Vera Bradley to Expand and Add Jobs
Handbag, Travel and Accessory Company to Continue Investing in Indiana
FORT WAYNE, Ind., Aug. 2, 2013 (GLOBE NEWSWIRE) -- Vera Bradley (Nasdaq:VRA),
designer of handbags, gifts, travel items and accessories, is expanding its
Roanoke, Indiana campus, creating about 128 new jobs over the next four years.
The company will invest approximately $26.6 million to expand both its current
40,000 square-foot Design Center by 149,000 square feet and its 420,000 square
foot Distribution Center by 10,000 square feet. Both locations are located
just outside Fort Wayne, Indiana near Interstate 69.
"We are proud to invest in our hometown," said Barbara Bradley Baekgaard,
Chief Creative Officer and Co-founder. "Our design center expansion will bring
the majority of our Northeast Indiana employees together on one campus and
will strengthen collaboration across the company."
The Indiana Economic Development Corporation is offering Vera Bradley tax
credits, and the company is working with the Fort Wayne-Allen County Economic
Development Alliance on additional incentives.
Of the $26.6 million project cost, about $10 million of the investment is
projected in fiscal 2014 and raises the company's previously disclosed fiscal
2014 capital expenditure guidance from approximately $20 million to
approximately $30 million for the full fiscal year. It is estimated that the
project will be completed in late 2014.
Vera Bradley currently has 1,000 full-time employees in Indiana and about
2,800 employees in total. The company has 79 Vera Bradley Stores and 14 Outlet
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 brand; possible
inability to successfully implement our growth strategies or manage our
growing business; possible inability to successfully open new stores as
planned; and possible inability to sustain levels of comparable-store sales.
For a discussion of these and other risks and uncertainties that could cause
actual results to differ materially from those contained in our
forward-looking statements, please refer to "Risk Factors" in Part I, Item 1A
of our Annual Report on Form 10-K for the fiscal year ended February 2, 2013.
We undertake no obligation to publicly update or revise any forward-looking
statement. Financial schedules are attached to this release.
About Vera Bradley
Vera Bradley is a leading designer of women's handbags and accessories,
luggage and travel items, eyewear, stationery and gifts. Founded in 1982 by
friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand's iconic
designs and versatile styles offer women of all ages a colorful way to
accessorize every look. Vera Bradley offers a unique, multi-channel sales
model as well as a focus on service and a high level of fan engagement. Fiscal
2013 net revenues were $541 million. The company's commitment to breast cancer
research continues to increase its reach through the Vera Bradley Foundation
for Breast Cancer. For more information about Vera Bradley (Nasdaq:VRA), visit
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