Vera Bradley Files 10-Q for Period Ending May 4, 2024
Ticker: VRA · Form: 10-Q · Filed: Jun 12, 2024 · CIK: 1495320
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
Vera Bradley's Q1 2024 10-Q is in, check the financials.
AI Summary
Vera Bradley, Inc. filed its 10-Q for the period ending May 4, 2024, reporting on its financial performance. The company's fiscal year ends around February 1st. Key financial data points and changes in equity accounts are detailed within this filing.
Why It Matters
This filing provides investors with an update on Vera Bradley's financial health and operational performance during the first quarter of their fiscal year.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial trends or risks.
Key Numbers
- 2024-05-04 — End of Period (Indicates the last day of the reporting quarter.)
- 2024-06-12 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Vera Bradley, Inc. (company) — Filer of the 10-Q
- 20240504 (date) — End of the reporting period
- 20240612 (date) — Filing date
- 0001495320 (company) — Central Index Key for Vera Bradley, Inc.
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the period ending May 4, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on June 12, 2024.
What is Vera Bradley, Inc.'s Central Index Key (CIK)?
Vera Bradley, Inc.'s Central Index Key is 0001495320.
What is the fiscal year end for Vera Bradley, Inc.?
Vera Bradley, Inc.'s fiscal year ends around February 1st (0201).
What is the SIC code for Vera Bradley, Inc.?
The Standard Industrial Classification (SIC) code for Vera Bradley, Inc. is 3100, which falls under LEATHER & LEATHER PRODUCTS.
Filing Stats: 4,644 words · 19 min read · ~15 pages · Grade level 15.3 · Accepted 2024-06-12 14:21:23
Key Financial Figures
- $0.8 million — lease liability, totaling approximately $0.8 million and has a term of approximately 5 years
Filing Documents
- vra-20240504.htm (10-Q) — 881KB
- vra-20240504xex101.htm (EX-10.1) — 49KB
- vra-20240504xex311.htm (EX-31.1) — 10KB
- vra-20240504xex312.htm (EX-31.2) — 10KB
- vra-20240504xex321.htm (EX-32.1) — 7KB
- vra-20240504_g1.jpg (GRAPHIC) — 4KB
- 0001495320-24-000050.txt ( ) — 5372KB
- vra-20240504.xsd (EX-101.SCH) — 36KB
- vra-20240504_cal.xml (EX-101.CAL) — 51KB
- vra-20240504_def.xml (EX-101.DEF) — 153KB
- vra-20240504_lab.xml (EX-101.LAB) — 506KB
- vra-20240504_pre.xml (EX-101.PRE) — 341KB
- vra-20240504_htm.xml (XML) — 714KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of May 4, 2024, and February 3, 2024 4 Condensed Consolidated Statements of Operations for the Thirteen Weeks Ended May 4, 2 024 , and April 29 , 202 3 5 Condensed Consolidated Statements of Comprehensive Loss for the Thirteen Weeks Ended May 4, 2024, and April 29, 2023 6 Condensed Consolidated Statements of Shareholders' Equity for the Thirteen Weeks Ended May 4, 2024, and April 29, 2023 7 Condensed Consolidated Statements of Cash Flows for the T hirteen Weeks Ended May 4, 2024 , and April 29, 2023 8 Notes to the Condensed Consolidated Financial Statements 10
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 29
Controls and Procedures
Item 4. Controls and Procedures 29
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 30
Risk Factors
Item 1A. Risk Factors 30
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31
Other Information
Item 5. Other Information 31
Exhibits
Item 6. Exhibits 32 2 Table of Contents
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS This 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, and other related matters; possible inability to predict and respond in a timely manner to changes in cons
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS Vera Bradley, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) May 4, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 55,195 $ 77,303 Accounts receivable, net 17,873 17,112 Inventories 125,180 118,278 Income taxes receivable 3,861 461 Prepaid expenses and other current assets 16,321 12,803 Total current assets 218,430 225,957 Operating right-of-use assets 64,434 66,488 Property, plant, and equipment, net 53,137 54,256 Intangible assets, net 6,844 7,573 Deferred income taxes 19,946 20,355 Other assets 5,898 6,157 Total assets $ 368,689 $ 380,786 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 21,734 $ 14,155 Accrued employment costs 9,069 12,944 Short-term operating lease liabilities 18,172 18,452 Other accrued liabilities 14,025 12,070 Income taxes payable — 640 Total current liabilities 63,000 58,261 Long-term operating lease liabilities 59,731 62,552 Other long-term liabilities 42 44 Total liabilities 122,773 120,857 Commitments and contingencies Shareholders' equity: Preferred stock; 5,000 shares authorized, no shares issued or outstanding — — Common stock, without par value; 200,000 shares authorized, 43,447 and 43,253 shares issued and 30,048 and 30,814 shares outstanding, respectively — — Additional paid-in-capital 113,038 112,590 Retained earnings 274,346 282,467 Accumulated other comprehensive loss ( 64 ) ( 72 ) Treasury stock ( 141,404 ) ( 135,056 ) Total shareholders' equity 245,916 259,929 Total liabilities and shareholders' equity $ 368,689 $ 380,786 The accompanying notes are an integral part of these financial statements. 4 Table of Contents Vera Bradley, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Thirteen Weeks Ended May 4, 2024 April 29, 2023 Net revenues $ 80,603 $ 94,362 Cost of sales 38,694 42,613 Gross profit 41,909 51