Consolidated net revenues totaled
Net income totaled
Balance sheet strengthens, with cash and cash equivalents of
In this release,
Second Quarter Comments
“One of our key goals this year is to stabilize revenues. We continue to make progress on that front, with second quarter consolidated revenues of
“Total second quarter revenues for the Vera Bradley brand were down 1.2% from last year,” Ardrey commented. “Vera Bradley Direct revenue declines resulted from store closures over the last year, while we saw a small comparable store gain in our full line stores. The successful return of the Vera Bradley Annual Outlet Sale offset weakness we experienced in our factory outlet stores in addition to compensating for the elimination of one online outlet sale during the quarter. The remainder of our e-commerce sales continued to perform well. Lastly, Vera Bradley Indirect revenues were up slightly to last year.
“Pura Vida year-over-year sales declined 3.6%, primarily related to a shortfall in wholesale revenues, which we believe will improve in the second half of the year. Store sales remained strong, and we began to realize the benefits of changes in our performance-based marketing program.
“In general, at both brands, customers have responded enthusiastically to our collaborations and to our product offerings when they are innovative and trend-right, even as they have been more selective in their discretionary spending in light of the current macro environment.”
Ardrey continued, “We are taking strategic actions to stabilize and steadily grow Pura Vida’s revenues and to reverse the trends in Vera Bradley’s factory outlet stores through a thorough, multi-pronged approach, including potential pricing adjustments and targeted marketing initiatives aimed to drive traffic and average order size. Our team is focused on generating long-term revenue increases, expanding gross margin, and ensuring strong financial discipline and cost control, which we expect will drive long-term profitable growth.”
Ardrey added, “We continue to make meaningful progress on Project Restoration, focusing on four key pillars of the business for each brand – Consumer, Brand, Product, and Channel. Through the first half of Fiscal 2024, we have progressed as expected. We anticipate execution of Project Restoration will drive this long-term profitable growth and deliver value to our shareholders.”
Summary of Financial Performance for the Second Quarter
Consolidated net revenues totaled
For the current year second quarter,
For the prior year second quarter, Vera Bradley, Inc.’s consolidated net loss totaled
Summary of Financial Performance for the Six Months
Consolidated net revenues totaled
For the current year six months, Vera Bradley, Inc.’s consolidated net income totaled
For the prior year six months, Vera Bradley, Inc.’s consolidated net loss totaled
Non-GAAP Numbers
The current year non-GAAP second quarter and six-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 second quarter and six-month income statement numbers referenced below exclude the previously outlined goodwill and intangible asset impairment charges, inventory adjustments, severance charges and other employee costs, consulting fees, store and right-of-use asset impairment charges, purchase order cancellation fees, intangible asset amortization, and goodMRKT exit costs.
Second Quarter Details
Current year second quarter Vera Bradley Direct segment revenues totaled
Vera Bradley Indirect segment revenues totaled
Pura Vida segment revenues totaled
Second quarter consolidated gross profit totaled
Second quarter consolidated SG&A expense totaled
The Company’s second quarter consolidated operating income totaled
By segment:
- Vera Bradley Direct operating income was
$20.6 million , or 24.1% of Direct net revenues, compared to$10.0 million , or 11.5% of Direct net revenues, in the prior year. On a non-GAAP basis, prior year Direct operating income totaled$16.2 million , or 18.6% of Direct revenues. - Vera Bradley Indirect operating income was
$6.2 million , or 35.7% of Indirect net revenues, compared to$3.9 million , or 22.6% of Indirect net revenues, in the prior year. On a non-GAAP basis, prior year Indirect operating income totaled$4.9 million , or 28.4% of Indirect net revenues. - Pura Vida’s operating income was
$4.0 million , or 15.9% of Pura Vida net revenues, compared to an operating loss of($28.5) million , or (109.6%) of Pura Vida net revenues, in the prior year. On a non-GAAP basis, Pura Vida’s operating income was$4.8 million , or 19.2% of Pura Vida net revenues, compared to$2.6 million , or 9.8% of Pura Vida net revenues, in the prior year.
Details for the Six Months
Vera Bradley Direct segment revenues for the current year six-month period totaled
Vera Bradley Indirect segment revenues for the six months totaled
Pura Vida segment revenues totaled
Consolidated gross profit for the six months totaled
For the six months, consolidated SG&A expense totaled
For the six months, the Company’s consolidated operating income totaled
By segment:
- Vera Bradley Direct operating income was
$28.0 million , or 19.3% million of Direct net revenues, compared to$15.5 million , or 10.5% of Direct net revenues, in the prior year. On a non-GAAP basis, current year Direct operating income was$28.3 million , or 19.6% of Direct net revenues, compared to$21.7 million , or 14.6% of Direct net revenues, in the prior year. - Vera Bradley Indirect operating income was
$10.9 million , or 33.3% of Indirect net revenues, compared to$9.4 million , or 27.4% of Indirect net revenues, in the prior year. On a non-GAAP basis, prior year Indirect operating income totaled$10.4 million , or 30.3% of Indirect net revenues. - Pura Vida’s operating income was
$5.6 million , or 12.3% of Pura Vida net revenues, compared to an operating loss of($27.5) million , or (59.9%) of Pura Vida net revenues, in the prior year. On a non-GAAP basis, Pura Vida’s operating income was$7.1 million , or 15.7% of Pura Vida net revenues, compared to$4.4 million , or 9.5% of Pura Vida net revenues, in the prior year.
Balance Sheet
Net capital spending for the six months ended
Cash and cash equivalents as of
Subsequent to quarter end, the Company completed renegotiation of its ABL agreement, and the modifications, among other things, convert the interest calculation from LIBOR (London Interbank Offer Rate) to SOFR (Secured Overnight Financing Rate) as well as enhance the Company’s future ability to expand the ABL if necessary. Management believes that its access to liquidity and capital is sufficient to address needs in the foreseeable future.
Total quarter-end inventory was
During the second 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 charges for goodwill and intangible asset impairment; net inventory and purchase order-related adjustments; severance, retention, and stock-based retirement compensation; consulting and professional fees primarily associated with cost savings initiatives, the CEO search, and strategic initiatives; amortization of definite-lived intangible assets; store and right-of-use asset impairment charges; new CEO sign-on bonus and relocation; 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
$490 to$500 million . Net revenues totaled$500.0 million in Fiscal 2023. - A consolidated gross profit percentage of 53.0% to 53.8% 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
$237 to$243 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
$24 to$28 million compared to$12.3 million in Fiscal 2023. - Free cash flow of between
$40 and$45 million compared to a cash usage of$21.7 million in Fiscal 2023. - Consolidated diluted EPS of
$0.57 to$0.65 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
$5 million compared to$8.2 million in the prior year, reflecting investments associated with new Vera Bradley factory 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 second 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. Risks, uncertainties, and assumptions also include the possibility that Pura Vida acquisition benefits may not materialize as expected and that Pura Vida’s business may not perform as expected. 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) | |||||||||||
2023 | 2023 | 2022 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 48,522 | $ | 46,595 | $ | 38,321 | |||||
Accounts receivable, net | 23,944 | 22,105 | 25,593 | ||||||||
Inventories | 139,301 | 142,275 | 179,557 | ||||||||
Income taxes receivable | 2,180 | 1,311 | 5,113 | ||||||||
Prepaid expenses and other current assets | 14,625 | 14,276 | 16,913 | ||||||||
Total current assets | 228,572 | 226,562 | 265,497 | ||||||||
Operating right-of-use assets | 69,932 | 77,954 | 85,793 | ||||||||
Property, plant, and equipment, net | 56,127 | 58,674 | 60,305 | ||||||||
Intangible assets, net | 14,460 | 15,918 | 32,769 | ||||||||
- | - | 24,833 | |||||||||
Deferred income taxes | 20,014 | 21,542 | 9,276 | ||||||||
Other assets | 2,395 | 3,851 | 4,748 | ||||||||
Total assets | $ | 391,500 | $ | 404,501 | $ | 483,221 | |||||
Liabilities, Redeemable Noncontrolling Interest, and Shareholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 21,605 | $ | 20,350 | $ | 43,722 | |||||
Accrued employment costs | 12,965 | 14,312 | 16,018 | ||||||||
Short-term operating lease liabilities | 19,587 | 19,714 | 19,768 | ||||||||
Other accrued liabilities | 13,496 | 12,723 | 21,526 | ||||||||
Income taxes payable | 528 | 558 | 374 | ||||||||
Total current liabilities | 68,181 | 67,657 | 101,408 | ||||||||
Long-term operating lease liabilities | 66,718 | 74,664 | 84,015 | ||||||||
Other long-term liabilities | 82 | 90 | 157 | ||||||||
Total liabilities | 134,981 | 142,411 | 185,580 | ||||||||
Redeemable noncontrolling interest | - | 10,712 | 23,491 | ||||||||
Shareholders' equity: | |||||||||||
Additional paid-in-capital | 111,663 | 109,718 | 107,941 | ||||||||
Retained earnings | 279,204 | 274,629 | 297,623 | ||||||||
Accumulated other comprehensive loss | (69 | ) | (105 | ) | (135 | ) | |||||
| (134,279 | ) | (132,864 | ) | (131,279 | ) | |||||
Total shareholders' equity of | 256,519 | 251,378 | 274,150 | ||||||||
Total liabilities, redeemable noncontrolling interest, and shareholders' equity | $ | 391,500 | $ | 404,501 | $ | 483,221 | |||||
Condensed Consolidated Statements of Operations | |||||||||||||
(in thousands, except per share amounts) | |||||||||||||
(unaudited) | |||||||||||||
Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Net revenues | $ | 128,172 | $ | 130,371 | $ | 222,534 | $ | 228,830 | |||||
Cost of sales | 56,156 | 69,854 | 98,769 | 115,799 | |||||||||
Gross profit | 72,016 | 60,517 | 123,765 | 113,031 | |||||||||
Selling, general, and administrative expenses | 59,405 | 74,042 | 117,911 | 134,956 | |||||||||
Impairment of goodwill and intangible assets | - | 29,338 | - | 29,338 | |||||||||
Other income, net | 260 | 42 | 631 | 209 | |||||||||
Operating income (loss) | 12,871 | (42,821 | ) | 6,485 | (51,054 | ) | |||||||
Interest expense, net | 12 | 36 | 44 | 76 | |||||||||
Income (loss) before income taxes | 12,859 | (42,857 | ) | 6,441 | (51,130 | ) | |||||||
Income tax expense (benefit) | 3,605 | (5,956 | ) | 1,866 | (7,519 | ) | |||||||
Net income (loss) | 9,254 | (36,901 | ) | 4,575 | (43,611 | ) | |||||||
Less: Net loss attributable to redeemable noncontrolling interest | - | (7,134 | ) | - | (6,870 | ) | |||||||
Net income (loss) attributable to | $ | 9,254 | $ | (29,767 | ) | $ | 4,575 | $ | (36,741 | ) | |||
Basic weighted-average shares outstanding | 30,901 | 31,429 | 30,847 | 32,051 | |||||||||
Diluted weighted-average shares outstanding | 31,139 | 31,429 | 31,208 | 32,051 | |||||||||
Basic net income (loss) per share available to | $ | 0.30 | $ | (0.95 | ) | $ | 0.15 | $ | (1.15 | ) | |||
Diluted net income (loss) per share available to | $ | 0.30 | $ | (0.95 | ) | $ | 0.15 | $ | (1.15 | ) |
Condensed Consolidated Statements of Cash Flows | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
Twenty-Six Weeks Ended | |||||||
2023 | 2022 | ||||||
Cash flows from operating activities | |||||||
Net income (loss) | $ | 4,575 | $ | (43,611 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
Depreciation of property, plant, and equipment | 4,070 | 4,371 | |||||
Amortization of operating right-of-use assets | 10,501 | 10,621 | |||||
| - | 29,338 | |||||
Other impairment charges | - | 1,351 | |||||
Amortization of intangible assets | 1,458 | 1,537 | |||||
Provision for doubtful accounts | 17 | (119 | ) | ||||
Stock-based compensation | 1,601 | 1,444 | |||||
Deferred income taxes | 2,102 | (5,419 | ) | ||||
Other non-cash loss, net | 40 | - | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (1,856 | ) | (4,793 | ) | |||
Inventories | 2,974 | (34,676 | ) | ||||
Prepaid expenses and other assets | 1,107 | 348 | |||||
Accounts payable | 1,403 | 12,759 | |||||
Income taxes | (899 | ) | 4,652 | ||||
Operating lease liabilities, net | (10,552 | ) | (12,910 | ) | |||
Accrued and other liabilities | (566 | ) | 7,989 | ||||
Net cash provided by (used in) operating activities | 15,975 | (27,118 | ) | ||||
Cash flows from investing activities | |||||||
Purchases of property, plant, and equipment | (1,727 | ) | (4,391 | ) | |||
Cash paid for business acquisition | (10,000 | ) | - | ||||
Net cash used in investing activities | (11,727 | ) | (4,391 | ) | |||
Cash flows from financing activities | |||||||
Tax withholdings for equity compensation | (942 | ) | (1,410 | ) | |||
Repurchase of common stock | (1,415 | ) | (16,477 | ) | |||
Distributions to redeemable noncontrolling interest | - | (613 | ) | ||||
Net cash used in financing activities | (2,357 | ) | (18,500 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 36 | (106 | ) | ||||
Net increase (decrease) in cash and cash equivalents | $ | 1,927 | $ | (50,115 | ) | ||
Cash and cash equivalents, beginning of period | 46,595 | 88,436 | |||||
Cash and cash equivalents, end of period | $ | 48,522 | $ | 38,321 | |||
Second 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 | $ | 72,016 | $ | - | $ | 72,016 | |||||
Selling, general, and administrative expenses | 59,405 | 1,101 | 1 | 58,304 | |||||||
Operating income (loss) | 12,871 | (1,101 | ) | 13,972 | |||||||
Income (loss) before income taxes | 12,859 | (1,101 | ) | 13,960 | |||||||
Income tax expense (benefit) | 3,605 | (157 | ) | 2 | 3,762 | ||||||
Net income (loss) | 9,254 | (944 | ) | 10,198 | |||||||
Less: Net loss attributable to redeemable noncontrolling interest | - | - | - | ||||||||
Net income (loss) attributable to | 9,254 | (944 | ) | 10,198 | |||||||
Diluted net income (loss) per share available to | $ | 0.30 | $ | (0.03 | ) | $ | 0.33 | ||||
Vera Bradley Direct segment operating income | $ | 20,621 | $ | - | $ | 20,621 | |||||
Vera Bradley Indirect segment operating income | $ | 6,204 | $ | - | $ | 6,204 | |||||
Pura Vida segment operating income (loss) | $ | 4,000 | $ | (808 | ) | 3 | $ | 4,808 | |||
Unallocated corporate expenses | $ | (17,954 | ) | $ | (293 | ) | 4 | $ | (17,661 | ) | |
1Items include | |||||||||||
2Related to the tax impact of the items mentioned above | |||||||||||
3Related to | |||||||||||
4Related to certain professional fees and consulting fees for strategic initiatives |
Second 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 (loss) | $ | 60,517 | $ | (7,276 | ) | 1 | $ | 67,793 | |||
Selling, general, and administrative expenses | 74,042 | 10,076 | 2 | 63,966 | |||||||
Impairment of goodwill and intangible assets | 29,338 | 29,338 | - | ||||||||
Operating (loss) income | (42,821 | ) | (46,690 | ) | 3,869 | ||||||
(Loss) Income before income taxes | (42,857 | ) | (46,690 | ) | 3,833 | ||||||
Income tax (benefit) expense | (5,956 | ) | (6,760 | ) | 3 | 804 | |||||
Net (loss) income | (36,901 | ) | (39,930 | ) | 3,029 | ||||||
Less: Net (loss) income attributable to redeemable noncontrolling interest | (7,134 | ) | (7,771 | ) | 637 | ||||||
Net (loss) income attributable to | (29,767 | ) | (32,159 | ) | 2,392 | ||||||
Diluted net (loss) income per share available to | $ | (0.95 | ) | $ | (1.02 | ) | $ | 0.08 | |||
Vera Bradley Direct segment operating income (loss) | $ | 10,044 | $ | (6,173 | ) | 4 | $ | 16,217 | |||
Vera Bradley Indirect segment operating income (loss) | $ | 3,918 | $ | (994 | ) | 5 | $ | 4,912 | |||
Pura Vida segment operating (loss) income | $ | (28,534 | ) | $ | (31,085 | ) | 6 | $ | 2,551 | ||
Unallocated corporate expenses | $ | (28,249 | ) | $ | (8,438 | ) | 7 | $ | (19,811 | ) | |
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 and | |||||||||||
7Related to |
GAAP to Non-GAAP Reconciliation Twenty-Six Weeks Ended | |||||||||||
(in thousands, except per share amounts) | |||||||||||
(unaudited) | |||||||||||
Twenty-Six Weeks Ended | |||||||||||
As Reported | Other Items | Non-GAAP (Excluding Items) | |||||||||
Gross profit | $ | 123,765 | $ | - | $ | 123,765 | |||||
Selling, general, and administrative expenses | 117,911 | 4,001 | 1 | 113,910 | |||||||
Operating income (loss) | 6,485 | (4,001 | ) | 10,486 | |||||||
Income (loss) before income taxes | 6,441 | (4,001 | ) | 10,442 | |||||||
Income tax expense (benefit) | 1,866 | (1,013 | ) | 2 | 2,879 | ||||||
Net income (loss) | 4,575 | (2,988 | ) | 7,563 | |||||||
Less: Net loss attributable to redeemable noncontrolling interest | - | - | - | ||||||||
Net income (loss) attributable to | 4,575 | (2,988 | ) | 7,563 | |||||||
Diluted net income (loss) per share available to | $ | 0.15 | $ | (0.10 | ) | $ | 0.24 | ||||
Vera Bradley Direct segment operating income (loss) | $ | 27,961 | $ | (342 | ) | 3 | $ | 28,303 | |||
Vera Bradley Indirect segment operating income | $ | 10,910 | $ | - | $ | 10,910 | |||||
Pura Vida segment operating income (loss) | $ | 5,562 | $ | (1,537 | ) | 4 | $ | 7,099 | |||
Unallocated corporate expenses | $ | (37,948 | ) | $ | (2,122 | ) | 5 | $ | (35,826 | ) | |
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 Twenty-Six Weeks Ended | |||||||||||
(in thousands, except per share amounts) | |||||||||||
(unaudited) | |||||||||||
Twenty-Six Weeks Ended | |||||||||||
As Reported | Other Items | Non-GAAP (Excluding Items) | |||||||||
Gross profit (loss) | $ | 113,031 | $ | (7,276 | ) | 1 | $ | 120,307 | |||
Selling, general, and administrative expenses | 134,956 | 11,587 | 2 | 123,369 | |||||||
Impairment of goodwill and intangible assets | 29,338 | 29,338 | - | ||||||||
Operating loss | (51,054 | ) | (48,201 | ) | (2,853 | ) | |||||
Loss before income taxes | (51,130 | ) | (48,201 | ) | (2,929 | ) | |||||
Income tax benefit | (7,519 | ) | (7,135 | ) | 3 | (384 | ) | ||||
Net loss | (43,611 | ) | (41,066 | ) | (2,545 | ) | |||||
Less: Net (loss) income attributable to redeemable noncontrolling interest | (6,870 | ) | (7,963 | ) | 1,093 | ||||||
Net loss attributable to | (36,741 | ) | (33,103 | ) | (3,638 | ) | |||||
Diluted net loss per share available to | $ | (1.15 | ) | $ | (1.03 | ) | $ | (0.11 | ) | ||
Vera Bradley Direct segment operating income (loss) | $ | 15,547 | $ | (6,173 | ) | 4 | $ | 21,720 | |||
Vera Bradley Indirect segment operating income (loss) | $ | 9,397 | $ | (994 | ) | 5 | $ | 10,391 | |||
Pura Vida segment operating (loss) income | $ | (27,478 | ) | $ | (31,854 | ) | 6 | $ | 4,376 | ||
Unallocated corporate expenses | $ | (48,520 | ) | $ | (9,180 | ) | 7 | $ | (39,340 | ) | |
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 and | |||||||||||
7Related to |
Source:
2023 GlobeNewswire, Inc., source