vera bradley inc (VRA) Key Developments
Vera Bradley, Inc. Announces Board Changes
Jun 3 15
Due to other professional commitments, on May 28, 2015, Karen Kaplan notified Vera Bradley, Inc. of her resignation as a member of Board of Directors and Compensation Committee, each effective immediately. The company elected Robert Hall, P. Michael Miller and Edward M. Schmults to serve as Class II directors of the company's board of directors.
Vera Bradley, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended May 2, 2015; Provides Earnings Guidance for the Second Quarter and Full Year of 2016
Jun 3 15
Vera Bradley, Inc. announced unaudited consolidated earnings results for the first quarter ended May 2, 2015. For the quarter, the company reported net revenues of $101,104,000 against $112,197,000 a year ago. Operating loss was $4,971,000 against operating income of $11,287,000 a year ago. Loss from continuing operations before income taxes was $5,048,000 against profit of $11,207,000 a year ago. Loss from continuing operations was $4,136,000 or $0.10 per basic and diluted share against profit of $6,877,000 or $0.17 per basic and diluted share a year ago. Net loss was $4,136,000 or $0.10 per basic and diluted share against net income of $6,567,000 or $0.16 per basic and diluted share a year ago. Net cash used in operating activities was $770,000 against net cash provided by operating activities of $26,957,000 a year ago. Purchases of property, plant, and equipment were $7,530,000 against $4,040,000 a year ago. Net income from continuing operations before charges totaled $0.1 million or $0.00 per diluted share for the current year first quarter compared to $6.9 million or $0.17 per diluted share last year. Operating income excluding the charges outlined in the release totaled $0.9 million or 0.9% of net revenues in the current year first quarter compared to $11.3 million or 10.1% of net revenues in the prior year first quarter.
For the second quarter of fiscal 2016, the company expects net revenues of $116 million to $120 million, gross margin rate of 54.5% to 55.0%, SG&A as a percent of sales of 48.3% to 49.3%, diluted earnings per share from continuing operations of $0.10 to $0.13, based on diluted weighted-average shares outstanding of 39.8 million and an effective tax rate of 38.8%. The second quarter revenue expectations reflect the timing of approximately $3.7 million in indirect revenues related to the early order period or EOP for specialty retailers that shifted from the first quarter last year to the second quarter of 2015.
For fiscal 2016, the company expects net revenues of $480 million to $495 million, a gross margin rate of 55.7% to 56.2%, SG&A as a percent of sales of 46.8% to 47.4%, diluted earnings per share from continuing operations of $0.64 to $0.74, based on diluted weighted-average shares outstanding of 39.8 million and an effective tax rate of 39.5%. Net capital spending of approximately $31.0 million.
Vera Bradley, Inc. Receives Non-Compliance Notice From NASDAQ
Jun 3 15
Due to other professional commitments, on May 28, 2015, Karen Kaplan notified Vera Bradley, Inc. of her resignation as a member of the company’s Board of Directors and Compensation Committee, each effective immediately. Ms. Kaplan’s resignation from the company’s Board of Directors results in the company no longer being in compliance with NASDAQ Listing Rule 5605(b)(1), which requires that a majority of the board of directors of a NASDAQ listed company be comprised of Independent Directors (as defined in NASDAQ Listing Rule 5605(a)(2)). On May 29, 2015, the company notified NASDAQ of its non-compliance and of its intention to regain compliance within the cure period provided by NASDAQ Listing Rule 5605(b)(1)(A) - the earlier of the company’s next annual shareholders meeting or May 30, 2016. On June 1, 2015, the company received a letter from NASDAQ acknowledging the company’s non-compliance and confirming that NASDAQ will provide the company with the requisite cure period. The company has begun the process of identifying suitable candidates to fill the vacancies created by Ms. Kaplan’s departure.
Vera Bradley Names Theresa Palermo as Executive Vice President, Chief Marketing Officer
Jun 2 15
Vera Bradley, Inc. announced that Theresa Palermo has been named Executive Vice President, Chief Marketing Officer. She will join the Company on June 22, 2015. Since 2013 Palermo has served as Vice President, Global Marketing and Public Relations for Fossil Group, where she successfully created and executed innovative marketing strategies and campaigns for their extensive portfolio of luxury and fashion brands across North and Central America. In the Chief Marketing Officer role, Palermo will be responsible for developing and implementing marketing strategies and initiatives that will build Vera Bradley's brand awareness and drive revenue growth across all of the Company's channels. Palermo will be based in Fort Wayne and will report directly to Robert Wallstrom, Chief Executive Officer.
Vera Bradley, Inc., Annual General Meeting, May 28, 2015
Apr 24 15
Vera Bradley, Inc., Annual General Meeting, May 28, 2015., at 11:00 US Eastern Standard Time. Location: Design Center located at 12420 Stonebridge Road. Agenda: To elect three Class II directors to the Board of Directors; to ratify the appointment of Ernst & Young LLP as independent registered public accounting firm for fiscal 2016; to reapprove the performance goals set in the Vera Bradley, Inc. 2010 equity and incentive plan; and to transact any other business as may properly come before the meeting or at any adjournments or postponements thereof.