Fort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) is reporting fiscal first quarter net income of $2.4 million, compared with a net loss of $4.1 million during the same period the previous year. Chief Executive Officer Robert Wallstrom says the improvement is largely due to operational efficiencies.
Wallstrom says the company has three main goals for the fiscal year, which include completing its brand transformation, driving core growth, and exploring additional licensing and international growth opportunities.
"Our exciting new brand positioning will be launched in September, and we believe this will lay the foundation for comparable sales growth in the second half of this year as we introduce our fall product assortment; launch our comprehensive fall creative campaign; open our SoHo flagship store; begin to update key full-line stores, incorporating our new logo and modern visual package; and launch our new digital flagship, verabradley.com," said Wallstrom. We remain energized and excited about the future of Vera Bradley."
The boost in net income comes after the company reported a dip in net income for fiscal fourth quarter in March. At that time, Wallstrom said Vera Bradley was positioned for growth.