Fort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) is reporting fiscal second quarter net income of $5.7 million, a decrease from $7.6 million during the same period a year earlier. Chief Executive Officer Robert Wallstrom is urging patience for investors, saying "we have made meaningful progress, but know our turnaround will take time."
He says the handbag and accessories manufacturer and retailer is continuing innovation and modernization of its product lines, as well as "prudently" growing distribution targeted marketing efforts, which will "over time, bring new customers to Vera Bradley and drive traffic and sales."
The company has undergone several major changes to its leadership team, most recently naming Theresa Palermo, a former vice president in global marketing and public relations for Fossil Group Inc. (Nasdaq: FOSL), chief marketing officer.
As part of its quarterly financial report, Vera Bradley also said it reported $2.1 million in severance and leasing costs related to the closing of its New Haven manufacturing facility.
Executives expect full fiscal year net revenue to be down slightly compared to last year. You can read the full report by clicking here.