Company Overview - Vera Bradley, Inc. is a leading designer of women's handbags, luggage, travel items, fashion and home accessories, and unique gifts, founded in 1982 [3] - The company is based in Fort Wayne, Indiana, and is known for its innovative designs, iconic patterns, and vibrant colors that connect with women globally [3] Financial Reporting - The company plans to report its second-quarter results for the fiscal year 2026 on September 11, 2025, at 8:00 a.m. Eastern Time [1] - A conference call to discuss the financial results will be held at 8:30 a.m. Eastern Time on the same day, with a live webcast available on the company's Investor Relations website [2] Business Segments - Vera Bradley operates through two reportable segments: Vera Bradley Direct ("VB Direct") and Vera Bradley Indirect ("VB Indirect") [4] - The VB Direct segment includes sales through full-line and outlet stores in the U.S., the company's websites, and the annual outlet sale in Fort Wayne [4] - The VB Indirect segment consists of sales to approximately 1,100 specialty retail locations, select department stores, national accounts, third-party e-commerce sites, and royalties from licensing agreements [4]

Core Insights - Vera Bradley, Inc. reported first quarter consolidated net revenues of $51.7 million, a decrease from $67.9 million in the same period last year [3][32] - The company experienced a net loss from continuing operations of $18.3 million, or $0.66 per diluted share, compared to a net loss of $7.6 million, or $0.25 per diluted share in the prior year [4][5] - The financial condition remains strong with $86 million in liquidity and no debt [1] Financial Performance Summary - The first quarter gross profit was $22.8 million, representing 44.1% of net revenues, down from $34.0 million or 50.1% in the prior year [10] - Selling, general, and administrative (SG&A) expenses totaled $40.8 million, or 79.0% of net revenues, compared to $45.1 million, or 66.4% in the prior year [12] - The operating loss from continuing operations was $17.9 million, or (34.6%) of net revenues, compared to a loss of $10.6 million, or (15.6%) in the prior year [13] Segment Performance - Vera Bradley Direct segment revenues were $43.1 million, a 23.6% decrease from $56.4 million in the prior year [8] - Comparable sales declined by 25.0%, primarily due to reduced traffic and conversion rates in full-line and outlet stores [8] - The Indirect segment revenues totaled $8.6 million, a 25.6% decrease from $11.5 million in the prior year, attributed to a decline in specialty and key account orders [9] Balance Sheet Highlights - Cash and cash equivalents as of May 3, 2025, were $11.3 million, down from $43.8 million at the end of the previous year's first quarter [13] - Total quarter-end inventory was $99.2 million, compared to $101.8 million at the end of the prior year's first quarter [14] Strategic Outlook - The company announced several executive and Board leadership changes and has suspended forward guidance due to significant uncertainty in the consumer environment [15]

Leadership Changes - CEO Jacqueline Ardrey is leaving the Company, with a national search for her replacement underway. She will assist in the transition until the end of July 2025 [1][2] - Ian Bickley will assume the role of Executive Chairman effective July 7, 2025, providing leadership during the CEO transition. He has extensive experience in the industry, including roles at Coach and as Interim CEO of the Body Shop [2][3] - Martin Layding has been appointed as the new Chief Financial Officer, starting June 12, 2025, succeeding Michael Schwindle, who will depart on June 30, 2025 [3] Strategic Initiatives - A new Strategy and Transformation Committee has been established to guide the Company's strategic direction and growth initiatives, co-led by Ian Bickley and Director Andrew Meslow [4] - The Company aims to refine its strategy and accelerate its transformation under the new leadership [5] Company Overview - Vera Bradley is a leading designer of women's handbags, luggage, and other travel items, known for its innovative designs and iconic patterns [6] - The Company operates through two reportable segments: Vera Bradley Direct and Vera Bradley Indirect, with sales through various retail channels and online platforms [7]