Fort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) is reporting fiscal full-year net income of $20.8 million, up from $7 million the previous year. Chief Executive Officer Robert Wallstrom says the company made excellent progress in a number of key initiatives over the course of the year, which contributed to the results.
One of the main efforts Vera Bradley focused on was reducing clearance activity in its full-line stores and on its website, which it was able to do by about 70 percent over the year. Meanwhile, the company was able to increase full-price selling by more than 20 percent. The effort is part of the company’s Vision 20/20 strategic plan announced in August 2017.
"The first stage of Vision 20/20 was to restore brand and Company health, and I am excited by the progress we have made," Wallstrom said in a news release. "Fiscal 2020 promises to be an exciting and challenging year as we move into Year 2 of our journey, focused on building the platform for growth in customers, sales, and profit."
Wallstrom says the goals for the next fiscal year include returning to positive comparable sales growth, investing in technology and business processes to create a "more efficient and nimble organization," and continue to build the company’s culture into an ownership-based model. He says, over the last year, he is most proud of the team and the culture that has been cultivated at Vera Bradley.
"Going through the last 18 months would put significant strain on any organization. Yet, we have seen our team come together as a more united and empowered organization that is not only maintaining, but strengthening, our extraordinary culture as we return our brand and Company to a healthy foundation and begin to return to growth.”
Vera Bradley is also reporting fiscal fourth quarter net income of $8.6 million, up slightly from $8.5 million during the same quarter a year prior. You can view the full earnings report by clicking here.