FORT WAYNE, Ind. (WOWO): Official with Vera Bradley have released an update on the companies financial status. The popular Fort Wayne based handbag maker reported a fiscal second quarter net income of $9.3 million, compared to a loss of $29.8 million during the same period last year.
CEO Jackie Ardrey told Inside Indiana Business that the switch to profitability is the result of continued efforts of the company’s Project Restoration initiative launched earlier this year. Ardrey said one of the company’s key goals in what she previously referred to as a “rebuilding year” is to stabilize revenues.
The 1.2% revenue decline in the second quarter, according to Ardrey, can be partially attributed to store closures over the last year, but the return of the Vera Bradley Annual Outlet Sale offset some weakness the company saw in its factory outlet stores.