vera bradley inc (VRA) Key Developments
Vera Bradley, Inc. Appoints Angel Ilagan as Executive Vice President, Chief Marketing Officer, Effective from July 21, 2014
Jun 12 14
Vera Bradley, Inc. announced that Angel Ilagan has been named Executive Vice President, Chief Marketing Officer. He will join the company on July 21, 2014. Since 2010, Ilagan has served as Chief Marketing Officer/Vice President, Marketing, Americas for Pandora Jewelry, where he oversees consumer advertising, promotions, marketing research, public relations, co-op advertising, web management, customer relationship management (CRM) and social media management. His additional global responsibilities at Pandora include branding, strategic marketing and e-commerce content. During his tenure at Pandora, execution of his comprehensive marketing plan has resulted in substantially increased brand awareness, meaningfully higher male gift purchasing, expanded customer reach, and higher customer satisfaction. Prior to Pandora, Ilagan held key marketing roles of increasing responsibility with several well-known consumer products companies including Newell Rubbermaid, Bristol-Myers Squibb, McCormick, Conagra and General Mills. In this new position, Ilagan will be responsible for leveraging the Vera Bradley brand and developing and executing marketing strategies and initiatives that will increase brand awareness and revenues across all of the company's channels.
Vera Bradley Plans to Discontinue the Operations of its Existing 13 Retail Locations in Japan in the Third Quarter of Fiscal 2015
Jun 5 14
Vera Bradley plans to discontinue the operations of its existing 13 retail locations in Japan in its third quarter of fiscal 2015.
Vera Bradley, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended May 3, 2014; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal 2015
Jun 5 14
Vera Bradley, Inc. announced unaudited consolidated earnings results for the first quarter ended May 3, 2014. For the quarter, the company reported net revenues of $113,461,000 against $123,033,000 a year ago. Operating income was $10,790,000 against $15,190,000 a year ago. Income before income taxes was $10,710,000 against $15,049,000 a year ago. Net income was $6,567,000 against $9,189,000 a year ago. Diluted per share was $0.16 against $0.23 a year ago. Net cash provided by operating activities was $26,957,000 against $14,879,000 a year ago. Purchases of property, plant, and equipment were $4,040,000 against $5,811,000 a year ago. Net capital spending for the quarter totaled $7.1 million.
The company provided earnings guidance for the second quarter and fiscal year 2015. For the quarter, the company expects net revenues to be in the range of $113 million to $120 million, the gross margin rate to range from 53.5% to 54.0%. Diluted earnings per share to be in the range of $0.18 to $0.20, based on diluted weighted-average shares outstanding of 40.7 million and an effective tax rate of 40.0%.
For fiscal 2015, the company expects net revenues to be in the range of $510 million to $530 million. The gross margin rate to range from 52.5% to 53.5% compared to 55.1% last year. Diluted earnings per share from continuing operations to be in the range of $1.00 to $1.10, based on diluted weighted-average shares outstanding of 40.7 million and an effective tax rate of 38.4%. Total capital expenditures to be approximately $40 million for the full year, with approximately $20 million related to corporate office campus consolidation.
Vera Bradley Enters Import and Distribution Agreement with Mitsubishi Corporation and Look Inc. for the Sale of its Products in Japan
Jun 4 14
Vera Bradley, Inc. announced that it has entered into a five-year agreement with Look Inc., who has exclusive rights to market and distribute its products in Japan. As a partner to Look, Mitsubishi Corporation has been granted the exclusive right to import Vera Bradley products into Japan during the term of the agreement. Look is expected to begin distribution of the Vera Bradley brand in Japan in October 2014. Throughout the term of the agreement, Look is expected to open Vera Bradley stand-alone retail stores and boutiques as well as sell its products through select department stores and specialty shops in Tokyo and other key metropolitan markets throughout Japan.
Vera Bradley, Inc. Names Karen Peters EVP - Retail and Wholesale Sales
Jun 3 14
Vera Bradley, Inc. announced that Karen Peters has been named Executive Vice President, Retail and Wholesale Sales. Between February 2005 and March 2014, she served as Senior Vice President, Director of Stores for Saks Fifth Avenue OFF 5TH, Saks Fifth Avenue's outlet channel. In her new role with Vera Bradley, Peters will oversee the company's full-line and factory outlet stores, the indirect channel (including the gift channel, the company's department store relationships and other current and emerging indirect channels), store visual and store real estate.