January 29, 2022 |
|
May 1, 2021 |
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
63,987 |
|
|
$ |
88,436 |
|
|
$ |
51,371 |
|
Short-term investments |
|
- |
|
|
|
- |
|
|
|
1,293 |
|
Accounts receivable, net |
|
20,115 |
|
|
|
20,681 |
|
|
|
21,945 |
|
Inventories |
|
161,787 |
|
|
|
144,881 |
|
|
|
150,335 |
|
Income taxes receivable |
|
3,466 |
|
|
|
9,391 |
|
|
|
8,782 |
|
Prepaid expenses and other current assets |
|
17,458 |
|
|
|
15,928 |
|
|
|
18,478 |
|
Total current assets |
|
266,813 |
|
|
|
279,317 |
|
|
|
252,204 |
|
|
|
|
|
|
|
Operating
right-of-use assets |
|
79,827 |
|
|
|
79,873 |
|
|
|
86,181 |
|
Property,
plant, and equipment, net |
|
60,032 |
|
|
|
59,941 |
|
|
|
62,391 |
|
Intangible
assets, net |
|
43,454 |
|
|
|
44,223 |
|
|
|
46,527 |
|
Goodwill |
|
44,254 |
|
|
|
44,254 |
|
|
|
44,254 |
|
Deferred
income taxes |
|
3,980 |
|
|
|
3,857 |
|
|
|
3,161 |
|
Other
assets |
|
5,337 |
|
|
|
6,081 |
|
|
|
6,525 |
|
Total assets |
$ |
503,697 |
|
|
$ |
517,546 |
|
|
$ |
501,243 |
|
|
|
|
|
|
|
Liabilities, Redeemable Noncontrolling Interest, and
Shareholders' Equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable |
$ |
39,327 |
|
|
$ |
30,492 |
|
|
$ |
23,160 |
|
Accrued employment costs |
|
7,897 |
|
|
|
12,463 |
|
|
|
11,122 |
|
Short-term operating lease liabilities |
|
17,288 |
|
|
|
18,699 |
|
|
|
21,210 |
|
Other accrued liabilities |
|
17,298 |
|
|
|
16,422 |
|
|
|
14,736 |
|
Total current liabilities |
|
81,810 |
|
|
|
78,076 |
|
|
|
70,228 |
|
|
|
|
|
|
|
Long-term
operating lease liabilities |
|
81,513 |
|
|
|
80,861 |
|
|
|
88,228 |
|
Other
long-term liabilities |
|
168 |
|
|
|
195 |
|
|
|
83 |
|
Total liabilities |
|
163,491 |
|
|
|
159,132 |
|
|
|
158,539 |
|
|
|
|
|
|
|
Redeemable
noncontrolling interest |
|
31,092 |
|
|
|
30,974 |
|
|
|
30,307 |
|
Shareholders' equity: |
|
|
|
|
|
Additional paid-in-capital |
|
107,040 |
|
|
|
107,907 |
|
|
|
105,076 |
|
Retained earnings |
|
327,390 |
|
|
|
334,364 |
|
|
|
314,381 |
|
Accumulated other comprehensive loss |
|
(60 |
) |
|
|
(29 |
) |
|
|
- |
|
Treasury stock |
|
(125,256 |
) |
|
|
(114,802 |
) |
|
|
(107,060 |
) |
Total shareholders' equity of Vera Bradley, Inc. |
|
309,114 |
|
|
|
327,440 |
|
|
|
312,397 |
|
Total liabilities, redeemable noncontrolling interest, and
shareholders' equity |
$ |
503,697 |
|
|
$ |
517,546 |
|
|
$ |
501,243 |
|
Vera
Bradley, Inc. |
Condensed
Consolidated Statements of
Operations |
(in
thousands, except per share
amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
April 30, 2022 |
|
May 1, 2021 |
|
|
|
|
Net revenues |
$ |
98,459 |
|
|
$ |
109,094 |
|
Cost of
sales |
|
45,945 |
|
|
|
49,930 |
|
Gross profit |
|
52,514 |
|
|
|
59,164 |
|
Selling,
general, and administrative expenses |
|
60,914 |
|
|
|
60,896 |
|
Other income
(loss), net |
|
167 |
|
|
|
(227 |
) |
Operating loss |
|
(8,233 |
) |
|
|
(1,959 |
) |
Interest
expense, net |
|
40 |
|
|
|
90 |
|
Loss before income taxes |
|
(8,273 |
) |
|
|
(2,049 |
) |
Income tax
benefit |
|
(1,563 |
) |
|
|
(531 |
) |
Net loss |
|
(6,710 |
) |
|
|
(1,518 |
) |
Less: Net
income attributable to redeemable noncontrolling interest |
|
264 |
|
|
|
627 |
|
Net loss attributable to Vera Bradley, Inc. |
$ |
(6,974 |
) |
|
$ |
(2,145 |
) |
|
|
|
|
Basic
weighted-average shares outstanding |
|
32,672 |
|
|
|
33,590 |
|
Diluted
weighted-average shares outstanding |
|
32,672 |
|
|
|
33,590 |
|
|
|
|
|
Basic net
loss per share available to Vera Bradley, Inc. common
shareholders |
$ |
(0.21 |
) |
|
$ |
(0.06 |
) |
Diluted net
loss per share available to Vera Bradley, Inc. common
shareholders |
$ |
(0.21 |
) |
|
$ |
(0.06 |
) |
Vera
Bradley, Inc. |
Condensed
Consolidated Statements of Cash
Flows |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
April 30, 2022 |
|
May 1, 2021 |
Cash
flows from operating activities |
|
|
|
Net loss |
$ |
(6,710 |
) |
|
$ |
(1,518 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation of property, plant, and equipment |
|
2,192 |
|
|
|
2,286 |
|
Amortization of operating right-of-use assets |
|
5,260 |
|
|
|
4,930 |
|
Impairment charges |
|
592 |
|
|
|
- |
|
Amortization of intangible assets |
|
769 |
|
|
|
769 |
|
Provision for doubtful accounts |
|
(143 |
) |
|
|
(66 |
) |
Stock-based compensation |
|
543 |
|
|
|
1,814 |
|
Deferred income taxes |
|
(123 |
) |
|
|
369 |
|
Other non-cash gain, net |
|
- |
|
|
|
(45 |
) |
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
709 |
|
|
|
5,664 |
|
Inventories |
|
(16,906 |
) |
|
|
(8,919 |
) |
Prepaid expenses and other assets |
|
(786 |
) |
|
|
(779 |
) |
Accounts payable |
|
8,165 |
|
|
|
(4,234 |
) |
Income taxes |
|
5,925 |
|
|
|
(1,731 |
) |
Operating lease liabilities, net |
|
(6,565 |
) |
|
|
(6,800 |
) |
Accrued and other liabilities |
|
(4,004 |
) |
|
|
(1,780 |
) |
Net cash
used in operating activities |
|
(11,082 |
) |
|
|
(10,040 |
) |
|
|
|
|
Cash
flows from investing activities |
|
|
|
Purchases of property, plant, and equipment |
|
(1,745 |
) |
|
|
(503 |
) |
Proceeds from disposal of property, plant, and equipment |
|
- |
|
|
|
45 |
|
Net cash
used in investing activities |
|
(1,745 |
) |
|
|
(458 |
) |
|
|
|
|
Cash
flows from financing activities |
|
|
|
Tax withholdings for equity compensation |
|
(1,410 |
) |
|
|
(2,171 |
) |
Repurchase of common stock |
|
(10,035 |
) |
|
|
- |
|
Distributions to redeemable noncontrolling interest |
|
(146 |
) |
|
|
(129 |
) |
Net cash
used in financing activities |
|
(11,591 |
) |
|
|
(2,300 |
) |
Effect of
exchange rate changes on cash and cash equivalents |
|
(31 |
) |
|
|
(6 |
) |
|
|
|
|
Net decrease
in cash and cash equivalents |
$ |
(24,449 |
) |
|
$ |
(12,804 |
) |
Cash and
cash equivalents, beginning of period |
|
88,436 |
|
|
|
64,175 |
|
Cash and
cash equivalents, end of period |
$ |
63,987 |
|
|
$ |
51,371 |
|
Vera
Bradley, Inc. |
First
Quarter Fiscal 2023 |
GAAP to
Non-GAAP Reconciliation Thirteen Weeks Ended April 30,
2022 |
(in
thousands, except per share
amounts) |
(unaudited) |
|
Thirteen Weeks Ended |
|
|
|
|
As Reported |
|
Other Items |
|
Non-GAAP (Excluding Items) |
Gross profit |
$ |
52,514 |
|
|
$ |
- |
|
|
$ |
52,514 |
|
Selling,
general, and administrative expenses |
|
60,914 |
|
|
|
1,361 |
|
1 |
|
59,553 |
|
Operating
loss |
|
(8,233 |
) |
|
|
(1,361 |
) |
|
|
(6,872 |
) |
Loss before
income taxes |
|
(8,273 |
) |
|
|
(1,361 |
) |
|
|
(6,912 |
) |
Income tax
benefit |
|
(1,563 |
) |
|
|
(338 |
) |
2 |
|
(1,225 |
) |
Net
loss |
|
(6,710 |
) |
|
|
(1,023 |
) |
|
|
(5,687 |
) |
Less: Net
income (loss) attributable to redeemable noncontrolling
interest |
|
264 |
|
|
|
(192 |
) |
|
|
456 |
|
Net loss
attributable to Vera Bradley, Inc. |
|
(6,974 |
) |
|
|
(831 |
) |
|
|
(6,143 |
) |
Diluted net
loss per share available to Vera Bradley, Inc. common
shareholders |
$ |
(0.21 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.19 |
) |
|
|
|
|
|
|
Vera Bradley
Direct segment operating income |
$ |
5,503 |
|
|
$ |
- |
|
|
$ |
5,503 |
|
Vera Bradley
Indirect segment operating income |
$ |
5,479 |
|
|
$ |
- |
|
|
$ |
5,479 |
|
Pura Vida
segment operating income (loss) |
$ |
1,056 |
|
|
$ |
(769 |
) |
3 |
$ |
1,825 |
|
Unallocated
corporate expenses |
$ |
(20,271 |
) |
|
$ |
(592 |
) |
4 |
$ |
(19,679 |
) |
|
|
|
|
|
|
1Items include $769 for the amortization of definite-lived
intangible assets and $592 for a right-of-use asset impairment
charge |
|
|
2Related to
the tax impact of the charges mentioned above |
|
|
|
|
|
3Related to
the amortization of definite-lived intangible assets |
|
|
|
|
|
4Related to
a right-of-use asset impairment charge |
|
|
|
|
|
Vera Bradley, Inc. |
First Quarter Fiscal 2022 |
GAAP to Non-GAAP Reconciliation Thirteen Weeks Ended May 1,
2021 |
(in thousands, except per share amounts) |
(unaudited) |
|
Thirteen Weeks Ended |
|
As Reported |
|
Other Items |
|
Non-GAAP (Excluding Items) |
Gross profit |
$ |
59,164 |
|
|
$ |
- |
|
|
$ |
59,164 |
|
Selling, general, and
administrative expenses |
|
60,896 |
|
|
|
769 |
|
1 |
|
60,127 |
|
Operating loss |
|
(1,959 |
) |
|
|
(769 |
) |
|
|
(1,190 |
) |
Loss before income taxes |
|
(2,049 |
) |
|
|
(769 |
) |
|
|
(1,280 |
) |
Income tax benefit |
|
(531 |
) |
|
|
(163 |
) |
2 |
|
(368 |
) |
Net loss |
|
(1,518 |
) |
|
|
(606 |
) |
|
|
(912 |
) |
Less: Net income (loss)
attributable to redeemable noncontrolling interest |
|
627 |
|
|
|
(192 |
) |
|
|
819 |
|
Net loss attributable to Vera
Bradley, Inc. |
|
(2,145 |
) |
|
|
(414 |
) |
|
|
(1,731 |
) |
Diluted net loss per share
available to Vera Bradley, Inc. common shareholders |
$ |
(0.06 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
|
|
|
|
|
|
Vera Bradley Direct segment
operating income |
$ |
10,860 |
|
|
$ |
- |
|
|
$ |
10,860 |
|
Vera Bradley Indirect segment
operating income |
$ |
4,461 |
|
|
$ |
- |
|
|
$ |
4,461 |
|
Pura Vida segment operating
income (loss) |
$ |
2,508 |
|
|
$ |
(769 |
) |
1 |
$ |
3,277 |
|
Unallocated corporate
expenses |
$ |
(19,788 |
) |
|
$ |
- |
|
|
$ |
(19,788 |
) |
|
|
|
|
|
|
1Includes the
amortization of definite-lived intangible assets |
2Related to the
tax impact of the charge mentioned above |
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