Vera Bradley Quarterly Loss Widens
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) is reporting a fiscal first quarter net loss of $2.4 million, compared to a loss of $1.4 million during the same period last year. Despite the drop, the company says net revenues and comparable sales each increased more than 5 percent for the quarter.
Chief Executive Officer Robert Wallstrom says the increase in sales and revenues suggests customers are responding to the company’s targeted consumer engagement efforts. He says the company’s efforts through its Vision 20/20 strategic plan continue to pay off as it moves into its second year.
"The first stage of Vision 20/20 was to restore brand and Company health, and we continue to build upon the progress we made in Fiscal 2019," said Wallstrom. "We once again improved the quality of sales in our full-line stores and on verabradley.com by increasing comparable full price selling in these two channels by approximately 20%. Moving into Year 2 of our three-year journey, we are focused on expanding our customer base and increasing sales and profitability."
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