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.