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Vera Bradley Q1 FY20: sales $37 mn; e-com sales up 21.5%

Jul '20
Pic: Vera Bradley
Pic: Vera Bradley
Vera Bradley, a leading designer of women’s handbags, fashion and home accessories, has reported 48.2 per cent decline in its first quarter (Q1) FY20 sales to $36.8 million (Q1 FY19: $71.1 million). However, e-commerce sales for the quarter that ended on May 2, 2020, included in direct segment grew 20.5 per cent compared to same period last year.
“With adversity comes opportunity,” Rob Wallstrom, chief executive officer at Vera Bradley, said in a press release. “We know that this crisis will have a lasting effect on consumers and transform the way they shop. Our 2019 acquisition of Pura Vida has resulted in e-commerce being a larger share of our total company revenues, and the digital skills of both companies will be even more critical in this new environment.”
Gross profit for the quarter came down to $34.1 million ($50.4 million). Selling, general and administrative expenses rose to $59.7 million ($54.2 million). Company incurred an operating loss loss of $25.5 million ($3.6 million).
For the reported quarter, Vera Bradley indirect segment revenues fell 43.5 per cent to $11.2 million ($19.9 million). Pura Vida sales were $21.2 million.
“Our fiscal 2021 goal was to drive more robust growth, but the Covid-19 crisis has significantly affected that goal. However, despite the Covid-19 situation, we remain focused on our core vision 20/20 strategies of enhancing our brands and long-term growth through heightened customer engagement and continued product innovation while navigating through the crisis,” Wallstrom said.

Fibre2Fashion News Desk (JL)

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July 2020

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