Vera Bradley Earnings Top Some Estimates

Posted: Updated:
The company expects its Vision 20/20 plan to save up to $30 million per year. The company expects its Vision 20/20 plan to save up to $30 million per year.

Fort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) is reporting third quarter net income of $359,000, compared to $8.8 million during the same period last year. Chief Executive Officer Robert Wallstrom says the company was able to beat many expectations through expense reductions and implementing its strategic plan "more quickly than originally expected."

The handbag and accessory maker says net revenues were $114.1 for the third quarter, down from $126.7 million in the third quarter last year. For the first three quarters of the year, the company is reporting a net loss of $1.5 million, compared to net income of $16.3 million for the first three quarters of last year.

In August, Wallstrom unveiled the company's Vision 20/20 strategic plan, calling it a "much more aggressive approach" to continued turnaround efforts. Much of the plan, he says, focuses on scaling back the availability of clearance items, in hopes of "resetting our customers' pricing perception and restoring our full-price business." The company expects the effort to save up to $30 million per year.

You can find more details on the quarterly earnings report by clicking here.

  • Perspectives

    • How Managers Can Keep Millennials Happy

      There are more than 56 million Millennials either actively participating in the workforce, or searching for a job. With a number like this, it’s no surprise that Millennials have taken the workplace by storm. But what is surprising is how different this generation is from their predecessors. They rely heavily on technology and prefer to communicate via text or email rather than a traditional phone call. Managing millennial employees can be a challenge — how can executives...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • $25M Behavioral Hospital Coming to Central Indiana

      Danville-based Hendricks Regional Health is partnering with US HealthVest to develop a stand-alone behavioral center on the Hendricks campus in Plainfield. Known as the Indianapolis Behavioral Hospital, the facility will provide specialized inpatient and outpatient mental health care to patients of all ages.

    • How Managers Can Keep Millennials Happy

      There are more than 56 million Millennials either actively participating in the workforce, or searching for a job. With a number like this, it’s no surprise that Millennials have taken the workplace by storm. But what is surprising is how different this generation is from their predecessors. They rely heavily on technology and prefer to communicate via text or email rather than a traditional phone call. Managing millennial employees can be a challenge — how can executives...

    • 'Heartbreaking' End For Nashville House

      The 91-year-old Nashville House restaurant is closing. The Brown County family dining staple will serve its last meal at the end of the month. In a post on Facebook, Gina Sarah Rogers, daughter of late-owners Andy and Fran Rogers, said it is "the end of an era and very heartbreaking." The restaurant is known for its country-style fried chicken and ham meals. Business on the property dates back to the late-1860s when an inn opened. It was acquired in...

    • Christel DeHaan to Retire as Christel House CEO

      One of the biggest names in philanthropy in Indiana is announcing her retirement. Christel House International Chief Executive Officer Christel DeHaan will remain board chair, but leave as CEO of the nonprofit she founded 20 years ago. The organization has named former Indianapolis Mayor Bart Peterson to be her successor. CHI's mission is to lift children out of poverty, and it has established learning centers at home in Indianapolis and abroad in Mexico, India, South Africa and...

    • Sturges, CBRE Splitting Up

      A long-time commercial real estate firm in Fort Wayne is going independent. CBRE | Sturges, which became affiliated with the global brand more than 20 years ago, will become Sturges Property Group at the end of this month. The firm was founded in 1975 and bills itself as largest full-service commercial and industrial real estate firm in the region. The shift, Sturges says, will...