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American handbag designer Vera Bradley posts FY21 revenues of $468 mn
06 Apr 21 2 min read
Vera Bradley, a US-based leading designer of women’s handbags, fashion and home accessories, posted decrease in revenues to $468.3 million during complete fiscal 2021 ended on January 31, 2021 compared to the revenues of $495.2 million in the previous fiscal. The company’s net income for the reported year was $10.7 million (FY20: $15.2 million).
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“In spite of an extremely challenging overall retail environment and a very difficult handbag and accessories market in particular, we delivered some best-in-class operating results. On a non-GAAP basis, excluding certain items, our fiscal year operating income was nearly 90 per cent to last year, which was a strong performance in light of the unprecedented pandemic-related headwinds. These results were due to the strength of our two lifestyle brands and strong execution,” Rob Wallstrom, chief executive officer of Vera Bradley, said in a press release.
Gross profit during the year was $265.5 million ($271.8 million), while selling, general and administrative expenses were $252.6 million ($253.4 million). The company’s operating income during FY21 slipped to $13.0 million ($19.5 million).
During FY20, Vera Bradley direct segment’s revenue dropped to $289.3 million ($347.5 million), whereas Vera Bradley indirect segment’s revenue were down to $66.5 million ($81.8 million). However, Pura Vida segment’s revenue jumped to $112.5 million ($65.9 million).
“We have a long-term vision for the future of our company and a clear path to achieve our goals. Our team is focused, our balance sheet is solid, our brands are strong, and we are positioned for growth. We are excited about the possibilities for Vera Bradley,” Wallstrom said.
Fibre2Fashion News Desk (JL)
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