Vera Bradley Income Declines

Posted: Updated:
FORT WAYNE -

Fort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) is reporting fiscal second quarter  net income of $5.9 million, compared to $9.3 million during the same period last year. The handbag and clothing accessories designer and retailer says the results include $2.8 million in after-tax charges associated with the acquisition of Creative Genius Inc. In July, Vera Bradley acquired 75 percent interest in the California-based company, which also operates as Pura Vida Bracelets.

“Pura Vida is a great strategic fit for us due to their strong expertise in branding and social marketing strategies, as well as robust competencies in e-commerce and subscription-model selling,” said Rob Wallstrom, Vera Bradley CEO. 

Wallstrom says the company successfully managed its expenses during the quarter, but it faces strong headwinds. “Retail remains challenging, particularly in the Indirect channel as our partners continue to feel the pressure of a difficult environment, and our total sales fell slightly below our expectations.  In addition, gross margins continue to be pressured by increasing tariffs and higher shipping costs.”

Click here to review the financial report from Vera Bradley.

Last week, co-founder Pat Miller retired from the company’s board of directors. Miller started Vera Bradley with friend Barbara Bradley Baekgaard in 1982. Miller has served on the board since the beginning. Read our coverage here.

  • Perspectives

    • (photo courtesy of Conexus)

      Getting the Word Out About Manufacturing & Logistics

      As the epicenter of the nation’s advanced manufacturing and logistics industries, Indiana has a compelling story to tell about how Hoosier companies make and move the goods people depend on every day. Our goal is to ensure everyone hears these stories – many of which share a common theme focused on cutting-edge technologies that are transforming the way products are made and moved around the world and the people who use them. Conexus Indiana launched an...

    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

    • (photo courtesy of The Times of Northwest Indiana)

      Historic Hospital to be Torn Down in Gary

      A building that once represented the racial divide in the city of Gary, but long provided health care to the African American community, will soon fall to a wrecking ball. The city says it intends to raze the long-abandoned St. John’s Hospital. 

    • The Honda Greensburg plant opened in 2008.

      Honda to Invest $4M, Add Jobs at Greensburg Plant

      The American Honda Motor Co. continues to invest in its Greensburg, Indiana plant as it has announced the factory will be producing the company’s first electrified sport utility vehicle in the U.S. The company says it will invest more than $4 million and add 34 new jobs in the plant to support production of the CR-V Hybrid.  

    • Photo courtesy of Indianapolis Motor Speedway

      Red Bull to Discontinue Air Race World Championship

      The Red Bull Air Race at the Indianapolis Motor Speedway, originally scheduled for October, has been canceled as a result of Red Bull's decision to discontinue the Air Race World Championship following the 2019 season. The company says the races scheduled between June and September in Russia, Hungary and Japan will run as planned. 

    • On-Air

      Find out when and where you can watch and listen to our reports.

    • Money magazine judges Fishers as 3rd best place to live in the U.S.

      Fishers Makes Top 10 List of 'Best Places to Live'

      Three communities in Indiana made the top 100 list of best places to live in the country, but only one made the top 10. Fishers was judged by Money magazine as the third best place to live in the United States, behind Clarksville, Tennessee and Round Rock, Texas.