Vera Bradley Reports COVID Recovery, Leadership Change
Rob Wallstrom has served as CEO of Vera Bradley Inc since 2013.
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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 full-year net income of $8.7 million, compared to $16 million the previous year, while also announcing changes at the executive level. Chief Executive Officer Robert Wallstrom says he will step down as the company’s president, but will remain as CEO.
The luggage, handbag design and accessories company said despite significant sales disruption due to the pandemic, it scored several financial successes during the year.
The company is also reporting fourth-quarter net income of $7.9 million, compared to $12.5 million during the same period the previous year.
Vera Bradley says e-commerce sales comprised nearly half of total company revenues for the fiscal year.
The company says its Pura Vida brand e-commerce revenues increased nearly 15% for the fiscal year, despite the pandemic and significant supply chain disruptions during the lockdown.
“I am proud of how our organization navigated through the last year. Our extraordinary culture has allowed us to not only persevere through the crisis, but it has made us stronger,” said Wallstrom. “In spite of an extremely challenging overall retail environment and a very difficult handbag and accessories market in particular, we delivered some best-in-class operating results.”
Meanwhile, Wallstrom says he will hand over his duties as president to current Chief Customer Officer Daren Hull.
“While I will continue as CEO of Vera Bradley, Inc., each brand will have their own leadership team that will focus on building customer engagement and expanding revenue,” said Wallstrom.
Wallstrom says, in his new role as Vera Bradley brand president, Hull will continue to lead the company’s digital-first transformation.
“With the retail industry continuing its rapid transformation into a customer-centric, data-driven, technology-enabled, and digitally-driven industry, Vera Bradley will double down on these focus areas,” said Wallstrom.
Wallstrom says as the company plans to grow both brands, it will also look for opportunities to acquire other lifestyle brands to diversify its revenue streams.
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