Vera Bradley Appoints New CEO, Returns to Profitability in Q4

By Karen Roman

Vera Bradley, Inc. (Nasdaq: VRA) said net income from continuing operations totaled $2.7 million in the fourth quarter ended Jan. 31, compared with a loss of $20 million the prior year.

The company said it appointed Ian Bickley as Chairman and Chief Executive Officer, while Martin Layding was designated as Chief Operating and Financial Officer.

“Returning to profitability for the first time in over a year, combined with our third consecutive quarter of sequential improvement in the Direct channel, gives us confidence that Project Sunshine is beginning to resonate with our customers,” said Mr. Bickley. “We recognize there’s still considerable work ahead, but we are encouraged by our return to profitability, the sequential improvements we have seen, and the strong liquidity position entering the new fiscal year.”

For this fiscal year, the company expects operating loss improvement by 40% or better versus the prior year loss of $21.7 million.

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