Fort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) is reporting fiscal second quarter net income of $9.3 million, up from $2.2 million during the same period last year. Chief Executive Officer Robert Wallstrom says the earnings are due, in part, to improved full-price selling and freight and shipping efficiencies.
Wallstrom says the company continues to move forward with its Vision 20/20 plan, which was initiated last year in an effort to strengthen brand and financial health by reducing clearance revenues. He says executing the plan has led to an improvement in cash flow and a healthier business.
"We have made tremendous headway against our initiatives over the last year and especially in the last six months. So far this year, we have reduced clearance activity in our full-line stores and on verabradley.com by over 70% and increased full-price selling in these channels by over 20%," said Wallstrom. "We are continuing to drive brand desirability through product innovation and targeted marketing while achieving meaningful expense reductions through diligent expense management."
The company is also reporting year-to-date net income of $7.9 million, compared to a net loss of $1.9 million during the first six months of 2017. You can connect to the full earnings report by clicking here.