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Vera Bradley announces drop in Q4 sales and earnings

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Vera Bradley announces drop in Q4 sales and earnings
Consolidated net revenues at Vera Bradley totalled 142.4 million dollars for the fourth quarter compared to 156.9 million dollars in the prior year fourth quarter, while consolidated net income totalled 7.9 million dollars or 23 cents per diluted share. On a non-GAAP basis, Vera Bradley, Inc.’s consolidated net income for the fourth quarter totalled 10.5 million dollars or 31 cents per diluted share.

“In spite of an extremely challenging overall retail environment and a very difficult handbag and accessories market in particular, we delivered some best-in-class operating results. On a non-GAAP basis, excluding certain items, our fiscal year operating income was nearly 90 percent to last year, which was a strong performance in light of the unprecedented pandemic-related headwinds. For the year, we expanded our consolidated gross margin rate primarily through product innovation and more full-priced selling,” said Rob Wallstrom, Chief Executive Officer of the company.

Highlights of Vera Bradley’s full year performance

Consolidated net revenues for the full year totalled 468.3 million dollars including 112.5 million dollars of net revenues from Pura Vida compared to 495.2 million dollars for fiscal 2020 which included 65.9 million dollars of net revenues from Pura Vida. Excluding Pura Vida, Vera Bradley net revenues totalled 355.8 million dollars compared to 429.3 million dollars in the prior year.

For the current fiscal year, Vera Bradley’s consolidated net income totalled 8.7 million dollars or 26 cents per diluted share, while on a non-GAAP basis, consolidated net income totalled 21.4 million dollars or 63 cents per diluted share.

Vera Bradley announces fiscal 2022 outlook

For Fiscal 2022, the company expects consolidated net revenues of 550 to 575 million dollars compared to 468.3 million dollars in fiscal 2021. Year-over-year Pura Vida revenues are expected to grow between 20 percent and 30 percent, and Vera Bradley revenues are expected to grow between 15 percent and 20 percent.

The company expects a consolidated gross profit percentage of 56 percent to 57 percent compared to 57 percent in fiscal 2021, consolidated operating income of 44 to 49 million dollars compared to 34 million dollars in fiscal 2021 and consolidated diluted EPS of 80 cents to 90 cents based on diluted weighted-average shares outstanding of 34.6 million compared to 63 cents last year.

Commenting on the organisational restructuring, Wallstrom added: “Vera Bradley and Pura Vida are the two lifestyle brands currently under our Vera Bradley, Inc. umbrella. While I will continue as CEO of Vera Bradley, Inc., each brand will have their own leadership team that will focus on building customer engagement and expanding revenue, while protecting and cultivating the distinct ethos and entrepreneurial spirit of each unique brand.”

Image:Vera Bradley, Facebook

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Fashion

Nilit partners with The Ocean Foundation

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Image: Sensil Facebook

Nylon brand Nilit has partnered with The Ocean Foundation on its Blue Resilience Initiative.

Joining The Ocean Foundation’s Blue Resilience Initiative, the collaboration aims to protect essential ocean meadows and other coastal habitats. According to Nilit, marine grasslands are being damaged at the rate of two football fields per hour. As important oceanic ecosystems, the grasslands help to reduce global warming by taking CO2 from the atmosphere.

Nilit, which also owns sustainable brand Sensil, has previously stated that protecting the oceans and reducing CO2 is part of its Total Product Sustainability Program. Recently, it reduced CO2 emissions at its main facility, and has utilised clean energy techniques at its manufacturing plants.

“NILIT and The Ocean Foundation can affect both sides of the ocean health equation and, together, make a more substantial impact on the well-being of our oceans and our planet,” said head of global marketing at Nilit, Sagee Aran.

The Ocean Foundation’s Blue Resilience Initiative focuses on coastal reconstruction and providing carbon offsets for foundations, corporations, donors and events. Its work notes the ecological and social impact that coastal areas have on the world, with man made infrastructure degrading nature’s natural defense mechanisms. The Blue Initiative seeks to restore and protect these coastal habitats.

“We are excited to join in The Ocean Foundation’s crucial work to protect the marine ecosystems that sustain life in the oceans and on land,” said Aran. “The Ocean Foundation investment, we have expanded our vision far beyond the traditional supply chain structure so that we can more rapidly and effectively bring about positive environmental impact.”

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Nordstrom and Nike partner with Black Owned Everything

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Image: Nordstrom x Nike x Black Owned Everything
Image: Nordstrom x Nike x Black Owned Everything

Multibrand retailer Nordstrom has launched a partnership with marketplace Black Owned Everything, a platform promoting Black-owned businesses, and its founder Zerina Akers.

The collaboration sees Akers and Nordstrom come together on a curated selection featuring four Black-owned brands, displayed alongside new Nike and Jordan collections in the Nordstrom x Nike dedicated online space.

Labels included in the curation are William Okpo, Sammy B, L’Enchanteur and handbag designer Brandon Blackwood.

Image: Nordstrom x Nike x Black Owned Everything
Image: Nordstrom x Nike x Black Owned Everything

“When we launched Black Owned Everything back in February of this year, partnerships like Nordstrom x Nike were exactly the type of activations I had in mind to amplify the reach of the Black designers whom I work with and mentor,” said Akers, in a release.

She continued: “This intersection of well-established brands and emerging designers is where the progress of Black Owned Everything’s mission takes place.

“The inclusion of these selected designers is a big step for their individual career paths and an even bigger step in the right direction for the American marketplace and beyond.

Image: Nordstrom x Nike x Black Owned Everything
Image: Nordstrom x Nike x Black Owned Everything

“This curation is a fun mix of fashion and lifestyle pieces for the people who are keen to street trends and enjoy functionality.”

Simultaneous with the online presence of the collection, Black Owned Everything merchandise will also be available at four Nordstrom x Nike pop-ups in US-based Nordstrom stores.

Image: Nordstrom x Nike x Black Owned Everything
Image: Nordstrom x Nike x Black Owned Everything
Image: Nordstrom x Nike x Black Owned Everything
Image: Nordstrom x Nike x Black Owned Everything
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Sustainable flea market site Farly to launch in UK

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Image: Farly
Image: Farly

Fashion marketplace Farly has announced it is set to launch in the UK on November 11, bringing its flea market approach of resale to new vintage-loving consumers.

Marketed as a virtual flea market, the site hopes to reinvent shopping in a fun and carefully curated way. Its concept revolves around virtual shop windows and mood boards intended to inspire visitors.

Farly looks to appeal to independent sellers, small retailers, artists and curators, providing potential users with the option to design their own shop window through image uploads and editing tools, helping to enhance their offering.

Image: Farly
Image: Farly

“As the world prepares for the United Nations Climate Change Conference (COP26) summit this November, the importance of climate change and looking after our planet has been more prominent than ever,” stated Farleigh Hungerford, Farly’s founder, in a release.

She continued: “Farly only encourages the sale of vintage, pre-loved and second-hand items and we really encourage sellers to have sustainability at heart, from packaging to thinking about the origin of the product all the way to the end of the items’ life cycle.

“Farly adds to this message with the core values at the heart of the business, encouraging users to re-use, recycle and restyle.”

The platform will also feature a reward system, called Farly Points, where sellers can earn points through promoting sales from curated items in their virtual shop windows. Building up points can contribute to discounts for users with the monetisation of their displays.

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