Vera Bradley FY20 revenues jump 19% to $495 mn

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).

 

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.

 

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).#

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, 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).#

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. 

 

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).#

“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.”

 

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).#

“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.

 

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).#

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.