Home / Knowledge / News / Fashion / Vera Bradley FY20 revenues jump 19% to $495 mn

Vera Bradley FY20 revenues jump 19% to $495 mn

20
Mar '20
Pic: Vera Bradley
Pic: Vera Bradley
Vera Bradley, a leading designer of women’s handbags, fashion and home accessories, posted 19 per cent jump in its net revenues to $495.2 million in FY20 ended on February 1, 2020 compared to $416.2 million prior year. Gross profit in the year rose to $271.8 million (FY19: $238.5 million). Net income in FY20 totalled $16.0 million (FY19: $20.7 million).
 
“In fiscal 2019, the first stage of Vision 20/20 was to restore brand and company health. We reduced clearance revenues and restored full-price selling, delivered SG&A and cost of sales reductions, maximised retention of the company’s customer base, and generated cash from operations,” Rob Wallstrom, chief executive officer of Vera Bradley,  said in a press release.
 
Selling, general, and administrative expenses (SG&A) in FY20 were $253.4 million (or 51.2 per cent of net revenues) compared to $211.9 million prior year. Operating income fell to $19.4 million (FY18: $27.1 million) over the year. 
 
Vera Bradley Direct segment revenues increased 5.9 per cent to $347.5 million from $328.0 million prior year. Pura Vida segment revenues totalled $65.9 million for the partial year, as reported. 
 
“Fiscal 2021 promises to be an exciting but challenging year as we complete our three-year journey,” Wallstrom said. “Our goal is to build upon the progress of the last two years, focusing on robust growth and sustainable health.”
 
“However, the uncertainties in the global environment, particularly surrounding Coronavirus (Covid-19) and its potential supply chain and revenue implications, make our fiscal 2021 financial performance difficult to predict,” Wallstrom said.
 
For fiscal 2021, the company’s expects: consolidated net revenues of $555 to $585 million, which includes estimated Pura Vida revenues of $125 to $135 million; consolidated gross profit percentage of 56.7-56.9 per cent compared to 56.6 per cent in fiscal 2020; and consolidated SG&A expense of $269 to $280 million compared to $242.4 million in fiscal 2020, reflecting the inclusion of $52 to $56 million of Pura Vida expenses for the full year.

Fibre2Fashion News Desk (JL)


Must ReadView All

Pic: Shutterstock

Textiles | On 6th Mar 2021

USTR releases 2021 President’s Trade Agenda, 2020 Annual Report

The Office of the United States Trade Representative recently...

Pic: Jilsander

Fashion | On 6th Mar 2021

Italy's OTB acquires Jil Sander brand from Onward Holdings

Japan's Onward Holdings has announced selling its loss-making Jil...

Pic: Shutterstock

Apparel/Garments | On 6th Mar 2021

Garment industry coalition calls for democracy restoration in Myanmar

A coalition of nine EU and US initiatives linked to the garment,...

Interviews View All

Sunil Rathore, Lacoste India

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Top executives, Textile industry

Top executives
Textile industry

The budget will give major impetus to textile and apparel consumption

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchain is not a silver bullet for each and every problem in supply...

Laksheeta Govil,

Laksheeta Govil

Founded in 2014, Fizzy Goblet is a Delhi / NCR based handcrafted leather...

Ian Burn,

Ian Burn

Camira's expertise goes from farm to fabric and everything in between. The ...

Eric Schoeller,

Eric Schoeller

Groz-Beckert is the world's leading provider of industrial machine...

Davide Vigano, Sensoria

Davide Vigano
Sensoria

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


March 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search