Vera Bradley, Inc. (NASDAQ:VRA) Q1 2021 Earnings Conference Call - Final Transcript

Jun 03, 2020 • 09:30 am ET


Vera Bradley, Inc. (NASDAQ:VRA) Q1 2021 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Vera Bradley First Quarter Conference Call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. As a reminder, today's conference is being recorded.

I would now like to turn the call over to Mark Dely. Please go ahead.

Mark Dely

Good morning and welcome, everyone. We'd like to thank you for joining us for Vera Bradley's conference call. Some of the statements made during our prepared remarks, and in response to your questions, may constitute forward-looking statements made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from those that we expect. Please refer to today's press release and the company's most recent Form 10-K filed with the SEC, for a discussion of known risks and uncertainties. Investors should not assume that that statements made during the call will remain operative at a later time. We undertake no obligation to update any information discussed on the call.

I will now turn the call over to Vera Bradley's CEO, Rob Wallstrom. Rob?

Robert Wallstrom

Thank you, Mark. Good morning, everyone, and thank you for joining us on today's call. John Enwright, our CFO, also joins me today.

Let's start with what is on everyone's mind, the COVID-19 pandemic. Undoubtedly, this has been one of the most disruptive and challenging periods in the company's history, but our strong culture and innovation are leading us through this period.

We have worked to minimize the pandemic impact on our associates, shareholders and other stakeholders. The well-being and safety of our associates and customers remain our top priorities in every decision we make. It will take time for consumer confidence, customer traffic and shopping activity to return to pre-pandemic levels. But I am confident the actions we have taken will allow us to manage through this challenge and position us to emerge a stronger company and drive over the long term.

With adversity comes opportunity. This crisis will have a lasting effect on consumers and transform the way they shop. Our 2019 acquisition of Pura Vida has resulted in e-commerce being a larger share of our total company revenues, and the digital skills of both companies will be even more critical in this new environment. We are moving ahead with the innovation that will enhance the consumer experience and propel us forward, innovation in product, marketing and technology.

Many of our customers were anxious to shop even as our stores were closed. Our Vera Bradley and Pura Vida e-commerce businesses combined, which represents about 1/3 of our total company revenues on a normalized basis was strong in the first quarter and continues to exceed last year's performance into the