Vera Bradley Inc
NASDAQ:VRA
Vera Bradley Inc
Vera Bradley, Inc. designs, produces, markets, and retails accessories for women. The company is headquartered in Roanoke, Indiana and currently employs 2,490 full-time employees. The company went IPO on 2010-10-21. The company operates through three segments: Vera Bradley Direct (VB Direct), Vera Bradley Indirect (VB Indirect), and Pura Vida. The VB Direct segment consists of sales of Vera Bradley products through Vera Bradley full-line and factory outlet stores in the United States; verabradley.com; the Vera Bradley outlet site; and the Vera Bradley annual outlet sale in Fort Wayne, Indiana. The company operates 70 full-line stores and 75 factory outlet stores. The VB Indirect segment consists of sales of Vera Bradley products to approximately 1,800 specialty retail locations, department stores, national accounts, third-party e-commerce sites, and third-party inventory liquidators. Pura Vida segment operates through the Pura Vida websites, www.puravidabracelets.com, www.puravidabracelets.eu, and www.puravidabracelets.ca, and distributes Pura Vida-branded products to wholesale retailers.
Vera Bradley, Inc. designs, produces, markets, and retails accessories for women. The company is headquartered in Roanoke, Indiana and currently employs 2,490 full-time employees. The company went IPO on 2010-10-21. The company operates through three segments: Vera Bradley Direct (VB Direct), Vera Bradley Indirect (VB Indirect), and Pura Vida. The VB Direct segment consists of sales of Vera Bradley products through Vera Bradley full-line and factory outlet stores in the United States; verabradley.com; the Vera Bradley outlet site; and the Vera Bradley annual outlet sale in Fort Wayne, Indiana. The company operates 70 full-line stores and 75 factory outlet stores. The VB Indirect segment consists of sales of Vera Bradley products to approximately 1,800 specialty retail locations, department stores, national accounts, third-party e-commerce sites, and third-party inventory liquidators. Pura Vida segment operates through the Pura Vida websites, www.puravidabracelets.com, www.puravidabracelets.eu, and www.puravidabracelets.ca, and distributes Pura Vida-branded products to wholesale retailers.
Revenue Decline Slows: Vera Bradley reported Q3 revenue of $62.3 million, down 11.7% year-over-year, but improved from a 24.6% decline in Q2.
Direct Segment Improvement: Direct segment revenue was $49.7 million, down 5.3% versus last year, showing sequential improvement with positive comparable sales in core brand channels for five consecutive months.
Profitability Impacted by Write-Downs: Q3 results included a $5.9 million inventory write-down and a $4 million media credit write-off, which together had a negative $0.35 impact on EPS.
Inventory and Cost Control: Inventory decreased by 24.3% year-over-year to $82.9 million and SG&A expenses declined by $6.2 million, reflecting ongoing cost reductions and improved working capital management.
Transformation Progress: The company is seeing early benefits from its 'Project Sunshine' transformation, focusing on brand identity, product innovation, digital engagement, outlet strategy, and organizational change.
No Guidance Update: Management did not provide explicit financial guidance or update prior guidance on this call.
CEO Search Continues: The CEO search remains underway with no significant updates, but key leadership roles are being filled, such as the appointment of a new Chief Brand Officer.
