Profit dips for Vera Bradley
FORT WAYNE, Ind. (Inside INdiana Business) — Fort Wayne-based Vera Bradley Inc. (Nasdaq: VRA) is reporting fiscal full-year net income of $16 million, down from $20.8 million the previous year. Despite the dip, Chief Executive Officer Robert Wallstrom says the company made significant progress on “building a strong foundation for future growth and improved shareholder returns.”
Wallstrom says the company completed the second year of its three-year “Vision 20/20” plan, which saw a 3% increase in sales both full-line stores and online. He adds the acquisition of Pura Vida Bracelets was a significant contributor to the company’s growth.
The company is also reporting fiscal fourth quarter net income of $12.5 million, up from $8.6 million during the same quarter in the previous fiscal year.
“We have restored the Company to a healthy foundation, returned to growth, and further strengthened our special culture. We have an exciting future and are ready to tackle Fiscal 2021,” said Wallstrom. “However, the uncertainties in the global environment, particularly surrounding Coronavirus (COVID-19) and its potential supply chain and revenue implications, make our Fiscal 2021 financial performance difficult to predict.”
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