Vera Bradley Files Q2 FY25 10-Q
Ticker: VRA · Form: 10-Q · Filed: Sep 11, 2024 · CIK: 1495320
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
Vera Bradley dropped its Q2 FY25 10-Q. Check financials.
AI Summary
Vera Bradley, Inc. filed its 10-Q for the period ending August 3, 2024. The company reported financial results for the second quarter of fiscal year 2025. Key financial data and operational details are presented in this filing.
Why It Matters
This filing provides investors with the latest financial performance and operational updates for Vera Bradley, Inc., crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details within can reveal varying levels of risk.
Key Players & Entities
- Vera Bradley, Inc. (company) — Filer
- 20240803 (date) — Period of Report
- 20240911 (date) — Filed as of Date
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240803, indicating the filing covers the period ending August 3, 2024.
What is the company's Central Index Key (CIK)?
Vera Bradley, Inc.'s Central Index Key is 0001495320.
What is the company's Standard Industrial Classification (SIC) code?
The SIC code for Vera Bradley, Inc. is 3100, categorized under LEATHER & LEATHER PRODUCTS.
When was this 10-Q filing submitted?
The filing was submitted on 20240911.
What is the company's business address?
The business address is 12420 STONEBRIDGE ROAD, ROANOKE, IN 46783.
Filing Stats: 4,657 words · 19 min read · ~16 pages · Grade level 15 · Accepted 2024-09-11 14:05:17
Filing Documents
- vra-20240803.htm (10-Q) — 1165KB
- vra-20240803xex311.htm (EX-31.1) — 10KB
- vra-20240803xex312.htm (EX-31.2) — 10KB
- vra-20240803xex321.htm (EX-32.1) — 7KB
- vra-20240803_g1.jpg (GRAPHIC) — 4KB
- 0001495320-24-000065.txt ( ) — 6106KB
- vra-20240803.xsd (EX-101.SCH) — 36KB
- vra-20240803_cal.xml (EX-101.CAL) — 48KB
- vra-20240803_def.xml (EX-101.DEF) — 151KB
- vra-20240803_lab.xml (EX-101.LAB) — 510KB
- vra-20240803_pre.xml (EX-101.PRE) — 337KB
- vra-20240803_htm.xml (XML) — 1002KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of August 3 , 2024, and February 3, 2024 4 Condensed Consolidated Statements of Operations for the Thirteen and Twenty-Six Weeks Ended August 3 , 2024, and July 29, 2023 5 Condensed Consolidated Statements of Comprehensive I ncome ( Loss ) for the Thirteen and Twenty-Six Weeks Ended August 3, 2024, and July 29 , 2023 6 Condensed Consolidated Statements of Shareholders' Equity for the Thirteen and Twenty-Six Weeks Ended August 3, 2024, and July 29 , 2023 7 Condensed Consolidated Statements of Cash Flows for the Twenty-Six Weeks Ended August 3, 2024, and July 29 , 2023 9 Notes to the Condensed Consolidated Financial Statements 11
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 26
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 35
Controls and Procedures
Item 4. Controls and Procedures 35
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 36
Risk Factors
Item 1A. Risk Factors 36
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37
Other Information
Item 5. Other Information 37
Exhibits
Item 6. Exhibits 38 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) August 3, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 44,147 $ 77,303 Accounts receivable, net 25,126 17,112 Inventories 133,047 118,278 Income taxes receivable 6,433 461 Prepaid expenses and other current assets 14,702 12,803 Total current assets 223,455 225,957 Operating right-of-use assets 63,319 66,488 Property, plant, and equipment, net 55,984 54,256 Intangible assets, net 6,237 7,573 Deferred income taxes 20,279 20,355 Other assets 9,940 6,157 Total assets $ 379,214 $ 380,786 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 37,949 $ 14,155 Accrued employment costs 6,615 12,944 Short-term operating lease liabilities 17,661 18,452 Other accrued liabilities 15,935 12,070 Income taxes payable 170 640 Total current liabilities 78,330 58,261 Long-term operating lease liabilities 58,306 62,552 Other long-term liabilities 44 44 Total liabilities 136,680 120,857 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, 43,466 and 43,253 shares issued and 28,705 and 30,814 shares outstanding, respectively — — Additional paid-in-capital 113,503 112,590 Retained earnings 280,052 282,467 Accumulated other comprehensive loss ( 72 ) ( 72 ) Treasury stock ( 150,949 ) ( 135,056 ) Total shareholders' equity 242,534 259,929 Total liabilities and shareholders' equity $ 379,214 $ 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 Twenty-Six Weeks Ended August 3, 2024 July 29, 2023 August 3, 2024 July 29, 2023 Net revenues $ 110,822 $