Vera Bradley(US:VRA)2025-06-11 14:32Financial Data and Key Metrics Changes - For Q1 2026, consolidated revenues totaled $51.7 million, a decrease from $67.9 million in the prior year [19] - Non-GAAP net loss from continuing operations was $10 million or $0.36 per diluted share, compared to a net loss of $6.6 million or $0.22 per diluted share in the previous year [19] - Non-GAAP gross margin was $24.6 million or 47.5% of net revenues, down from 51.3% in the prior year [21] - Non-GAAP SG&A expenses were $38.3 million or 74.2% of net revenues, compared to 65.7% in the prior year [21] - Cash and cash equivalents at the end of the quarter totaled $11.3 million, with no borrowings on the $75 million ABL facility [22] Business Line Data and Key Metrics Changes - Direct segment revenues for Q1 totaled $43.1 million, a 23.6% decrease from $56.4 million in the prior year [20] - Indirect segment revenues were $8.6 million, a 25.6% decrease from $11.5 million in the prior year, primarily due to a decline in specialty and key account orders [20] Market Data and Key Metrics Changes - E-commerce revenues showed strength, particularly in online outlet and Target Marketplace channels [13] - The company experienced a shift in customer behavior, with recently acquired customers comprising 45% of the active twelve-month file, up from 30% last year [16] Company Strategy and Development Direction - The company is focused on transforming its business model and brand positioning through four pillars: product, brand, customer, and channel [11] - A new strategy and transformation committee has been formed to refine the company's strategic direction and growth initiatives [5] - The company aims to restore brand relevance with a new generation of consumers while simplifying its operating model for greater efficiency [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by macroeconomic pressures but expressed optimism about the brand's potential to connect with consumers [9][16] - The company is suspending prior year guidance due to uncertainties in the consumer environment [24] Other Important Information - The sale of Pura Vida was completed during the first quarter, and its operations are classified as discontinued [18] - The company plans to close 10 unprofitable full-line store locations this year [14] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the call may have concluded without a formal Q&A session.