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

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.

 

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.”

 

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.#

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).

 

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.#

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.

 

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.#

“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.