Fort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) is reporting third quarter net income of $139,000, down from $4.2 million during the same period last year.
During the second quarter, the handbag and clothing accessories designer and retailer acquired a 75% interest in California-based Creative Genius Inc., which operates as Pura Vida Bracelets.
The company says the third quarter is the first full quarter reflecting the acquisition.
“Both of our brands – Vera Bradley and Pura Vida – had a strong third quarter performance. Vera Bradley’s comparable sales, full-price selling, and customer count once again rose in the quarter, and Pura Vida’s sales were at the high end of our expectations,” said Rob Wallstrom, chief executive officer of Vera Bradley.
Wallstrom says those two brands are sharing resources and expertise as they grow together.
“Pura Vida is a great strategic fit for Vera Bradley with their expertise in social media and other digital marketing strategies, and Pura Vida has already begun to leverage Vera Bradley’s infrastructure, partnerships, and back office support services to bolster its growth.”
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