Vera Bradley, Inc. Files 2024 Annual Report on Form 10-K
Ticker: VRA · Form: 10-K · Filed: Mar 29, 2024 · CIK: 1495320
Sentiment: neutral
Topics: Vera Bradley, 10-K, Annual Report, Financials, Fiscal Year 2024
TL;DR
<b>Vera Bradley, Inc. has submitted its 2024 Form 10-K detailing financial performance and operational aspects for the fiscal year ending February 3, 2024.</b>
AI Summary
Vera Bradley, Inc. (VRA) filed a Annual Report (10-K) with the SEC on March 29, 2024. Vera Bradley, Inc. filed its annual report on Form 10-K for the fiscal year ended February 3, 2024. The filing covers the period from January 29, 2023, to February 3, 2024. The company's principal executive offices are located at 12420 Stonebridge Road, Roanoke, IN 46783. The filing includes financial data for fiscal years ending January 28, 2023, January 29, 2022, and January 30, 2021. The report details various financial statement components including common stock, retained earnings, and accumulated other comprehensive income.
Why It Matters
For investors and stakeholders tracking Vera Bradley, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Vera Bradley's financial health, operational strategies, and risk factors for the fiscal year 2024, crucial for investors to assess the company's performance and future outlook. The detailed financial statements and disclosures within the report are essential for understanding the company's revenue streams, profitability, and balance sheet strength, enabling informed investment decisions.
Risk Assessment
Risk Level: medium — Vera Bradley, Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of information, including financial statements, risk factors, and management discussion, necessitating a thorough review to identify specific risks.
Analyst Insight
Investors should carefully review the 'Risk Factors' section of the 10-K to understand potential challenges and uncertainties facing Vera Bradley, Inc. in the upcoming fiscal year.
Key Numbers
- 2024-02-03 — Fiscal Year End (The end date of the reporting period.)
- 2024-03-29 — Filing Date (The date the 10-K was filed with the SEC.)
- 2023-01-29 — Prior Fiscal Year Start (The start date of the prior fiscal year.)
- 2022-01-29 — Previous Fiscal Year End (The end date of the previous fiscal year.)
- 2021-01-30 — Fiscal Year End 2021 (The end date of the fiscal year 2021.)
Key Players & Entities
- Vera Bradley, Inc. (company) — Filer name
- 20240203 (date) — Fiscal year end
- 20240329 (date) — Filing date
- 12420 STONEBRIDGE ROAD (address) — Business address street
- ROANOKE (location) — Business address city
- IN (location) — Business address state
- 46783 (postal_code) — Business address zip
- 260-482-4673 (phone_number) — Business phone
FAQ
When did Vera Bradley, Inc. file this 10-K?
Vera Bradley, Inc. filed this Annual Report (10-K) with the SEC on March 29, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Vera Bradley, Inc. (VRA).
Where can I read the original 10-K filing from Vera Bradley, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Vera Bradley, Inc..
What are the key takeaways from Vera Bradley, Inc.'s 10-K?
Vera Bradley, Inc. filed this 10-K on March 29, 2024. Key takeaways: Vera Bradley, Inc. filed its annual report on Form 10-K for the fiscal year ended February 3, 2024.. The filing covers the period from January 29, 2023, to February 3, 2024.. The company's principal executive offices are located at 12420 Stonebridge Road, Roanoke, IN 46783..
Is Vera Bradley, Inc. a risky investment based on this filing?
Based on this 10-K, Vera Bradley, Inc. presents a moderate-risk profile. The filing is a standard annual report (10-K), which typically contains a broad range of information, including financial statements, risk factors, and management discussion, necessitating a thorough review to identify specific risks.
What should investors do after reading Vera Bradley, Inc.'s 10-K?
Investors should carefully review the 'Risk Factors' section of the 10-K to understand potential challenges and uncertainties facing Vera Bradley, Inc. in the upcoming fiscal year. The overall sentiment from this filing is neutral.
Key Dates
- 2024-02-03: Fiscal Year End — Marks the end of the reporting period for the 10-K.
- 2024-03-29: Filing Date — The date the 10-K was officially submitted to the SEC.
Filing Stats: 4,487 words · 18 min read · ~15 pages · Grade level 12 · Accepted 2024-03-29 13:32:57
Filing Documents
- vra-20240203.htm (10-K) — 1820KB
- vra-20240203xex211.htm (EX-21.1) — 6KB
- vra-20240203xex231.htm (EX-23.1) — 2KB
- vra-20240203xex311.htm (EX-31.1) — 9KB
- vra-20240203xex312.htm (EX-31.2) — 9KB
- vra-20240203xex321.htm (EX-32.1) — 7KB
- vra-20240203xex971.htm (EX-97.1) — 8KB
- vra-20240203_g1.jpg (GRAPHIC) — 4KB
- vra-20240203_g2.jpg (GRAPHIC) — 96KB
- 0001495320-24-000026.txt ( ) — 9096KB
- vra-20240203.xsd (EX-101.SCH) — 62KB
- vra-20240203_cal.xml (EX-101.CAL) — 89KB
- vra-20240203_def.xml (EX-101.DEF) — 215KB
- vra-20240203_lab.xml (EX-101.LAB) — 716KB
- vra-20240203_pre.xml (EX-101.PRE) — 484KB
- vra-20240203_htm.xml (XML) — 1389KB
Forward-Looking Statements
Forward-Looking Statements This annual report contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements include references to our current expectations and projections relating to our financial condition, results of operations, plans, objectives, strategies, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "might," "will," "should," "can have," and "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected earnings, revenues, costs, expenditures, cash flows, growth rates, and financial results, our plans and objectives for future operations, growth, initiatives, or strategies, or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: possible inability to successfully implement our long-term strategic plans, including Project Restoration; possible declines in our comparable sales; possible inability to maintain and enhance our brands; possible failure of our multi-channel distribution model; possible adverse changes in general economic conditions and their impact on consumer confidence and consumer spending, including political unrest, social unrest, acts of war and terrorism, impacts related to pandemics or other public health matters; possible inability to predict and resp
Risk Factors
Item 1A. Risk Factors 16
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 28
Cybersecurity
Item 1C. Cybersecurity 28
Properties
Item 2. Properties 28
Legal Proceedings
Item 3. Legal Proceedings 29
Mine Safety Disclosure
Item 4. Mine Safety Disclosure 30 PART II. 31
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 45
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 46
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 81
Controls and Procedures
Item 9A. Controls and Procedures 81
Other Information
Item 9B. Other Information 81
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 81 PART III. 82
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 82
Executive Compensation
Item 11. Executive Compensation 82
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 82
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 83
Principal Accounting Fees and Services
Item 14. Principal Accounting Fees and Services 83 PART IV. 84
Exhibits, Financial Statement Schedules
Item 15. Exhibits, Financial Statement Schedules 84
Form 10-K Summary
Item 16. Form 10-K Summary 86 3 Table of Contents PART I In this Form 10-K, references to "Vera Bradley, Inc." or the "Company" refer to Vera Bradley, Inc. and its subsidiaries, including Vera Bradley Designs, Inc. and Creative Genius, LLC. References to "Vera Bradley" relate to the Vera Bradley stand-alone brand and references to "Pura Vida" relate to the Pura Vida stand-alone brand, except where the context requires otherwise or where otherwise indicated. The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to January 31. The fiscal year ending February 3, 2024 ("fiscal 2024") was a 53-week period. The fiscal years ended January 28, 2023 ("fiscal 2023") and January 29, 2022 ("fiscal 2022) were each 52-week periods . The fiscal year ending February 1, 2025 ("fiscal 2025") will be a 52-week period.
Business
Item 1. Business Our Company Vera Bradley, Inc. operates two unique lifestyle brands – Vera Bradley and Pura Vida. We believe Vera Bradley and Pura Vida are complementary businesses, both with devoted, emotionally-connected, and multi-generational female customer bases; alignment as casual, comfortable, affordable, and fun brands; positioning as "gifting" and socially-connected brands; strong, entrepreneurial cultures; a keen focus on community, charity, and social consciousness; multi-channel distribution strategies; and talented leadership teams aligned and committed to the long-term success of their brands. In July 2019, Vera Bradley, Inc. acquired a 75% interest in Creative Genius, Inc., which operates under the name Pura Vida Bracelets ("Pura Vida"). Pura Vida results are consolidated within the Company's financial statements beginning on July 17, 2019, the first full day following the acquisition. On January 30, 2023, the Company acquired the remaining 25% interest in Pura Vida. The Company has three reportable segments: Vera Bradley Direct ("VB Direct"), Vera Bradley Indirect ("VB Indirect"), and Pura Vida. For financial information about our reportable segments, refer to Note 17 of the Notes to Consolidated Financial Statements set forth in Part II, "Item 8. Financial Statements and Supplementary Data," of this report. Our Brands Vera Bradley Vera Bradley is a leading designer of women's handbags, luggage and travel items, fashion and home accessories, and unique gifts. Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand is known for its innovative designs, iconic patterns, and brilliant colors that inspire and connect women. The reportable segments within the Vera Bradley brand are VB Direct and VB Indirect. VB Direct . The VB Direct business consists of sales of Vera Bradley products through Vera Bradley full-line and outlet stores in the United States; e-commerce sites (verabradley.com, outlet.verabradley.com, a