299
Fashion Jobs
L'OREAL GROUP
Assistant CRM Manager
Permanent · HONG KONG
L'OREAL GROUP
Key Account Manager
Permanent · HONG KONG
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
Published
Jun 10, 2019
Reading time
2 minutes
Download
Download the article
Print
Text size

Vera Bradley posts expectation-topping revenues but slips deeper into loss

Published
Jun 10, 2019

Fort Wayne, Indiana-based accessories company Vera Bradley, Inc. announced a mixed bag of financial results for the first quarter ended May 4th, 2019, as net sales came in above analysts’ expectations but net losses continued to widen.


Vera Bradley, which specializes in handbags and luggage, posted a 5.1% increase in net sales in Q1 - Instagram: @verabradley

 
The company’s quarterly net revenues totaled $91.0 million, up 5.1% from the $86.6 million reported in the prior-year period. This figure was at the higher end of the guidance range of $86 to $91 million previously reported by Vera Bradley and comfortably beat the prediction of $87.9 million made by Wall Street analysts cited by MarketWatch.
 
Comparable sales at the company increased 5.2% during the period, reflecting a 4.0% rise in comparable-store sales and a 9.2% increase in e-commerce revenues, while indirect segment revenues fell 5.7% to $19.9 million, down from $21.1 million in Q1 2018. The decrease in the company’s indirect sales was driven by a reduction in orders and the number of specialty accounts.

Vera Bradley’s quarterly net loss totaled $2.4 million, or $0.07 per diluted share, compared to the loss of $1.4 million, or $0.04 per diluted share, reported in the same period in the previous year.
 
The company’s bottom line was negatively impacted by increased selling, general and administrative expenses, which totaled $54.3 million, or 59.7% of net revenues, up from $50.7 million, or 58.6% of revenues in the first quarter of 2018. This increase was due in large part to new factory store openings and consulting fees, as well as variable expenses to drive revenue.
 
“We are pleased with our 5.2% first quarter comparable sales increase and that revenues were once again at the high end of our guidance, indicating that our customers are responding to both our innovative product and targeted consumer engagement efforts,” said Vera Bradley CEO Robert Wallstrom in a release.

Going on to discuss the company’s ongoing Vision 20/20 strategic turnaround plan, the executive explained, “Moving into Year 2 of our three-year journey, we are focused on expanding our customer base and increasing sales and profitability.”
 
As strategic priorities for this year, Wallstrom therefore highlighted returning to comparable sales growth, streamlining the company’s technology and business processes, and reinforcing Vera Bradley’s ownership-based culture.

Looking forward to the second quarter, the company expects to report net revenues between $115 million and $120 million, while diluted earnings per share are predicted to be in the range of $0.25 to $0.28.
 
In fiscal 2020, Vera Bradley now hopes to see net revenues of $425 to $440 million and diluted EPS of $0.67 to $0.74.

Copyright © 2024 FashionNetwork.com All rights reserved.