Vera Bradley Incorporated reported its second quarter (Q2) sales up 11.6% compared to last year. The company operates two unique lifestyle brands under the names of Vera Bradley and Pura Vida with both brands having a devoted and loyal customer base across multiple generations. Vera Bradely is a lifestyle brand of quilted-cotton luggage, handbags, and accessories and Pura Vida is a digital native brand of jewelry and accessories. The company has its own stores and sells online while also distributing products through other retailers.
The company closed many of its stores in 2020 because of the pandemic, but customer loyalty continued to grow with sales reaching $147 million for Q2 — 23% over the 2019 pre-pandemic levels. Rob Wallstrom, CEO of Vera Bradley, Inc., stated, “We posted a consolidated year-over-year second quarter revenue increase of nearly 12%.” However, the positive results were achieved despite major issues with the supply chain that continue to plague the retailer and the industry as a whole.
Supply chain issues abound for many retailers
Wallstrom discussed the continued issues with the supply chain that have plagued the retailer and the industry. Higher tariff and freight costs have impacted transportation expenses which impact the gross margin. Additionally, port congestion and factory closings due to COVID have slowed product delivery. Wallstrom said in the earnings call, “We did not anticipate having continued supply chain issues going into the second...
Read Full Story: https://www.forbes.com/sites/shelleykohan/2021/09/02/vera-bradley-sales-up-nearly-12-despite-major-supply-chain-issues/
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