These decisions were made in order to right-size our leadership team and cost structure for the size of our business, to address the continuing challenging macro environment, and to best position us to achieve our long-term strategic plans. In January 2023, we further streamlined our corporate structure by eliminating the positions of Vera Bradley Brand President, Chief Creative Officer, and Chief Revenue Officer, and by adding the position of Chief Marketing Officer, designed to drive additional annual cost savings of approximately $2 million, add more focus on marketing and merchandising, and position the Company to deliver steady top- and bottom-line growth.Many of the savings were realized in Fiscal 2023. The expense savings were derived across various areas of the Company, including payroll reductions, retail store efficiencies, marketing expenses, information technology contracts and projects, professional services, and logistics and operational costs. In mid-2022, we collaboratively identified $25 million in annualized cost-reduction initiatives and efficiency processes.During the fourth quarter, we meaningfully reduced our year-end inventory levels from the third quarter.”Īrdrey added, “Although Fiscal 2023 had its challenges, we took actions and laid the groundwork to position the Company for the future. During the year, we began to see stabilization in our supply chain, diligently controlled our expenses, and carefully managed our cash. “We ended the fiscal year with consolidated revenues of $500 million. “We also took the opportunity in the fourth quarter to reset and appropriately position the Pura Vida business for the future, by recording goodwill and tradename impairments and necessary inventory write-offs. On the plus side, Pura Vida Full-Line retail stores continued to perform ahead of our expectations, and they drove improved e-commerce traffic and revenues in their markets. And, we experienced a year-over-year sales decline in our wholesale channel. ![]() Targeted customer retention efforts led to increased Vera Bradley e-commerce revenues, while Full-Line and Factory store revenues continued to be negatively affected by traffic levels, although trends improved throughout the quarter.”Īrdrey continued, “At Pura Vida, e-commerce trends improved over previous quarters due to strategic promotions however, overall challenges continued to persist in our social and digital media effectiveness coupled with rising digital media costs. For the fourth consecutive quarter, the Vera Bradley Indirect Channel experienced year-over-year revenue growth. “In the fourth quarter, sales trends at both Vera Bradley and Pura Vida improved over prior quarters, with Vera Bradley total sales down just 1% and Pura Vida sales down less than 5% on a year-over-year basis. Diligent expense control enabled us to deliver fourth quarter non-GAAP diluted EPS of $0.16, which was nearly flat with last year. As a result, total Company fourth quarter revenues outperformed our guidance, although gross margins remained under pressure. Jackie Ardrey, Chief Executive Officer of the Company, noted, “We focused on driving revenues in the fourth quarter through targeted, strategic promotions on seasonal, giftable, and key items. “Vera Bradley” on a stand-alone basis refers only to the Vera Bradley brand. or “the Company” refers to the entire enterprise and includes both the Vera Bradley and Pura Vida brands. (Nasdaq: VRA) (or the “Company”) today announced its financial results for the fourth quarter and fiscal year ended Janu(“Fiscal 2023”). Management provides guidance for fiscal year ending February 3, 2024įORT WAYNE, Ind., Ma(GLOBE NEWSWIRE) - Vera Bradley, Inc. Net loss totaled ($59.7) million, or ($1.90) per diluted share, for fiscal year Įxcluding certain items, non-GAAP net income totaled $7.6 million, or $0.24 per diluted shareīalance sheet remains strong, with cash and cash equivalents of $46.6 million and no debt Net revenues totaled $500.0 million for the fiscal year
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