Vera Bradley Q3 Profit Dips
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Fort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) is reporting third quarter net income of $5.8 million, down from $8.9 million during the same period a year ago. Chief Executive Officer Rob Wallstrom says the luggage, handbag, and accessory design company continues to “experience supply chain challenges and significantly increased freight expenses that put meaningful pressure on gross margin in the quarter.”
The company says third quarter sales rose nearly 8% over last year and 5.6% over fiscal 2020.
“We have begun to take strategic retail price increases across both of our brands to mitigate some of these inflationary and supply chain pressures,” said Wallstrom. “Those increases began in the fourth quarter of this year and will continue over the next few quarters.”
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