Vera Bradley revenues jump 10% to $132 mn in Q2 FY20

Vera Bradley, a leading designer of women’s handbags, fashion and home accessories, has posted 10 per cent revenues increase to $131.8 million in its second quarter (Q2) FY20 that ended on August 1, 2020 compared to revenues of $ $119.8 million in the same period previous fiscal. Company’s net income for Q2 FY20 rose to $8.3 million (Q2 FY19: $5.7 million).

 

Vera Bradley, a leading designer of women's handbags, fashion and home accessories, has posted 10 per cent revenues increase to $131.8 million in its second quarter (Q2) FY20 that ended on August 1, 2020 compared to revenues of $ $119.8 million in the same period previous fiscal. Company's net income for Q2 FY20 rose to $8.3 million (Q2 FY19: $5.7 million).#

“I am extremely pleased with our second quarter results, which significantly exceeded our expectations and last year’s performance, despite facing the headwinds of Covid-19,” Rob Wallstrom, chief executive officer at Vera Bradley, said in a press release. “Total company year-over-year second quarter revenues were driven by the addition of Pura Vida for a full quarter and Vera Bradley e-commerce sales doubling, partially offset by a decrease in Vera Bradley store revenues due to Covid-19-related closures for a portion of the quarter.”

 

Vera Bradley, a leading designer of women's handbags, fashion and home accessories, has posted 10 per cent revenues increase to $131.8 million in its second quarter (Q2) FY20 that ended on August 1, 2020 compared to revenues of $ $119.8 million in the same period previous fiscal. Company's net income for Q2 FY20 rose to $8.3 million (Q2 FY19: $5.7 million).#

Gross profit for the quarter was $79.6 million ($67.3 million). Selling, general, and administrative expenses were $62.1 million ($60.7 million). Company’s operating income rose to $17.4 million ($7.3 million). 

 

Vera Bradley, a leading designer of women's handbags, fashion and home accessories, has posted 10 per cent revenues increase to $131.8 million in its second quarter (Q2) FY20 that ended on August 1, 2020 compared to revenues of $ $119.8 million in the same period previous fiscal. Company's net income for Q2 FY20 rose to $8.3 million (Q2 FY19: $5.7 million).#

During the second quarter Vera Bradley direct segment revenues fell 13.9 per cent to $81.2 million ($94.4 million) primarily due to company’s stores that were temporarily closed for approximately half of period. Also, Vera Bradley indirect segment revenues were down 11.4 per cent to $17.7 million ($20.0 million). However, Pura Vida segment revenues increased to $32.8 million ($5.4 million).

 

Vera Bradley, a leading designer of women's handbags, fashion and home accessories, has posted 10 per cent revenues increase to $131.8 million in its second quarter (Q2) FY20 that ended on August 1, 2020 compared to revenues of $ $119.8 million in the same period previous fiscal. Company's net income for Q2 FY20 rose to $8.3 million (Q2 FY19: $5.7 million).#

“Our e-commerce business (Vera Bradley and Pura Vida combined) was very strong in the quarter. We know that the pandemic will have a lasting effect on the way consumers act and shop, and that our digital competencies will be even more important in this new environment.  Our acquisition of digitally-native Pura Vida, which resulted in e-commerce being a larger share of our total company revenues, along with our continued investments in Vera Bradley’s e-commerce site and infrastructure, has positioned us well for the future,” Wallstrom said.