Vera Bradley Q4 revenues up 32.8%Christian Fernsby ▼ | March 11, 2020
Vera Bradley today announced its financial results for the fourth quarter and fiscal year ended February 1, 2020.
Vera Bradley Consolidated net revenues totaled $156.9 million for the current year fourth qua
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Excluding Pura Vida, Vera Bradley net revenues totaled $121.4 million, a 2.7% increase over $118.2 million in the prior year fourth quarter.
Consolidated net revenues were within the Company’s guidance range of $155 to $162 million.
Vera Bradley’s comparable sales increased 2.4% for the quarter, in line with the Company’s flat to low-single digit expectations.
For the current year fourth quarter, Vera Bradley, Inc.
consolidated net income totaled $12.5 million, or $0.37 per diluted share.
These results included $1.8 million of net after tax charges comprised of incremental stock compensation and Pura Vida transaction bonuses of $1.5 million and $1.1 million of expenses related to the re-platforming of Vera Bradley’s information technology systems, partially offset by a net benefit of $0.8 million related to purchase accounting adjustments for the Pura Vida acquisition (including an adjustment to reduce the earn-out liability, intangible asset amortization, and inventory step-up amortization).
On a non-GAAP basis, excluding these net charges, Vera Bradley, Inc.
consolidated fourth quarter net income totaled $14.3 million, or $0.42 per diluted share.
This performance included $0.08 attributable to Pura Vida.
For the prior year fourth quarter, the Company posted net income of $8.6 million, or $0.25 per diluted share.
On a non-GAAP basis, excluding net charges, year-over-year fourth quarter diluted earnings per share increased 68%. ■