Consolidated net revenues totaled
Net income totaled
non-GAAP net income totaled
Balance sheet strengthens, with cash and cash equivalents of
In this release,
Third Quarter Comments
“Total third quarter revenues for the Vera Bradley brand decreased 5.0% from last year,” Ardrey noted. “Vera Bradley Direct revenue declines primarily resulted from continued weakness in the outlet store channel and the impact of store closures. Year-over-year Vera Bradley Indirect revenues were up as compared to last year.
“Pura Vida year-over-year sales decreased 18.3%, with declines in both wholesale and ecommerce revenues, as prior year sales were driven by meaningfully higher levels of marketing spend, along with increased liquidation and clearance activity. Store sales remained strong. With our diligent expense management and focus on profitability, Pura Vida year-over-year third quarter operating income improved.
“At both brands, customers have responded to our latest iconic product collaborations and to our new, innovative, and on-trend product offerings, even as they have been more careful and thoughtful with their discretionary spending in the current macro environment.”
Ardrey continued, “We continue to diligently manage our debt-free balance sheet, adding to our year-over-year cash position while strategically lowering our inventory levels. Strength in this area is important in navigating an uncertain retail environment as well as in supporting our Project Restoration initiatives.
“Presently, we are taking targeted and prudent actions to stabilize revenues, and we remain focused on strong financial discipline and controlling what we can control as we react both strategically and tactically to current market conditions. Simultaneously, we have made meaningful progress on our long-term strategic plan, Project Restoration, focusing on four key pillars of the business for each brand – Consumer, Brand, Product, and Channel. We believe execution of Project Restoration will drive long-term profitable growth and deliver value to our shareholders.”
Summary of Financial Performance for the Third Quarter
Consolidated net revenues totaled
For the current year third quarter,
For the prior year third quarter, Vera Bradley, Inc.’s consolidated net income totaled
Summary of Financial Performance for the Nine Months
Consolidated net revenues totaled
For the current year nine months, Vera Bradley, Inc.’s consolidated net income totaled
For the prior year nine months, Vera Bradley, Inc.’s consolidated net loss totaled
Non-GAAP Numbers
The current year non-GAAP third quarter and nine-month income statement numbers referenced below exclude the previously outlined severance charges, intangible asset amortization, and consulting and professional fees. The prior year non-GAAP third quarter income statement numbers referenced below exclude the previously outlined consulting and professional fees, amortization of definite-lived intangible assets, severance and stock-based retirement compensation charges, and a benefit for the reversal of certain purchase order cancellation fees. The prior year non-GAAP income statement numbers for the nine months referenced below exclude the previously outlined goodwill and intangible asset impairment charges, severance and stock-based retirement compensation retirement charges and other employee costs, inventory adjustments and write-offs, consulting and professional fees, intangible asset amortization, store and right-of-use asset impairment charges, purchase order cancellation fees, and goodMRKT exit costs.
Third Quarter Details
Current year third quarter Vera Bradley Direct segment revenues totaled
Vera Bradley Indirect segment revenues totaled
Pura Vida segment revenues totaled
Third quarter consolidated gross profit totaled
Third quarter consolidated SG&A expense totaled
The Company’s third quarter consolidated operating income totaled
By segment:
- Vera Bradley Direct operating income was
$15.7 million , or 21.7% of Direct net revenues, for the third quarter, compared to$17.1 million , or 21.3% of Direct net revenues, in the prior year. On a non-GAAP basis, prior year Direct operating income totaled$16.8 million , or 21.0% of Direct net revenues. - Vera Bradley Indirect operating income was
$9.0 million , or 35.9% of Indirect net revenues, for the third quarter, compared to$9.0 million , or 40.4% of Indirect net revenues, in the prior year. On a non-GAAP basis, prior year Indirect operating income totaled$9.0 million , or 40.2% of Indirect net revenues. - Pura Vida’s operating loss was
($0.6) million , or (3.3%) of Pura Vida net revenues, in the current year, compared to an operating loss of($1.4) million , or (6.2%) of Pura Vida net revenues, in the prior year. On a non-GAAP basis, Pura Vida’s operating income was$0.1 million , or 0.8% of Pura Vida net revenues, compared to an operating loss of($0.1) million , or (0.3%) of Pura Vida net revenues, in the prior year.
Details for the Nine Months
Vera Bradley Direct segment revenues for the current year nine-month period totaled
Vera Bradley Indirect segment revenues for the nine months totaled
Pura Vida segment revenues for the nine months totaled
Consolidated gross profit for the nine months totaled
For the nine months, consolidated SG&A expense totaled
For the nine months, the Company’s consolidated operating income totaled
By segment:
- Vera Bradley Direct operating income was
$43.7 million , or 20.1% of net revenues, compared to$32.6 million , or 14.3% of Direct net revenues, in the prior year. On a non-GAAP basis, current year Direct operating income was$44.0 million , or 20.3% of Direct net revenues, compared to$38.6 million , or 16.9% of Direct net revenues, in the prior year. - Vera Bradley Indirect operating income was
$19.9 million , or 34.4% of Indirect net revenues, compared to$18.4 million , or 32.5% of Indirect net revenues, in the prior year. On a non-GAAP basis, prior year Indirect operating income totaled$19.4 million , or 34.2% of Indirect net revenues. - Pura Vida’s operating income was
$5.0 million , or 7.9% of Pura Vida net revenues, compared to an operating loss of($28.8) million , or (42.7%) of Pura Vida net revenues, in the prior year. On a non-GAAP basis, Pura Vida’s operating income was$7.2 million , or 11.5% of Pura Vida net revenues, for the current year, compared to$4.3 million , or 6.4% of Pura Vida net revenues, for the prior year.
Balance Sheet
Net capital spending for the nine months ended
Cash and cash equivalents as of
Total quarter-end inventory was
During the third quarter, the Company repurchased approximately
Forward Outlook
Management is updating certain components of guidance for the fiscal year ending
Excluding net revenues, all forward-looking guidance numbers referenced below are non-GAAP. The prior year income statement numbers exclude the previously disclosed goodwill and intangible asset impairment charges, severance and stock-based retirement compensation retirement charges and other employee costs, inventory adjustments and write-offs, certain consulting and professional fees, intangible asset amortization, store and right-of-use asset impairment charges, purchase order cancellation fees, and goodMRKT exit costs. Current year guidance excludes any similar charges.
For Fiscal 2024, the Company’s updated expectations are as follows:
- Consolidated net revenues of
$472 to$478 million . Net revenues totaled$500.0 million in Fiscal 2023. - A consolidated gross profit percentage of 54.0% to 54.5% compared to 51.4% in Fiscal 2023. The Fiscal 2024 gross profit rate is expected to be favorably impacted by lower year-over-year freight expense, cost reduction initiatives, and the sell-through of previously-reserved inventory, partially offset by an increase in promotional activity.
- Consolidated SG&A expense of
$232.5 to$235.5 million compared to$245.3 million in Fiscal 2023. An expected decline in SG&A expense is being driven by Company-wide cost reduction initiatives, partially offset by restoring short-term and long-term incentive compensation to more normalized levels and incremental marketing investment intended to accelerate customer file growth. - Consolidated operating income of
$23.3 to$25.9 million compared to$12.3 million in Fiscal 2023. - Free cash flow of between
$40 and$43 million compared to a cash usage of$21.7 million in Fiscal 2023. - Consolidated diluted EPS of
$0.56 to$0.62 based on diluted weighted-average shares outstanding of approximately 31.0 million and an effective tax rate of approximately 28%. Diluted EPS totaled$0.24 last year. - Net capital spending of approximately
$4 million compared to$8.2 million in the prior year, reflecting investments associated with new Vera Bradley outlet stores and technology and logistics enhancements.
Disclosure Regarding Non-GAAP Measures
The Company's management does not, nor does it suggest that investors should, consider the supplemental non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with accounting principles generally accepted in
The Company believes that the non-GAAP measures presented in this earnings release, including free cash flow (cash usage); gross profit; selling, general, and administrative expenses; operating income (loss); net income (loss); net income (loss) attributable and available to
Call Information
A conference call to discuss results for the third quarter is scheduled for today,
About
Vera Bradley, based in
In
The Company has three reportable segments: Vera Bradley Direct (“VB Direct”), Vera Bradley Indirect (“VB Indirect”), and Pura Vida. The VB Direct business consists of sales of Vera Bradley products through
Website Information
We routinely post important information for investors on our website www.verabradley.com in the "Investor Relations" section. We intend to use this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases,
Investors and other interested parties may also access the Company’s most recent Corporate Responsibility and Sustainability Report outlining its ESG (Environmental, Social, and Governance) initiatives at https://verabradley.com/pages/corporate-responsibility.
Vera Bradley Safe Harbor Statement
Certain statements in this release are "forward-looking statements" made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's current expectations or beliefs concerning future events and are subject to various risks and uncertainties that may cause actual results to differ materially from those that we expected, including: possible adverse changes in general economic conditions and their impact on consumer confidence and spending; possible inability to predict and respond in a timely manner to changes in consumer demand; possible loss of key management or design associates or inability to attract and retain the talent required for our business; possible inability to maintain and enhance our brands; possible inability to successfully implement the Company’s long-term strategic plans; possible inability to successfully open new stores, close targeted stores, and/or operate current stores as planned; incremental tariffs or adverse changes in the cost of raw materials and labor used to manufacture our products; possible adverse effects resulting from a significant disruption in our distribution facilities; or business disruption caused by pandemics. More information on potential factors that could affect the Company’s financial results is included from time to time in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s public reports filed with the
CONTACTS:
Investors:
jbentley@verabradley.com
Media:
mediacontact@verabradley.com
877-708-VERA (8372)
Condensed Consolidated Balance Sheets | |||||||||||
(in thousands) | |||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 52,266 | $ | 46,595 | $ | 25,237 | |||||
Accounts receivable, net | 25,599 | 22,105 | 25,115 | ||||||||
Inventories | 129,140 | 142,275 | 178,334 | ||||||||
Income taxes receivable | 1,376 | 1,311 | 4,120 | ||||||||
Prepaid expenses and other current assets | 13,025 | 14,276 | 14,817 | ||||||||
Total current assets | 221,406 | 226,562 | 247,623 | ||||||||
Operating right-of-use assets | 67,037 | 77,954 | 82,683 | ||||||||
Property, plant, and equipment, net | 55,909 | 58,674 | 60,388 | ||||||||
Intangible assets, net | 13,731 | 15,918 | 32,001 | ||||||||
- | - | 24,833 | |||||||||
Deferred income taxes | 18,961 | 21,542 | 9,381 | ||||||||
Other assets | 5,790 | 3,851 | 4,428 | ||||||||
Total assets | $ | 382,834 | $ | 404,501 | $ | 461,337 | |||||
Liabilities, Redeemable Noncontrolling Interest, and Shareholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 12,297 | $ | 20,350 | $ | 31,125 | |||||
Accrued employment costs | 11,756 | 14,312 | 12,252 | ||||||||
Short-term operating lease liabilities | 18,673 | 19,714 | 19,742 | ||||||||
Other accrued liabilities | 13,671 | 12,723 | 14,771 | ||||||||
Income taxes payable | 570 | 558 | 501 | ||||||||
Total current liabilities | 56,967 | 67,657 | 78,391 | ||||||||
Long-term operating lease liabilities | 63,915 | 74,664 | 80,109 | ||||||||
Other long-term liabilities | 71 | 90 | 85 | ||||||||
Total liabilities | 120,953 | 142,411 | 158,585 | ||||||||
Redeemable noncontrolling interest | - | 10,712 | 23,153 | ||||||||
Shareholders' equity: | |||||||||||
Additional paid-in-capital | 112,397 | 109,718 | 109,070 | ||||||||
Retained earnings | 284,322 | 274,629 | 302,790 | ||||||||
Accumulated other comprehensive loss | (74 | ) | (105 | ) | (181 | ) | |||||
Treasury stock | (134,764 | ) | (132,864 | ) | (132,080 | ) | |||||
Total shareholders' equity of | 261,881 | 251,378 | 279,599 | ||||||||
Total liabilities, redeemable noncontrolling interest, and shareholders' equity | $ | 382,834 | $ | 404,501 | $ | 461,337 | |||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
Net revenues | $ | 114,987 | $ | 124,040 | $ | 337,521 | $ | 352,870 | ||||||||
Cost of sales | 51,980 | 58,164 | 150,749 | 173,963 | ||||||||||||
Gross profit | 63,007 | 65,876 | 186,772 | 178,907 | ||||||||||||
Selling, general, and administrative expenses | 56,363 | 60,059 | 174,274 | 195,015 | ||||||||||||
Impairment of goodwill and intangible assets | - | - | - | 29,338 | ||||||||||||
Other income, net | 142 | 141 | 773 | 350 | ||||||||||||
Operating income (loss) | 6,786 | 5,958 | 13,271 | (45,096 | ) | |||||||||||
Interest (income) expense, net | (285 | ) | 39 | (241 | ) | 115 | ||||||||||
Income (loss) before income taxes | 7,071 | 5,919 | 13,512 | (45,211 | ) | |||||||||||
Income tax expense (benefit) | 1,953 | 1,090 | 3,819 | (6,429 | ) | |||||||||||
Net income (loss) | 5,118 | 4,829 | 9,693 | (38,782 | ) | |||||||||||
Less: Net loss attributable to redeemable noncontrolling interest | - | (338 | ) | - | (7,208 | ) | ||||||||||
Net income (loss) attributable to | $ | 5,118 | $ | 5,167 | $ | 9,693 | $ | (31,574 | ) | |||||||
Basic weighted-average shares outstanding | 30,814 | 31,061 | 30,836 | 31,721 | ||||||||||||
Diluted weighted-average shares outstanding | 31,322 | 31,229 | 31,246 | 31,721 | ||||||||||||
Basic net income (loss) per share available to | $ | 0.17 | $ | 0.17 | $ | 0.31 | $ | (1.00 | ) | |||||||
Diluted net income (loss) per share available to | $ | 0.16 | $ | 0.17 | $ | 0.31 | $ | (1.00 | ) | |||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||
(in thousands) | ||||||||||
(unaudited) | ||||||||||
Thirty-Nine Weeks Ended | ||||||||||
Cash flows from operating activities | ||||||||||
Net income (loss) | $ | 9,693 | $ | (38,782) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||
Depreciation of property, plant, and equipment | 5,988 | 6,685 | ||||||||
Amortization of operating right-of-use assets | 15,622 | 16,151 | ||||||||
Goodwill and intangible asset impairment | - | 29,338 | ||||||||
Other impairment charges | - | 1,351 | ||||||||
Amortization of intangible assets | 2,187 | 2,305 | ||||||||
Provision for doubtful accounts | 87 | (80) | ||||||||
Stock-based compensation | 2,365 | 2,593 | ||||||||
Deferred income taxes | 3,155 | (5,524) | ||||||||
Other non-cash loss, net | 50 | - | ||||||||
Changes in assets and liabilities: | ||||||||||
Accounts receivable | (3,581) | (4,354) | ||||||||
Inventories | 13,135 | (33,453) | ||||||||
Prepaid expenses and other assets | (688) | 2,764 | ||||||||
Accounts payable | (8,134) | 49 | ||||||||
Income taxes | (53) | 5,772 | ||||||||
Operating lease liabilities, net | (16,495) | (19,262) | ||||||||
Accrued and other liabilities | (2,273) | (2,311) | ||||||||
Net cash provided by (used in) operating activities | 21,058 | (36,758) | ||||||||
Cash flows from investing activities | ||||||||||
Purchases of property, plant, and equipment | (2,546) | (6,968) | ||||||||
Cash paid for business acquisition | (10,000) | - | ||||||||
Net cash used in investing activities | (12,546) | (6,968) | ||||||||
Cash flows from financing activities | ||||||||||
Tax withholdings for equity compensation | (972) | (1,430) | ||||||||
Repurchase of common stock | (1,900) | (17,278) | ||||||||
Distributions to redeemable noncontrolling interest | - | (613) | ||||||||
Net cash used in financing activities | (2,872) | (19,321) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 31 | (152) | ||||||||
Net increase (decrease) in cash and cash equivalents | $ | 5,671 | $ | (63,199) | ||||||
Cash and cash equivalents, beginning of period | 46,595 | 88,436 | ||||||||
Cash and cash equivalents, end of period | $ | 52,266 | $ | 25,237 | ||||||
Third Quarter Fiscal 2024 | |||||||||||||
GAAP to Non-GAAP Reconciliation Thirteen Weeks Ended | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
(unaudited) | |||||||||||||
Thirteen Weeks Ended | |||||||||||||
As Reported | Other Items | Non-GAAP (Excluding Items) | |||||||||||
Gross profit | $ | 63,007 | $ | - | $ | 63,007 | |||||||
Selling, general, and administrative expenses | 56,363 | 1,216 | 1 | 55,147 | |||||||||
Operating income (loss) | 6,786 | (1,216 | ) | 8,002 | |||||||||
Income (loss) before income taxes | 7,071 | (1,216 | ) | 8,287 | |||||||||
Income tax expense (benefit) | 1,953 | (234 | ) | 2 | 2,187 | ||||||||
Net income (loss) | 5,118 | (982 | ) | 6,100 | |||||||||
Less: Net loss attributable to redeemable noncontrolling interest | - | - | - | ||||||||||
Net income (loss) attributable to | 5,118 | (982 | ) | 6,100 | |||||||||
Diluted net income (loss) per share available to | $ | 0.16 | $ | (0.03 | ) | $ | 0.19 | ||||||
Vera Bradley Direct segment operating income | $ | 15,708 | $ | - | $ | 15,708 | |||||||
Vera Bradley Indirect segment operating income | $ | 8,967 | $ | - | $ | 8,967 | |||||||
Pura Vida segment operating (loss) income | $ | (580 | ) | $ | (729 | ) | 3 | $ | 149 | ||||
Unallocated corporate expenses | $ | (17,309 | ) | $ | (487 | ) | 4 | $ | (16,822 | ) | |||
1Items include | |||||||||||||
2Related to the tax impact of the items mentioned above | |||||||||||||
3Related to | |||||||||||||
4Related to | |||||||||||||
Third Quarter Fiscal 2023 | |||||||||||||
GAAP to Non-GAAP Reconciliation Thirteen Weeks Ended | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
(unaudited) | |||||||||||||
Thirteen Weeks Ended | |||||||||||||
As Reported | Other Items | Non-GAAP (Excluding Items) | |||||||||||
Gross profit | $ | 65,876 | $ | 276 | 1 | $ | 65,600 | ||||||
Selling, general, and administrative expenses | 60,059 | 2,470 | 2 | 57,589 | |||||||||
Impairment of goodwill and intangible assets | - | - | - | ||||||||||
Operating income (loss) | 5,958 | (2,194 | ) | 8,152 | |||||||||
Income (loss) before income taxes | 5,919 | (2,194 | ) | 8,113 | |||||||||
Income tax expense (benefit) | 1,090 | (763 | ) | 3 | 1,853 | ||||||||
Net income (loss) | 4,829 | (1,431 | ) | 6,260 | |||||||||
Less: Net loss attributable to redeemable noncontrolling interest | (338 | ) | (322 | ) | (16 | ) | |||||||
Net income (loss) attributable to | 5,167 | (1,109 | ) | 6,276 | |||||||||
Diluted net income (loss) per share available to | $ | 0.17 | $ | (0.04 | ) | $ | 0.20 | ||||||
Vera Bradley Direct segment operating income | $ | 17,060 | $ | 225 | 4 | $ | 16,835 | ||||||
Vera Bradley Indirect segment operating income | $ | 9,012 | $ | 51 | 4 | $ | 8,961 | ||||||
Pura Vida segment operating loss | $ | (1,353 | ) | $ | (1,289 | ) | 5 | $ | (64 | ) | |||
Unallocated corporate expenses | $ | (18,761 | ) | $ | (1,181 | ) | 6 | $ | (17,580 | ) | |||
1Related to the reversal of certain PO cancellation fees | |||||||||||||
2Items include | |||||||||||||
3Related to the tax impact of the charges mentioned above | |||||||||||||
4Related to an allocation for reversals of certain PO cancellation fees | |||||||||||||
5Related to | |||||||||||||
6Related to | |||||||||||||
GAAP to Non-GAAP Reconciliation Thirty-Nine Weeks Ended | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
(unaudited) | |||||||||||||
Thirty-Nine Weeks Ended | |||||||||||||
As Reported | Other Items | Non-GAAP (Excluding Items) | |||||||||||
Gross profit | $ | 186,772 | $ | - | $ | 186,772 | |||||||
Selling, general, and administrative expenses | 174,274 | 5,217 | 1 | 169,057 | |||||||||
Operating income (loss) | 13,271 | (5,217 | ) | 18,488 | |||||||||
Income (loss) before income taxes | 13,512 | (5,217 | ) | 18,729 | |||||||||
Income tax expense (benefit) | 3,819 | (1,247 | ) | 2 | 5,066 | ||||||||
Net income (loss) | 9,693 | (3,970 | ) | 13,663 | |||||||||
Less: Net loss attributable to redeemable noncontrolling interest | - | - | - | ||||||||||
Net income (loss) attributable to | 9,693 | (3,970 | ) | 13,663 | |||||||||
Diluted net income (loss) per share available to | $ | 0.31 | $ | (0.13 | ) | $ | 0.44 | ||||||
Vera Bradley Direct segment operating income (loss) | $ | 43,669 | $ | (342 | ) | 3 | $ | 44,011 | |||||
Vera Bradley Indirect segment operating income | $ | 19,877 | $ | - | $ | 19,877 | |||||||
Pura Vida segment operating income (loss) | $ | 4,982 | $ | (2,266 | ) | 4 | $ | 7,248 | |||||
Unallocated corporate expenses | $ | (55,257 | ) | $ | (2,609 | ) | 5 | $ | (52,648 | ) | |||
1Items include | |||||||||||||
2Related to the tax impact of the items mentioned above | |||||||||||||
3Related to severance charges | |||||||||||||
4Related to | |||||||||||||
5Items include | |||||||||||||
GAAP to Non-GAAP Reconciliation Thirty-Nine Weeks Ended | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
(unaudited) | |||||||||||||
Thirty-Nine Weeks Ended | |||||||||||||
As Reported | Other Items | Non-GAAP (Excluding Items) | |||||||||||
Gross profit (loss) | $ | 178,907 | $ | (7,000 | ) | 1 | $ | 185,907 | |||||
Selling, general, and administrative expenses | 195,015 | 14,057 | 2 | 180,958 | |||||||||
Impairment of goodwill and intangible assets | 29,338 | 29,338 | - | ||||||||||
Operating (loss) income | (45,096 | ) | (50,395 | ) | 5,299 | ||||||||
(Loss) income before income taxes | (45,211 | ) | (50,395 | ) | 5,184 | ||||||||
Income tax (benefit) expense | (6,429 | ) | (7,898 | ) | 3 | 1,469 | |||||||
Net (loss) income | (38,782 | ) | (42,497 | ) | 3,715 | ||||||||
Less: Net (loss) income attributable to redeemable noncontrolling interest | (7,208 | ) | (8,285 | ) | 1,077 | ||||||||
Net (loss) income attributable to | (31,574 | ) | (34,212 | ) | 2,638 | ||||||||
Diluted net (loss) income per share available to | $ | (1.00 | ) | $ | (1.08 | ) | $ | 0.08 | |||||
Vera Bradley Direct segment operating income (loss) | $ | 32,607 | $ | (5,948 | ) | 4 | $ | 38,555 | |||||
Vera Bradley Indirect segment operating income (loss) | $ | 18,409 | $ | (943 | ) | 5 | $ | 19,352 | |||||
Pura Vida segment operating (loss) income | $ | (28,831 | ) | $ | (33,143 | ) | 6 | $ | 4,312 | ||||
Unallocated corporate expenses | $ | (67,281 | ) | $ | (10,361 | ) | 7 | $ | (56,920 | ) | |||
1Items include | |||||||||||||
2Items include | |||||||||||||
3Related to the tax impact of the charges mentioned above, as well as goodwill and intangible asset impairment charges | |||||||||||||
4Related to | |||||||||||||
5Related to an allocation for certain inventory adjustments and PO cancellation fees | |||||||||||||
6Related to | |||||||||||||
7Related to |
Source:
2023 GlobeNewswire, Inc., source