Q2 profit dips for Vera Bradley
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Fort Wayne-based Vera Bradley Inc. is reporting fiscal second quarter net income of $5.7 million, down from $9.2 million during the same period last year. CEO Jackie Ardrey said the company faced “stubbornly persistent macro consumer headwinds” that offset successes in other areas of the business.
The results come two months after Vera Bradley launched a brand refresh aimed at “reinvigorating the business and restoring brand relevance.”
“We were successful in starting to attract a new customer who values both fashion and function at full price, and we saw strength across the board in solids, trend-right colors and prints, and our new leather franchise,” Ardrey said in a news release. “This validates that our assortment direction and marketing have made huge leaps in the right direction, and we expect to see continued improvements in the future.”
Net revenues for the quarter totaled $110.8 million, down from $128.2 million in the fiscal second quarter of 2023.
Ardrey said the company received feedback from new and existing customers that it plans to incorporate in its product style adjustments heading into the holiday season and continuing through next spring.
The company is heading into the second half of its fiscal year with no debt and $44 million in cash, Ardrey said, “allowing us to remain nimble while navigating a clearly dynamic consumer environment.”
You can view the full earnings report by clicking here.