Fort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) is reporting a fiscal first quarter net loss of $1.4 million, compared to a loss of $4 million during the same period last year. Chief Executive Officer Robert Wallstrom says the improved earnings are due, in part, to reduced clearance and improved full-price selling.
Wallstrom says the company is using its Vision 20/20 plan to strengthen its brand and company health by reducing clearance and realigning its expense structure as the driving force behind every action the company takes.
"We made excellent progress against our initiatives in the first quarter," said Wallstrom. "We reduced clearance activity in our full-line stores and on verabradley.com by over 75% and increased full-price selling in these two channels in the high-single digit range. A primary goal for fiscal 2019 is to drive brand desirability through product and marketing innovation, and we made substantial progress on these fronts as well. By executing Vision 20/20, we expect that our business and brand will become healthier, operating performance will improve, and cash flows will remain strong over the next three years. We are laying the foundation of the future growth of the business."
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