QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ¨ | x | ||||||||||||||||||
Non-accelerated filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ||||||||||||||||||
Emerging growth company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ |
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. |
October 30, 2021 | January 30, 2021 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Short-term investments | ||||||||||||||
Accounts receivable, net | ||||||||||||||
Inventories | ||||||||||||||
Income taxes receivable | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Operating right-of-use assets | ||||||||||||||
Property, plant, and equipment, net | ||||||||||||||
Intangible assets, net | ||||||||||||||
Goodwill | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities, Redeemable Noncontrolling Interest, and Shareholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued employment costs | ||||||||||||||
Short-term operating lease liabilities | ||||||||||||||
Other accrued liabilities | ||||||||||||||
Income taxes payable | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term operating lease liabilities | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies | ||||||||||||||
Redeemable noncontrolling interest | ||||||||||||||
Shareholders’ equity: | ||||||||||||||
Preferred stock; | ||||||||||||||
Common stock, without par value; | ||||||||||||||
Additional paid-in-capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive (loss) income | ( | |||||||||||||
Treasury stock | ( | ( | ||||||||||||
Total shareholders’ equity of Vera Bradley, Inc. | ||||||||||||||
Total liabilities, redeemable noncontrolling interest, and shareholders’ equity | $ | $ |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Selling, general, and administrative expenses | ||||||||||||||||||||||||||
Other income, net | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||||||||
Income tax expense | ||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Less: Net income attributable to redeemable noncontrolling interest | ||||||||||||||||||||||||||
Net income attributable to Vera Bradley, Inc. | $ | $ | $ | $ | ||||||||||||||||||||||
Basic weighted-average shares outstanding | ||||||||||||||||||||||||||
Diluted weighted-average shares outstanding | ||||||||||||||||||||||||||
Basic net income per share available to Vera Bradley, Inc. common shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted net income per share available to Vera Bradley, Inc. common shareholders | $ | $ | $ | $ | ||||||||||||||||||||||
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Unrealized loss on available-for-sale debt investments | ( | ( | ( | ( | ||||||||||||||||||||||
Cumulative translation adjustment | ( | ( | ||||||||||||||||||||||||
Comprehensive income, net of tax | ||||||||||||||||||||||||||
Less: Comprehensive income attributable to redeemable noncontrolling interest | ||||||||||||||||||||||||||
Comprehensive income attributable to Vera Bradley, Inc. | $ | $ | $ | $ |
Number of Shares | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Shareholders’ Equity of Vera Bradley, Inc. | ||||||||||||||||||||||||||||||||||||||
Balance at January 30, 2021 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vera Bradley, Inc. | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Translation adjustments | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Unrealized loss on available-for-sale debt investments | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Restricted shares vested, net of repurchase for taxes | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance at May 1, 2021 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income attributable to Vera Bradley, Inc. | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Translation adjustments | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Unrealized loss on available-for-sale debt investments | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Restricted shares vested, net of repurchase for taxes | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance at July 31, 2021 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Net income attributable to Vera Bradley, Inc. | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Translation adjustments | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Unrealized loss on available-for-sale debt investments | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Restricted shares vested, net of repurchase for taxes | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Treasury stock purchased | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance at October 30, 2021 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Number of Shares | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Shareholders’ Equity of Vera Bradley, Inc. | ||||||||||||||||||||||||||||||||||||||
Balance at February 1, 2020 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net loss attributable to Vera Bradley, Inc. | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Translation adjustments | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Unrealized loss on available-for-sale debt investments | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Restricted shares vested, net of repurchase for taxes | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Treasury stock purchased | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest redemption value adjustment | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||
Balance at May 2, 2020 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Net income attributable to Vera Bradley, Inc. | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Translation adjustments | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Unrealized gain on available-for-sale debt investments | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Restricted shares vested, net of repurchase for taxes | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest redemption value adjustment | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance at August 1, 2020 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Net income attributable to Vera Bradley, Inc. | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Translation adjustments | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Unrealized loss on available-for-sale debt investments | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Restricted shares vested, net of repurchase for taxes | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance at October 31, 2020 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Thirty-Nine Weeks Ended | ||||||||||||||
October 30, 2021 | October 31, 2020 | |||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation of property, plant, and equipment | ||||||||||||||
Amortization of operating right-of-use assets | ||||||||||||||
Impairment charges | ||||||||||||||
Amortization of intangible assets | ||||||||||||||
Provision for doubtful accounts | ||||||||||||||
Stock-based compensation | ||||||||||||||
Deferred income taxes | ||||||||||||||
Loss on investments | ||||||||||||||
Adjustment of earn-out liability | ||||||||||||||
Other non-cash gain, net | ( | ( | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||
Accounts receivable | ( | ( | ||||||||||||
Inventories | ( | ( | ||||||||||||
Prepaid expenses and other assets | ( | |||||||||||||
Accounts payable | ||||||||||||||
Income taxes | ( | ( | ||||||||||||
Operating lease liabilities, net | ( | ( | ||||||||||||
Accrued and other liabilities | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities | ||||||||||||||
Purchases of property, plant, and equipment | ( | ( | ||||||||||||
Purchases of investments | ( | |||||||||||||
Proceeds from maturities and sales of investments | ||||||||||||||
Cash received for business acquisition | ||||||||||||||
Proceeds from disposal of property, plant, and equipment | ||||||||||||||
Net cash (used in) provided by investing activities | ( | |||||||||||||
Cash flows from financing activities | ||||||||||||||
Tax withholdings for equity compensation | ( | ( | ||||||||||||
Repurchase of common stock | ( | ( | ||||||||||||
Distributions to redeemable noncontrolling interest | ( | ( | ||||||||||||
Borrowings under asset-based revolving credit agreement | ||||||||||||||
Repayment of borrowings under asset-based revolving credit agreement | ( | |||||||||||||
Payment of contingent consideration for business acquisition | ( | |||||||||||||
Net cash (used in) provided by financing activities | ( | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | |||||||||||||
Net increase in cash and cash equivalents | ||||||||||||||
Cash and cash equivalents, beginning of period | ||||||||||||||
Cash and cash equivalents, end of period | $ | $ |
Thirty-Nine Weeks Ended | ||||||||||||||
October 30, 2021 | October 31, 2020 | |||||||||||||
Supplemental disclosure of cash flow information | ||||||||||||||
Cash paid for income taxes, net | $ | $ | ||||||||||||
Supplemental disclosure of non-cash activity | ||||||||||||||
Non-cash operating, investing, and financing activities | ||||||||||||||
Repurchase of common stock | ||||||||||||||
Expenditures incurred but not yet paid as of October 30, 2021 and October 31, 2020 | $ | $ | ||||||||||||
Expenditures incurred but not yet paid as of January 30, 2021 and February 1, 2020 | $ | $ | ||||||||||||
Purchases of property, plant, and equipment | ||||||||||||||
Expenditures incurred but not yet paid as of October 30, 2021 and October 31, 2020 | $ | $ | ||||||||||||
Expenditures incurred but not yet paid as of January 30, 2021 and February 1, 2020 | $ | $ | ||||||||||||
Thirteen Weeks Ended | ||||||||||||||||||||||||||
October 30, 2021 | ||||||||||||||||||||||||||
VB Direct Segment | VB Indirect Segment | Pura Vida Segment | Total | |||||||||||||||||||||||
Product categories | ||||||||||||||||||||||||||
Bags | $ | $ | $ | $ | ||||||||||||||||||||||
Travel | ||||||||||||||||||||||||||
Accessories | ||||||||||||||||||||||||||
Home | ||||||||||||||||||||||||||
Apparel/Footwear(6) | ||||||||||||||||||||||||||
Other | (1) | (2) | (3) | |||||||||||||||||||||||
Total net revenues | $ | (4) | $ | (5) | $ | (4) | $ | |||||||||||||||||||
(1) Primarily includes net revenues from stationery, freight, and gift card breakage. | ||||||||||||||||||||||||||
(2) Primarily includes net revenues from licensing agreements and freight. | ||||||||||||||||||||||||||
(3) Related to freight. | ||||||||||||||||||||||||||
(4) Net revenues were related to product sales recognized at a point in time. | ||||||||||||||||||||||||||
(5) $ | ||||||||||||||||||||||||||
(6) Includes mask sales. |
Thirteen Weeks Ended | ||||||||||||||||||||||||||
October 31, 2020 | ||||||||||||||||||||||||||
VB Direct Segment | VB Indirect Segment | Pura Vida Segment | Total | |||||||||||||||||||||||
Product categories | ||||||||||||||||||||||||||
Bags | $ | $ | $ | $ | ||||||||||||||||||||||
Travel | ||||||||||||||||||||||||||
Accessories | ||||||||||||||||||||||||||
Home | ||||||||||||||||||||||||||
Apparel/Footwear(6) | ||||||||||||||||||||||||||
Other | (1) | (2) | (3) | |||||||||||||||||||||||
Total net revenues | $ | (4) | $ | (5) | $ | (4) | $ | |||||||||||||||||||
(1) Primarily includes net revenues from freight and stationery. | ||||||||||||||||||||||||||
(2) Primarily includes net revenues from licensing agreements, freight, and merchandising. | ||||||||||||||||||||||||||
(3) Related to freight. | ||||||||||||||||||||||||||
(4) Net revenues were related to product sales recognized at a point in time. | ||||||||||||||||||||||||||
(5) $ | ||||||||||||||||||||||||||
(6) Includes mask sales. |
Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||
October 30, 2021 | ||||||||||||||||||||||||||
VB Direct Segment | VB Indirect Segment | Pura Vida Segment | Total | |||||||||||||||||||||||
Product categories | ||||||||||||||||||||||||||
Bags | $ | $ | $ | $ | ||||||||||||||||||||||
Travel | ||||||||||||||||||||||||||
Accessories | ||||||||||||||||||||||||||
Home | ||||||||||||||||||||||||||
Apparel/Footwear(6) | ||||||||||||||||||||||||||
Other | (1) | (2) | (3) | |||||||||||||||||||||||
Total net revenues | $ | (4) | $ | (5) | $ | (4) | $ | |||||||||||||||||||
(1) Primarily includes net revenues from stationery, freight, and gift card breakage. | ||||||||||||||||||||||||||
(2) Primarily includes net revenues from licensing agreements and freight. | ||||||||||||||||||||||||||
(3) Related to freight. | ||||||||||||||||||||||||||
(4) Net revenues were related to product sales recognized at a point in time. | ||||||||||||||||||||||||||
(5) $ | ||||||||||||||||||||||||||
(6) Includes mask sales. |
Thirty-Nine Weeks Ended | ||||||||||||||||||||||||||
October 31, 2020 | ||||||||||||||||||||||||||
VB Direct Segment | VB Indirect Segment | Pura Vida Segment | Total | |||||||||||||||||||||||
Product categories | ||||||||||||||||||||||||||
Bags | $ | $ | $ | $ | ||||||||||||||||||||||
Travel | ||||||||||||||||||||||||||
Accessories | ||||||||||||||||||||||||||
Home | ||||||||||||||||||||||||||
Apparel/Footwear(6) | ||||||||||||||||||||||||||
Other | (1) | (2) | (3) | |||||||||||||||||||||||
Total net revenues | $ | (4) | $ | (5) | $ | (4) | $ | |||||||||||||||||||
(1) Primarily includes net revenues from stationery, freight, and gift card breakage. | ||||||||||||||||||||||||||
(2) Primarily includes net revenues from licensing agreements, freight, and merchandising. | ||||||||||||||||||||||||||
(3) Related to freight. | ||||||||||||||||||||||||||
(4) Net revenues were related to product sales recognized at a point in time. | ||||||||||||||||||||||||||
(5) $ | ||||||||||||||||||||||||||
(6) Includes mask sales. |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | ||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Variable lease cost | |||||||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
Thirty-Nine Weeks Ended | |||||||||||
October 30, 2021 | October 31, 2020 | ||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities (1) | $ | $ | |||||||||
Right-of-use assets increase as a result of new and modified operating lease liabilities, net | $ | $ | |||||||||
(1) $ |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Less: Net income attributable to redeemable noncontrolling interest | ||||||||||||||||||||||||||
Net income attributable to Vera Bradley, Inc. | $ | $ | $ | $ | ||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted-average number of common shares (basic) | ||||||||||||||||||||||||||
Dilutive effect of stock-based awards | ||||||||||||||||||||||||||
Weighted-average number of common shares (diluted) | ||||||||||||||||||||||||||
Net income per share available to Vera Bradley, Inc. common shareholders: | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ |
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
October 30, 2021 | January 30, 2021 | October 30, 2021 | January 30, 2021 | October 30, 2021 | January 30, 2021 | ||||||||||||||||||||||||||||||
Cash equivalents(1) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||||
U.S. corporate debt securities | |||||||||||||||||||||||||||||||||||
Non-U.S. corporate debt securities | |||||||||||||||||||||||||||||||||||
(1) Cash equivalents represent a money market fund that has a maturity of three months or less at the date of purchase. Due to the short maturity, the Company believes the carrying value approximates fair value. |
Time-based Restricted Stock Units | Performance-based Restricted Stock Units | |||||||||||||||||||||||||
Number of Units | Weighted- Average Grant Date Fair Value (per unit) | Number of Units | Weighted- Average Grant Date Fair Value (per unit) | |||||||||||||||||||||||
Nonvested units outstanding at January 30, 2021 | $ | $ | ||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Vested | ( | ( | ||||||||||||||||||||||||
Forfeited | ( | ( | ||||||||||||||||||||||||
Nonvested units outstanding at October 30, 2021 | $ | $ |
Balance at January 30, 2021 | $ | |||||||
Net income attributable to redeemable noncontrolling interest | ||||||||
Distributions to redeemable noncontrolling interest | ( | |||||||
Balance at May 1, 2021 | $ | |||||||
Net income attributable to redeemable noncontrolling interest | ||||||||
Distributions to redeemable noncontrolling interest | ( | |||||||
Balance at July 31, 2021 | $ | |||||||
Net income attributable to redeemable noncontrolling interest | ||||||||
Distributions to redeemable noncontrolling interest | ( | |||||||
Balance at October 30, 2021 | $ |
Balance at February 1, 2020 | $ | |||||||
Net loss attributable to redeemable noncontrolling interest | ( | |||||||
Distributions to redeemable noncontrolling interest | ( | |||||||
Adjustment to redemption value | ||||||||
Balance at May 2, 2020 | $ | |||||||
Net income attributable to redeemable noncontrolling interest | ||||||||
Distributions to redeemable noncontrolling interest | ( | |||||||
Adjustment to redemption value | ( | |||||||
Balance at August 1, 2020 | $ | |||||||
Net income attributable to redeemable noncontrolling interest | ||||||||
Distributions to redeemable noncontrolling interest | ( | |||||||
Balance at October 31, 2020 | $ |
October 30, 2021 | |||||||||||||||||
in thousands | Gross Basis | Accumulated Amortization(1) | Carrying Amount | ||||||||||||||
Definite-lived intangible assets | |||||||||||||||||
Customer Relationships | $ | $ | ( | $ | |||||||||||||
Non-competition Agreements | ( | ||||||||||||||||
Total definite-lived intangible assets | ( | ||||||||||||||||
Indefinite-lived intangible asset | |||||||||||||||||
Pura Vida Brand | — | ||||||||||||||||
Total intangible assets, excluding goodwill | $ | $ | ( | $ | |||||||||||||
(1) Amortization expense is recorded within the Pura Vida segment. |
January 30, 2021 | |||||||||||||||||
in thousands | Gross Basis | Accumulated Amortization(1) | Carrying Amount | ||||||||||||||
Definite-lived intangible assets | |||||||||||||||||
Customer Relationships | $ | $ | ( | $ | |||||||||||||
Non-competition Agreements | ( | ||||||||||||||||
Total definite-lived intangible assets | ( | ||||||||||||||||
Indefinite-lived intangible asset | |||||||||||||||||
Pura Vida Brand | — | ||||||||||||||||
Total intangible assets, excluding goodwill | $ | $ | ( | $ | |||||||||||||
(1) Amortization expense is recorded within the Pura Vida segment. |
Amortization Expense | ||||||||
Fiscal 2022 (remaining three months) | $ | |||||||
Fiscal 2023 | ||||||||
Fiscal 2024 | ||||||||
Fiscal 2025 | ||||||||
Total | $ |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||
Segment net revenues: | ||||||||||||||||||||||||||
VB Direct | $ | $ | $ | $ | ||||||||||||||||||||||
VB Indirect | ||||||||||||||||||||||||||
Pura Vida | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Segment operating income: | ||||||||||||||||||||||||||
VB Direct | $ | $ | $ | $ | ||||||||||||||||||||||
VB Indirect | ||||||||||||||||||||||||||
Pura Vida | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Reconciliation: | ||||||||||||||||||||||||||
Segment operating income | $ | $ | $ | $ | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Unallocated corporate expenses | ( | ( | ( | ( | ||||||||||||||||||||||
Operating income | $ | $ | $ | $ |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||||||||
Net revenues | $ | 134,735 | $ | 124,849 | $ | 390,877 | $ | 325,903 | ||||||||||||||||||
Cost of sales | 62,457 | 51,018 | 179,074 | 138,263 | ||||||||||||||||||||||
Gross profit | 72,278 | 73,831 | 211,803 | 187,640 | ||||||||||||||||||||||
Selling, general, and administrative expenses | 64,458 | 61,703 | 194,083 | 183,640 | ||||||||||||||||||||||
Other income, net | 132 | 36 | 921 | 89 | ||||||||||||||||||||||
Operating income | 7,952 | 12,164 | 18,641 | 4,089 | ||||||||||||||||||||||
Interest expense, net | 13 | 298 | 222 | 855 | ||||||||||||||||||||||
Income before income taxes | 7,939 | 11,866 | 18,419 | 3,234 | ||||||||||||||||||||||
Income tax expense | 1,713 | 2,892 | 3,854 | 1,470 | ||||||||||||||||||||||
Net income | 6,226 | 8,974 | 14,565 | 1,764 | ||||||||||||||||||||||
Less: Net income attributable to redeemable noncontrolling interest | 448 | 100 | 1,882 | 1,011 | ||||||||||||||||||||||
Net income attributable to Vera Bradley, Inc. | $ | 5,778 | $ | 8,874 | $ | 12,683 | $ | 753 | ||||||||||||||||||
Percentage of Net Revenues: | ||||||||||||||||||||||||||
Net revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||
Cost of sales | 46.4 | % | 40.9 | % | 45.8 | % | 42.4 | % | ||||||||||||||||||
Gross profit | 53.6 | % | 59.1 | % | 54.2 | % | 57.6 | % | ||||||||||||||||||
Selling, general, and administrative expenses | 47.8 | % | 49.4 | % | 49.7 | % | 56.3 | % | ||||||||||||||||||
Other income, net | 0.1 | % | — | % | 0.2 | % | — | % | ||||||||||||||||||
Operating income | 5.9 | % | 9.7 | % | 4.8 | % | 1.3 | % | ||||||||||||||||||
Interest expense, net | — | % | 0.2 | % | 0.1 | % | 0.3 | % | ||||||||||||||||||
Income before income taxes | 5.9 | % | 9.5 | % | 4.7 | % | 1.0 | % | ||||||||||||||||||
Income tax expense | 1.3 | % | 2.3 | % | 1.0 | % | 0.5 | % | ||||||||||||||||||
Net income | 4.6 | % | 7.2 | % | 3.7 | % | 0.5 | % | ||||||||||||||||||
Less: Net income attributable to redeemable noncontrolling interest | 0.3 | % | 0.1 | % | 0.5 | % | 0.3 | % | ||||||||||||||||||
Net income attributable to Vera Bradley, Inc. | 4.3 | % | 7.1 | % | 3.2 | % | 0.2 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||
Net Revenues by Segment: | ||||||||||||||||||||||||||
VB Direct | $ | 86,646 | $ | 78,177 | $ | 250,516 | $ | 196,247 | ||||||||||||||||||
VB Indirect | 20,913 | 22,344 | 53,009 | 51,303 | ||||||||||||||||||||||
Pura Vida | 27,176 | 24,328 | 87,352 | 78,353 | ||||||||||||||||||||||
Total | $ | 134,735 | $ | 124,849 | $ | 390,877 | $ | 325,903 | ||||||||||||||||||
Percentage of Net Revenues by Segment: | ||||||||||||||||||||||||||
VB Direct | 64.3 | % | 62.6 | % | 64.1 | % | 60.2 | % | ||||||||||||||||||
VB Indirect | 15.5 | % | 17.9 | % | 13.6 | % | 15.8 | % | ||||||||||||||||||
Pura Vida | 20.2 | % | 19.5 | % | 22.3 | % | 24.0 | % | ||||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||||||||||||
October 30, 2021 | October 31, 2020 | October 30, 2021 | October 31, 2020 | |||||||||||||||||||||||
Operating Income by Segment: | ||||||||||||||||||||||||||
VB Direct | $ | 17,825 | $ | 19,777 | $ | 51,853 | $ | 31,634 | ||||||||||||||||||
VB Indirect | 7,341 | 9,342 | 17,403 | 18,575 | ||||||||||||||||||||||
Pura Vida | 1,794 | 402 | 7,528 | 4,046 | ||||||||||||||||||||||
Less: Corporate unallocated | (19,008) | (17,357) | (58,143) | (50,166) | ||||||||||||||||||||||
Total | $ | 7,952 | $ | 12,164 | $ | 18,641 | $ | 4,089 | ||||||||||||||||||
Operating Income as a Percentage of Net Revenues by Segment: | ||||||||||||||||||||||||||
VB Direct | 20.6 | % | 25.3 | % | 20.7 | % | 16.1 | % | ||||||||||||||||||
VB Indirect | 35.1 | % | 41.8 | % | 32.8 | % | 36.2 | % | ||||||||||||||||||
Pura Vida | 6.6 | % | 1.7 | % | 8.6 | % | 5.2 | % | ||||||||||||||||||
Vera Bradley Store Data (1): | ||||||||||||||||||||||||||
Total stores opened during period | 2 | 2 | 6 | 6 | ||||||||||||||||||||||
Total stores closed during period | — | (1) | (3) | (7) | ||||||||||||||||||||||
Total stores open at end of period | 147 | 150 | 147 | 150 | ||||||||||||||||||||||
Total gross square footage at end of period (all stores) | 400,600 | 394,776 | 400,600 | 394,776 | ||||||||||||||||||||||
Average net revenues per gross square foot (2) | $ | 157 | $ | 127 | $ | 457 | NM | |||||||||||||||||||
Consolidated Data: | ||||||||||||||||||||||||||
Comparable sales (including e-commerce) increase(3) | 6.1 | % | 1.1 | % | NM | NM |
Thirty-Nine Weeks Ended | ||||||||||||||
October 30, 2021 | October 31, 2020 | |||||||||||||
Net cash provided by operating activities | $ | 19,211 | $ | 1,630 | ||||||||||
Net cash (used in) provided by investing activities | (3,173) | 17,995 | ||||||||||||
Net cash (used in) provided by financing activities | (5,415) | 6,201 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Program | |||||||||||||||||||
August 1, 2021 - August 28, 2021 | — | $ | — | — | $ | 32,939,607 | |||||||||||||||||
August 29, 2021 - October 2, 2021 | 97,403 | 9.98 | 97,403 | 31,967,715 | |||||||||||||||||||
October 3, 2021 - October 30, 2021 | 116,627 | 9.83 | 116,627 | 30,821,485 | |||||||||||||||||||
214,030 | $ | 9.90 | 214,030 |
Exhibit No. | Description | ||||||||||||||||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | ||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | ||||||||||||||||
* | Furnished, not filed. | ||||||||||||||||
Vera Bradley, Inc. (Registrant) | ||||||||
Date: December 8, 2021 | /s/ John Enwright | |||||||
John Enwright | ||||||||
Chief Financial Officer |
Date: December 8, 2021 | /s/ Robert Wallstrom | |||||||
Robert Wallstrom | ||||||||
Chief Executive Officer |
Date: December 8, 2021 | /s/ John Enwright | |||||||
John Enwright | ||||||||
Chief Financial Officer |
/s/ Robert Wallstrom | ||||||||
Robert Wallstrom | ||||||||
Chief Executive Officer | ||||||||
December 8, 2021 | ||||||||
Date |
/s/ John Enwright | ||||||||
John Enwright | ||||||||
Chief Financial Officer | ||||||||
December 8, 2021 | ||||||||
Date |
Consolidated Balance Sheets (Parenthetical) - shares |
Oct. 30, 2021 |
Jan. 30, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 42,429,000 | 41,808,000 |
Common stock, shares outstanding (in shares) | 33,822,000 | 33,414,000 |
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Income Statement [Abstract] | ||||
Net revenues | $ 134,735 | $ 124,849 | $ 390,877 | $ 325,903 |
Cost of sales | 62,457 | 51,018 | 179,074 | 138,263 |
Gross profit | 72,278 | 73,831 | 211,803 | 187,640 |
Selling, general, and administrative expenses | 64,458 | 61,703 | 194,083 | 183,640 |
Other income, net | 132 | 36 | 921 | 89 |
Operating income | 7,952 | 12,164 | 18,641 | 4,089 |
Interest expense, net | 13 | 298 | 222 | 855 |
Income before income taxes | 7,939 | 11,866 | 18,419 | 3,234 |
Income tax expense | 1,713 | 2,892 | 3,854 | 1,470 |
Net income | 6,226 | 8,974 | 14,565 | 1,764 |
Less: Net income attributable to redeemable noncontrolling interest | 448 | 100 | 1,882 | 1,011 |
Net income attributable to Vera Bradley, Inc. | $ 5,778 | $ 8,874 | $ 12,683 | $ 753 |
Basic weighted-average shares outstanding (in shares) | 33,964 | 33,411 | 33,852 | 33,382 |
Diluted weighted-average shares outstanding (in shares) | 34,472 | 33,977 | 34,492 | 33,789 |
Basic net income per share (in dollars per share) | $ 0.17 | $ 0.27 | $ 0.37 | $ 0.02 |
Diluted net income per share (in dollars per share) | $ 0.17 | $ 0.26 | $ 0.37 | $ 0.02 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 6,226 | $ 8,974 | $ 14,565 | $ 1,764 |
Unrealized loss on available-for-sale debt investments | (1) | (1) | (4) | (172) |
Cumulative translation adjustment | (5) | 11 | (14) | 22 |
Comprehensive income, net of tax | 6,220 | 8,984 | 14,547 | 1,614 |
Less: Comprehensive income attributable to redeemable noncontrolling interest | 448 | 100 | 1,882 | 1,011 |
Comprehensive income attributable to Vera Bradley, Inc. | $ 5,772 | $ 8,884 | $ 12,665 | $ 603 |
Description of the Company and Basis of Presentation |
9 Months Ended |
---|---|
Oct. 30, 2021 | |
Accounting Policies [Abstract] | |
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation The term “Company” refers to Vera Bradley, Inc. and its wholly and majority owned subsidiaries, except where the context requires otherwise or where otherwise indicated. Vera Bradley, Inc. operates two unique lifestyle brands – Vera Bradley and Pura Vida. We believe Vera Bradley and Pura Vida are complementary businesses, both with devoted, emotionally-connected, and multi-generational female customer bases; alignment as causal, comfortable, affordable, and fun brands; positioning as “gifting” and socially-connected brands; strong, entrepreneurial cultures; a keen focus on community, charity, and social consciousness; multi-channel distribution strategies; and talented leadership teams aligned and committed to the long-term success of their brands. Vera Bradley is a leading designer of women’s handbags, luggage and travel items, fashion and home accessories, and unique gifts. Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand’s innovative designs, iconic patterns, and brilliant colors continue to inspire and connect women. In July 2019, Vera Bradley, Inc. acquired a 75% interest in Creative Genius, Inc., which also operates under the name Pura Vida Bracelets (“Pura Vida”). Pura Vida, based in La Jolla, California, is a rapidly growing, digitally native lifestyle brand that we believe deeply resonates with its loyal consumer following. The Pura Vida brand has a differentiated and expanding offering of bracelets, jewelry, and other lifestyle accessories. The Company has three reportable segments: Vera Bradley Direct (“VB Direct”), Vera Bradley Indirect (“VB Indirect”), and Pura Vida. •The VB Direct business consists of sales of Vera Bradley products through Vera Bradley full-line and factory outlet stores in the United States; verabradley.com; the Vera Bradley online outlet site; and typically the Vera Bradley annual outlet sale in Fort Wayne, Indiana. As of October 30, 2021, the Company operated 72 full-line stores and 75 factory outlet stores. In light of the COVID-19 pandemic, the Company cancelled its calendar year 2021 and 2020 annual outlet sales. •The VB Indirect business consists of sales of Vera Bradley products to approximately 2,000 specialty retail locations, substantially all of which are located in the United States, as well as department stores, national accounts, third-party e-commerce sites, third-party inventory liquidators, and royalties recognized through licensing agreements related to the Vera Bradley brand. •The Pura Vida segment represents revenues generated through the Pura Vida websites, www.puravidabracelets.com, www.puravidabracelets.eu, and www.puravidabracelets.ca, the distribution of Pura Vida-branded products to wholesale retailers, substantially all of which are located in the United States, as well as through its first retail store which opened in August 2021. The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as permitted by such rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2021, filed with the SEC. The interim financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly the results for the interim periods presented. All such adjustments are of a normal, recurring nature. The results of operations for the thirteen and thirty-nine weeks ended October 30, 2021, are not necessarily indicative of the results to be expected for the full fiscal year. Further, the Company cannot predict the future impact that the COVID-19 pandemic and related matters could have on its future liquidity, operating results, and financial condition, but it could have a significant adverse affect on these metrics. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and its majority owned subsidiary, Pura Vida. The Company has eliminated intercompany balances and transactions in consolidation. Fiscal Periods The Company’s fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended October 30, 2021 and October 31, 2020 refer to the thirteen week periods ended on those dates. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update remove certain exceptions to the general principals in Topic 740, as well as simplify GAAP for certain areas and improve consistency within the topic. This guidance is effective for interim and annual periods beginning on or after December 15, 2020 (fiscal 2022). Early adoption is permitted, with all amendments required to be adopted in the same period. The adoption of this standard in the first quarter of fiscal 2022 did not have a material impact on the Company's consolidated financial statements.
|
Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregation of Revenue The following presents the Company's net revenues disaggregated by product category for the thirteen and thirty-nine weeks ended October 30, 2021 and October 31, 2020 (in thousands):
Contract Balances Contract liabilities as of October 30, 2021 and January 30, 2021, were $3.7 million and $4.1 million, respectively. The balance as of October 30, 2021 and January 30, 2021 consisted of unredeemed gift cards, unearned revenue related to the monthly bracelet and jewelry clubs of the Pura Vida segment, Pura Vida loyalty club points, Pura Vida customer deposits and payments collected before shipment, and an immaterial amount of unearned revenue for pre-payments of royalties in certain of the Company’s licensing arrangements. These contract liabilities are recognized within other accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. Substantially all contract liabilities are recognized within one year. The Company did not have contract assets as of October 30, 2021 and January 30, 2021. The balance for accounts receivable from contracts with customers, net of allowances, as of October 30, 2021 and January 30, 2021, was $28.8 million and $26.0 million, respectively, which is recognized within accounts receivable, net, on the Company’s Condensed Consolidated Balance Sheets. The provision for doubtful accounts was $1.1 million as of October 30, 2021 and January 30, 2021. The provision for doubtful accounts is based upon the likelihood of default expected during the life of the receivable. Performance Obligations The performance obligations for the VB Direct, VB Indirect, and Pura Vida segments include the promise to transfer distinct goods (or a bundle of distinct goods). The VB Indirect segment also includes the right to access intellectual property (“IP”) related to the Vera Bradley brand. Remaining Performance Obligations The Company does not have remaining performance obligations in excess of one year or contracts that it does not have the right to invoice as of October 30, 2021.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LeasesIn the prior-year, the Company temporarily closed its full-line and factory outlet stores beginning on March 19, 2020, due to the COVID-19 pandemic, for various lengths of time (from several weeks to several months). The stores began to re-open on May 5, 2020, with substantially all stores open by the end of July 2020. All of the Company's stores were open during the first nine months of the current-year. As a result of the temporary closures in the prior-year, certain rent payments were deferred. An immaterial amount of rent abatements were received during the current and prior-year periods. Discount Rate The weighted-average discount rate as of October 30, 2021, and October 31, 2020 was 4.7% and 5.0%, respectively. The discount rate is not readily determinable in the lease; therefore, the Company estimated the incremental borrowing rate, at the commencement date of each lease, which is the rate of interest it would have to borrow on a collateralized basis over a similar term with similar payments. Leases Not Yet Commenced As of October 30, 2021, the Company had two retail store leases which were executed, but did not have control of the underlying assets; therefore, the lease liability and right-of-use asset are not recorded on the Condensed Consolidated Balance Sheet. These leases contain undiscounted lease payments, which will be included in the determination of the lease liability, totaling approximately $4.2 million and have terms of approximately 10 years commencing in fiscal year 2023. Amounts Recognized in the Condensed Consolidated Financial Statements The following lease expense is recorded within cost of sales for the Asia sourcing office and certain equipment leases and within selling, general, and administrative expenses for all other leases, including retail store leases, in the Company's Condensed Consolidated Statement of Operations for the thirteen and thirty-nine weeks ended October 30, 2021 and October 31, 2020 (in thousands):
The weighted-average remaining lease term as of October 30, 2021 and October 31, 2020 was 5.3 years and 5.6 years, respectively. Supplemental operating cash flow information was as follows (in thousands):
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of common shares outstanding, plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares represent outstanding restricted stock units. On July 16, 2019, as contemplated by the Interest Purchase Agreement, the Company and certain of its subsidiaries and the owners of the remaining twenty-five percent (25%) ownership interest in Pura Vida (the “Sellers”) which was not acquired by the Company (the “Remaining Pura Vida Interest”) entered into a Put/Call Agreement (the “Put/Call Agreement”). Pursuant to the Put/Call Agreement, and subject to the terms and conditions thereof, the Sellers have the right to sell all of the Remaining Pura Vida Interest to the Company, and the Company has the right to purchase all of the Remaining Pura Vida Interests from Sellers, in each case generally at any time following the fifth anniversary of the closing date of the transaction until the tenth anniversary thereof. The purchase price for any Remaining Pura Vida Interest put to, or called by, the Company will be determined based on the arithmetic average of a multiple of adjusted EBITDA of Pura Vida and a multiple of adjusted EBITDA of the Company, as defined in the Put/Call Agreement, over the twelve-month period ending on the last day of the month immediately preceding the month in which an exercise notice is delivered by a relevant party. As a result of this redemption feature, the Company recorded the noncontrolling interest as redeemable and classified it in temporary equity within its Condensed Consolidated Balance Sheets initially at its acquisition-date fair value. The noncontrolling interest is adjusted each reporting period for income (or loss) attributable to the noncontrolling interest. A measurement period adjustment, if any, is then made to adjust the noncontrolling interest to the higher of the redemption value or carrying value each reporting period. These adjustments are recognized through retained earnings and are not reflected in net income or net income attributable to Vera Bradley, Inc. When calculating earnings per share attributable to Vera Bradley, Inc., the Company adjusts the net income attributable to Vera Bradley, Inc. for the measurement period adjustment to the extent the redemption value exceeds the fair value of the noncontrolling interest on a cumulative basis. The components of basic and diluted earnings per share were as follows (in thousands, except per share data):
For the thirteen and thirty-nine weeks ended October 30, 2021 and October 31, 2020, there were an immaterial number of additional shares issuable upon the vesting of restricted stock units that were excluded from the diluted share calculations because they were anti-dilutive.
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: •Level 1 – Quoted prices in active markets for identical assets or liabilities; •Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; •Level 3 – Unobservable inputs based on the Company’s own assumptions. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. The carrying amounts reflected on the Condensed Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, other current assets, and accounts payable as of October 30, 2021 and January 30, 2021, approximated their fair values. The following table details the fair value measurements of the Company's investments as of October 30, 2021 and January 30, 2021 (in thousands):
The Company assesses potential impairments to its long-lived assets, which includes property, plant, and equipment and lease right-of-use assets, on a quarterly basis or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Store-level assets and right-of-use assets are grouped at the individual store-level for the purpose of the impairment assessment. Recoverability of an asset group is measured by a comparison of the carrying amount of an asset group to its estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of the asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized as the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. The fair value of the store assets is determined using the discounted future cash flow method of anticipated cash flows through the store’s lease-end date using fair value measurement inputs classified as Level 3. The fair value of right-of-use assets is estimated using market comparative information for similar properties. Level 3 inputs are derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company recorded $3.8 million in impairment charges related to store assets including property, plant, and equipment and lease right-of-use assets during the thirty-nine weeks ended October 31, 2020. There were no impairment charges for the thirteen weeks ended October 30, 2021 and October 31, 2020 or the thirty-nine weeks ended October 30, 2021. Assets recognized or disclosed at fair value on the consolidated financial statements on a nonrecurring basis include items such as property, plant, and equipment, including leasehold improvements, and operating lease assets, as well as assets related to the Pura Vida acquisition including goodwill and intangible assets. These assets are measured at fair value if determined to be impaired. The discounted cash flow models used to estimate the applicable fair values involve numerous estimates and assumptions that are highly subjective. Changes to these estimates and assumptions could materially impact the fair value estimates. The estimates and assumptions critical to the overall fair value estimates include: (1) estimated future cash flow generated at the store level; (2) discount rates used to derive the present value factors used in determining the fair values; and (3) market rentals at the retail store. These and other estimates and assumptions are impacted by economic conditions and our expectations and may change in the future based on period-specific facts and circumstances. If economic conditions were to deteriorate, future impairment charges may be required which may be material.
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Debt |
9 Months Ended |
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Oct. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt On September 7, 2018, Vera Bradley Designs, Inc. (“VBD”), a wholly-owned subsidiary of the Company, entered into an asset-based revolving Credit Agreement (the “Credit Agreement”) among VBD, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto. The Credit Agreement provides for certain credit facilities to VBD in an aggregate principal amount not to initially exceed the lesser of $75.0 million or the amount of borrowing availability determined in accordance with a borrowing base of certain assets. Any proceeds of the credit facilities will be used to finance general corporate purposes of VBD and its subsidiaries, including but not limited to Vera Bradley International, LLC and Vera Bradley Sales, LLC (collectively, the “Named Subsidiaries”). The Credit Agreement also contains an option for VBD to arrange with lenders to increase the aggregate principal amount by up to $25.0 million. Amounts outstanding under the Credit Agreement bear interest at a per annum rate equal to either (i) for CBFR borrowings (including swingline loans), the CB Floating Rate, where the CB Floating Rate is the prime rate which shall never be less than the adjusted one month LIBOR rate on such day, plus the Applicable Rate, where the Applicable Rate is a percentage spread ranging from -1.00% to -1.50% or (ii) for each eurodollar borrowing, the Adjusted LIBO Rate, where the Adjusted LIBO Rate is the LIBO rate for such interest period multiplied by the statutory reserve rate, for the interest period in effect for such borrowing, plus the Applicable Rate, where the Applicable Rate is a percentage ranging from 1.00% to 1.30%. The applicable CB Floating Rate, Adjusted LIBO Rate, or LIBO Rate shall be determined by the administrative agent. The Credit Agreement also requires VBD to pay a commitment fee for the unused portion of the revolving facility of up to 0.20% per annum. VBD’s obligations under the Credit Agreement are guaranteed by the Company and the Named Subsidiaries. The obligations of VBD under the Credit Agreement are secured by substantially all of the respective assets of VBD, the Company, and the Named Subsidiaries and are further secured by the equity interests in VBD and the Named Subsidiaries. The Credit Agreement contains various affirmative and negative covenants, including restrictions on the Company's ability to incur debt or liens; engage in mergers or consolidations; make certain investments, acquisitions, loans, and advances; sell assets; enter into certain swap agreements; pay dividends or make distributions or make other restricted payments; engage in certain transactions with affiliates; and amend, modify, or waive any of its rights related to subordinated indebtedness and certain charter and other organizational, governing, and material agreements. The Company may avoid certain of such restrictions by meeting payment conditions defined in the Credit Agreement. The Credit Agreement also requires the Loan Parties to maintain a minimum fixed charge coverage ratio of 1.00 during periods when borrowing availability is less than the greater of (A) $7.5 million, and (B) 10% of the lesser of (i) the aggregate revolving commitment, and (ii) the borrowing base. The fixed charge coverage ratio, availability, aggregate revolving commitment, and the borrowing base are further defined in the Credit Agreement. The Credit Agreement contains customary events of default, including, among other things: (i) the failure to pay any principal, interest, or other fees under the Credit Agreement; (ii) the making of any materially incorrect representation or warranty; (iii) the failure to observe or perform any covenant, condition, or agreement in the Credit Agreement or related agreements; (iv) a cross default with respect to other material indebtedness; (v) bankruptcy and insolvency events; (vi) unsatisfied material final judgments; (vii) Employee Retirement Income Security Act of 1974 (“ERISA”) events that could reasonably be expected to have a material adverse effect; and (viii) a change in control (as defined in the Credit Agreement). Any commitments made under the Credit Agreement mature on September 7, 2023. As of October 30, 2021 and January 30, 2021, the Company had no borrowings outstanding and availability of $75.0 million under the Credit Agreement.
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Income Taxes |
9 Months Ended |
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Oct. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes for interim periods is based on an estimate of the annual effective tax rate adjusted to reflect the impact of discrete items. Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate. The effective tax rate for the thirteen weeks ended October 30, 2021, was 21.6%, compared to 24.4% for the thirteen weeks ended October 31, 2020. The year-over-year effective tax rate decrease was primarily due to the relative impact of permanent and discrete items in the current-year period compared to the prior-year period, primarily as a result of stock-based compensation. The effective tax rate for the thirty-nine weeks ended October 30, 2021, was 20.9%, compared to 45.5% for the thirty-nine weeks ended October 31, 2020. The year-over-year effective tax rate decrease was primarily due to the relative impact of permanent and discrete items in the current-year period compared to the prior-year period, primarily as a result of stock-based compensation.
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Stock-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation expense, for its awards of restricted stock units, in an amount equal to the fair market value of the underlying stock on the grant date of the respective award. The Company reserved 3,000,000 shares of common stock for issuance or transfer under the 2020 Equity and Incentive Plan, which allows for grants of restricted stock units, as well as other equity awards. The Company maintains the 2010 Equity and Incentive Plan for awards granted prior to the effectiveness of the 2020 Equity and Incentive Plan. Awards of Restricted Stock Units During the thirteen weeks ended October 30, 2021, the Company granted 11,424 time-based and performance-based restricted stock units with an aggregate fair value of $0.1 million to certain employees under the 2020 Equity and Incentive Plan compared to 48,106 time-based and performance-based restricted stock units with an aggregate fair value of $0.3 million in the same period of the prior year under the 2010 Equity and Incentive Plan. During the thirty-nine weeks ended October 30, 2021, the Company granted 652,339 time-based and performance-based restricted stock units with an aggregate fair value of $6.7 million to certain employees and non-employee directors under the 2020 Equity and Incentive Plan compared to 1,460,130 time-based and performance-based restricted stock units with an aggregate fair value of $6.1 million in the same period of the prior-year under the 2010 Equity and Incentive Plan. There were no restricted stock units granted under the 2020 Equity and Incentive Plan during the thirteen and thirty-nine weeks ended October 31, 2020. The majority of the time-based restricted stock units vest and settle in shares of the Company’s common stock, on a one-for-one basis, in equal installments on each of the first three anniversaries of the grant date. Restricted stock units issued to non-employee directors vest after a one-year period from the grant date. The Company recognizes the expense relating to these units, net of estimated forfeitures, on a straight-line basis over the vesting period. Performance-based restricted stock units vest upon the completion of a three-year period of time (cliff vesting), subject to the employee’s continuing employment throughout and the Company’s achievement of annual earnings per share targets, or other Company performance targets, during the three-year performance period. The Company recognizes the expense relating to these units, net of estimated forfeitures, based on the probable outcome of achievement of the financial targets, on a straight-line basis over three years. The following table sets forth a summary of restricted stock unit activity for the thirty-nine weeks ended October 30, 2021 (units in thousands):
As of October 30, 2021, there was $6.9 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 1.6 years, subject to meeting performance conditions.
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Commitments and Contingencies |
9 Months Ended |
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Oct. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to various claims and contingencies arising in the normal course of business, including those relating to product liability, legal claims, employee benefits, environmental issues, and other matters. Management believes that at this time it is not probable that any of these claims will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. However, the outcomes of legal proceedings and claims brought against the Company are subject to uncertainty, and future developments could cause these actions or claims, individually or in aggregate, to have a material adverse effect on the Company’s financial condition, results of operations, or cash flows of a particular reporting period. In August of 2019, Vesi Incorporated (“Vesi”) filed suit against the Company in the U.S. District Court for the Southern District of Ohio related to the Company’s licensing business and alleging breach of fiduciary duty, unfair competition, defamation, and tortious interference with prospective business relationships. The complaint seeks damages in an amount not less than $10.0 million for punitive damages, attorney fees, prejudgment interest, and any other additional relief. The Company has denied any liability and intends to vigorously defend itself in the case. In November 2019, the Company filed a counterclaim against the principals of Vesi as personal guarantors for monies owed to the Company by Vesi. The Company has filed a motion for summary judgement asking the Court to dismiss all claims with prejudice and grant judgement on its counterclaim. The motion is fully briefed and the Company is awaiting a decision from the Court. At this time, we are not able to estimate a possible loss or range of loss that may result from this matter or to determine whether such loss, if any, would have a material adverse effect on our financial condition or results of operations due to the fact that the Company is vigorously defending itself and management believes that the Company has a number of meritorious legal defenses. In April of 2020, Chidimma Igboakaeze filed suit seeking class certification for all current and former hourly-paid employees who worked for the Company within the state of California during the four years preceding the filing until final judgement. The complaint alleged various violations of the California Labor Code related to wages, overtime, meal and rest breaks, non-compliant wage statements and records and other similar allegations related to employment. The Plaintiff also filed a Private Attorney General Act claim with the state of California regarding the same allegations. This case was settled in the first quarter of fiscal 2022 for an immaterial amount.
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Common Stock |
9 Months Ended |
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Oct. 30, 2021 | |
Equity [Abstract] | |
Common Stock | Common Stock On November 29, 2018, the Company's board of directors approved a share repurchase plan (the “2018 Share Repurchase Program”) authorizing up to $50.0 million of repurchases of shares of the Company's common stock. On December 3, 2020, the 2018 Share Repurchase Program was extended through December 11, 2021. On March 20, 2020, the Company temporarily suspended the share repurchase program to conserve cash as a result of the COVID-19 pandemic. The board of directors authorized the resumption of the share repurchase program beginning on March 11, 2021. Subsequent to the end of the quarter, in December 2021, the Company's board of directors approved a new share repurchase plan (the “2021 Share Repurchase Program”) which authorized Company management to utilize up to $50.0 million of available cash for repurchases of shares of the Company's common stock. The 2021 Share Repurchase Program goes into effect beginning December 13, 2021 and expires in December 2024. The Company purchased 214,030 shares at an average price of $9.90 per share, excluding commissions, for an aggregate amount of $2.1 million during the thirty-nine weeks ended October 30, 2021 under the 2018 Share Repurchase Program. There was $30.8 million remaining available to repurchase shares of the Company's common stock under the 2018 Share Repurchase Program as of October 30, 2021. As of October 30, 2021, the Company held as treasury shares 8,607,237 shares of its common stock at an average price of $12.68 per share, excluding commissions, for an aggregate carrying amount of $109.2 million. The Company’s treasury shares may be issued under the 2010 Equity and Incentive Plan (with respect to outstanding awards under that plan), under the 2020 Equity and Incentive Plan, or for other corporate purposes.
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Cloud Computing Arrangements |
9 Months Ended |
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Oct. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Cloud Computing Arrangements | Cloud Computing ArrangementsThe Company capitalizes implementation costs associated with its Cloud Computing Arrangements (“CCA”) consistent with costs capitalized for internal-use software. The CCA costs are amortized over the term of the related hosting agreement, taking into consideration renewal options, if any. The renewal period is included in the amortization period if determined that the option is reasonably certain to be exercised. The amortization expense is recorded within selling, general, and administrative expenses in the Company's Condensed Consolidated Statements of Operations, which is within the same line item as the related hosting fees. The balance of the unamortized CCA implementation costs totaled $8.3 million and $8.1 million as of October 30, 2021 and January 30, 2021, respectively. Of this total, $2.8 million and $2.4 million was recorded within prepaid expenses and other current assets and $5.5 million and $5.7 million was recorded within other assets on the Company's Condensed Consolidated Balance Sheets as of October 30, 2021 and January 30, 2021, respectively. The CCA implementation costs are recorded within operating activities in the Company's Condensed Consolidated Statements of Cash Flows. |
Acquisition of Pura Vida |
9 Months Ended |
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Oct. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of Pura Vida | Acquisition of Pura Vida On July 16, 2019, the Company completed its acquisition of a seventy-five percent (75%) ownership interest in Creative Genius, Inc. or “Pura Vida” (the “Transaction”) in exchange for total cash consideration of approximately $75.0 million. The Company received a working capital reimbursement of $1.0 million during the first quarter of fiscal 2021. In accordance with the Interest Purchase Agreement, the Company also agreed to a contingent payment of up to $22.5 million payable during the first quarter of calendar year 2020 based on calendar year 2019 adjusted EBITDA of Pura Vida, as defined in the Interest Purchase Agreement. This contingent payment was made during the first quarter of fiscal 2021 totaling $18.7 million.
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Redeemable Noncontrolling Interest |
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Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest Redeemable noncontrolling interest represents the remaining twenty-five percent (25%) interest in Pura Vida not acquired by the Company. Refer to Notes 1 and 4 herein for additional information. Changes in redeemable noncontrolling interest for the thirteen and thirty-nine weeks ended October 30, 2021, were as follows (in thousands):
Changes in redeemable noncontrolling interest for the thirteen and thirty-nine weeks ended October 31, 2020, were as follows (in thousands):
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Intangible Assets and Goodwill |
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Intangible Assets and Goodwill | Intangible Assets and Goodwill The following tables detail the carrying value of the Company's intangible assets other than goodwill related to the acquisition of a majority interest in Pura Vida.
Amortization expense is recorded within selling, general, and administrative expenses in the Company's Condensed Consolidated Statement of Operations. The future amortization expense for intangible assets is as follows (in thousands):
The total amount of the goodwill as of October 30, 2021 and January 30, 2021, of $44.3 million was recorded within the Pura Vida segment upon acquisition. Goodwill is deductible for tax purposes, limited to the Company's 75% majority ownership interest. There were no changes to goodwill for the thirteen and thirty-nine weeks ended October 30, 2021 and October 31, 2020. The Company performs its annual impairment test during the second quarter of each fiscal year. There was no impairment charge recorded as a result of that test for fiscal 2022. Future impacts of COVID-19, including but not limited to the duration and magnitude of the pandemic, may have an impact on the triggering event assessment or future fair value estimate of goodwill, brand intangible asset, and definite-lived intangible assets, which could lead to material impairment charges. Refer to Note 5 herein for additional information regarding the fair value measurement.
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Segment Reporting |
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Segment Reporting | Segment Reporting The Company has three operating segments, which are also its reportable segments: Vera Bradley Direct (“VB Direct”), Vera Bradley Indirect (“VB Indirect”), and Pura Vida. These operating segments are components of the Company for which separate financial information is available and for which operating results are evaluated on a regular basis by the chief operating decision maker in deciding how to allocate resources and in assessing the performance of the segments. The VB Direct segment includes Vera Bradley full-line and factory outlet stores; the Vera Bradley website, verabradley.com; the Vera Bradley online outlet site; and typically the Vera Bradley annual outlet sale. Revenues generated from this segment are driven through the sale of Vera Bradley-branded products from Vera Bradley to end consumers. The VB Indirect segment represents revenues generated through the distribution of Vera Bradley-branded products to specialty retailers representing approximately 2,000 locations, substantially all of which are located in the United States; key accounts, which include department stores, national accounts, third-party e-commerce sites, and third-party inventory liquidators; and royalties recognized through licensing agreements related to the Vera Bradley brand. The Pura Vida segment represents revenues generated through the Pura Vida websites, www.puravidabracelets.com, www.puravidabracelets.eu, and www.puravidabracelets.ca, and through the distribution of Pura Vida-branded products to wholesale retailers, substantially all of which are located in the United States, as well as through its first Pura Vida retail store opened in August 2021. Corporate costs represent the Company’s administrative expenses, which include, but are not limited to: human resources, legal, finance, information technology, design, product development, merchandising, corporate-level marketing and advertising, and various other corporate-level-activity-related expenses not directly attributable to a reportable segment. All intercompany-related activities are eliminated in consolidation and are excluded from the segment reporting. Company management evaluates segment operating results based on several indicators. The primary or key performance indicators for each segment are net revenues and operating income. Net revenues and operating income information for the Company’s reportable segments during the thirteen and thirty-nine weeks ended October 30, 2021 and October 31, 2020, respectively, consisted of the following (in thousands):
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Description of the Company and Basis of Presentation (Policies) |
9 Months Ended |
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Oct. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as permitted by such rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2021, filed with the SEC. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and its majority owned subsidiary, Pura Vida. The Company has eliminated intercompany balances and transactions in consolidation.
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Fiscal Periods | Fiscal Periods The Company’s fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended October 30, 2021 and October 31, 2020 refer to the thirteen week periods ended on those dates.
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Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update remove certain exceptions to the general principals in Topic 740, as well as simplify GAAP for certain areas and improve consistency within the topic. This guidance is effective for interim and annual periods beginning on or after December 15, 2020 (fiscal 2022). Early adoption is permitted, with all amendments required to be adopted in the same period. The adoption of this standard in the first quarter of fiscal 2022 did not have a material impact on the Company's consolidated financial statements.
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Revenue from Contracts with Customers (Tables) |
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Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following presents the Company's net revenues disaggregated by product category for the thirteen and thirty-nine weeks ended October 30, 2021 and October 31, 2020 (in thousands):
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease, Cost | The following lease expense is recorded within cost of sales for the Asia sourcing office and certain equipment leases and within selling, general, and administrative expenses for all other leases, including retail store leases, in the Company's Condensed Consolidated Statement of Operations for the thirteen and thirty-nine weeks ended October 30, 2021 and October 31, 2020 (in thousands):
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Supplemental operating cash flow information | Supplemental operating cash flow information was as follows (in thousands):
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Basic and Diluted Net Income Per Share | The components of basic and diluted earnings per share were as follows (in thousands, except per share data):
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Fair Value of Financial Instruments Fair Value Disclosures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements of Investments | The following table details the fair value measurements of the Company's investments as of October 30, 2021 and January 30, 2021 (in thousands):
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Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted-Stock Awards and Restricted-Stock Units | The following table sets forth a summary of restricted stock unit activity for the thirty-nine weeks ended October 30, 2021 (units in thousands):
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Redeemable Noncontrolling Interest (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in redeemable noncontrolling interest | Changes in redeemable noncontrolling interest for the thirteen and thirty-nine weeks ended October 30, 2021, were as follows (in thousands):
Changes in redeemable noncontrolling interest for the thirteen and thirty-nine weeks ended October 31, 2020, were as follows (in thousands):
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Intangible Assets and Goodwill (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The following tables detail the carrying value of the Company's intangible assets other than goodwill related to the acquisition of a majority interest in Pura Vida.
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Schedule of Indefinite-Lived Intangible Assets | The following tables detail the carrying value of the Company's intangible assets other than goodwill related to the acquisition of a majority interest in Pura Vida.
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The future amortization expense for intangible assets is as follows (in thousands):
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Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Revenues and Operating Income Information for Reportable Segments | Net revenues and operating income information for the Company’s reportable segments during the thirteen and thirty-nine weeks ended October 30, 2021 and October 31, 2020, respectively, consisted of the following (in thousands):
|
Description of the Company and Basis of Presentation - Additional Information (Detail) |
9 Months Ended | |
---|---|---|
Oct. 30, 2021
location
Segment
Store
|
Jul. 16, 2019 |
|
Lessee, Lease, Description [Line Items] | ||
Number of reportable segments | Segment | 3 | |
Number of full-line stores | 72 | |
Number of factory outlet stores | 75 | |
Number of specialty retail locations | location | 2,000 | |
Pura Vida | ||
Lessee, Lease, Description [Line Items] | ||
Percentage of business acquired | 75.00% |
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions |
Oct. 30, 2021 |
Jan. 30, 2021 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Unearned revenue, current | $ 3.7 | $ 4.1 |
Accounts receivable from contracts with customers, net of allowances | 28.8 | 26.0 |
Provision for doubtful accounts | $ 1.1 | $ 1.1 |
Leases - Narrative (Details) - USD ($) $ in Millions |
Oct. 30, 2021 |
Oct. 31, 2020 |
---|---|---|
Lessee, Lease, Description [Line Items] | ||
Weighted-average discount rate | 4.70% | 5.00% |
Operating Lease, lease not yet commenced | $ 4.2 | |
Weighted-average remaining lease term | 5 years 3 months 18 days | 5 years 7 months 6 days |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease not yet commenced, term of contract | 10 years |
Leases - Total lease cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 6,524 | $ 6,723 | $ 18,697 | $ 20,485 |
Variable lease cost | 1,987 | 1,730 | 5,521 | 4,283 |
Short-term lease cost | 121 | 117 | 363 | 262 |
Total lease cost | $ 8,632 | $ 8,570 | $ 24,581 | $ 25,030 |
Leases - Cash Flow Information (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Jan. 30, 2021 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Lessee, Lease, Description [Line Items] | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 23,482 | $ 19,732 | |
Right-of-use assets increase as a result of new and modified operating lease liabilities, net | 9,678 | $ 1,602 | |
Accounts Payable | |||
Lessee, Lease, Description [Line Items] | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 2,500 | $ 2,400 |
Earnings Per Share - Narrative (Details) |
Jul. 16, 2019 |
---|---|
Pura Vida | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Ownership percentage by noncontrolling owners | 25.00% |
Earnings Per Share - Components of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Oct. 30, 2021 |
Jul. 31, 2021 |
May 01, 2021 |
Oct. 31, 2020 |
Aug. 01, 2020 |
May 02, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Numerator: | ||||||||
Net income | $ 6,226 | $ 8,974 | $ 14,565 | $ 1,764 | ||||
Less: Net income attributable to redeemable noncontrolling interest | 448 | $ 807 | $ 627 | 100 | $ 1,111 | $ (200) | 1,882 | 1,011 |
Net income (loss) attributable to Vera Bradley, Inc. | $ 5,778 | $ 9,050 | $ (2,145) | $ 8,874 | $ 7,216 | $ (15,337) | $ 12,683 | $ 753 |
Denominator: | ||||||||
Weighted-average number of common shares (basic) (in shares) | 33,964 | 33,411 | 33,852 | 33,382 | ||||
Dilutive effect of stock-based awards (in shares) | 508 | 566 | 640 | 407 | ||||
Weighted-average number of common shares (diluted) (in shares) | 34,472 | 33,977 | 34,492 | 33,789 | ||||
Net income per share available to Vera Bradley, Inc. common shareholders: | ||||||||
Basic (in dollars per share) | $ 0.17 | $ 0.27 | $ 0.37 | $ 0.02 | ||||
Diluted (in dollars per share) | $ 0.17 | $ 0.26 | $ 0.37 | $ 0.02 |
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment of intangible assets, finite-lived | $ 0.0 | $ 0.0 | $ 0.0 | $ 3.8 |
Income Taxes - Additional Information (Detail) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 31, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 21.60% | 24.40% | 20.90% | 45.50% |
Commitments and Contingencies - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Oct. 30, 2021
USD ($)
| |
Pending Litigation | |
Loss Contingencies [Line Items] | |
Loss contingency, damages sought, value | $ 10.0 |
Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Oct. 30, 2021 |
Dec. 11, 2021 |
Jan. 30, 2021 |
Nov. 29, 2018 |
|
Equity, Class of Treasury Stock [Line Items] | ||||
Number of shares held in treasury | 8,607,237 | |||
Average price per share of shares acquired (in dollars per share) | $ 12.68 | |||
Value of treasury stock | $ 109,178 | $ 107,060 | ||
2018 Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Authorized amount under share repurchase program | $ 50,000 | |||
Treasury stock, shares, acquired (in shares) | 214,030 | |||
Remaining authorized repurchase amount | $ 30,800 | |||
Average price per share of shares acquired (in dollars per share) | $ 9.90 | |||
Value of treasury stock | $ 2,100 | |||
2021 Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Remaining authorized repurchase amount | $ 50,000 |
Cloud Computing Arrangements (Details) - USD ($) $ in Millions |
Oct. 30, 2021 |
Jan. 30, 2021 |
---|---|---|
Schedule of Capitalization [Line Items] | ||
Capitalized software development costs | $ 8.3 | $ 8.1 |
Prepaid Expenses and Other Current Assets | ||
Schedule of Capitalization [Line Items] | ||
Capitalized software development costs | 2.8 | 2.4 |
Other Assets | ||
Schedule of Capitalization [Line Items] | ||
Capitalized software development costs | $ 5.5 | $ 5.7 |
Acquisition of Pura Vida - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 16, 2019 |
May 02, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
|
Business Acquisition [Line Items] | ||||
Payment of contingent consideration for business acquisition | $ 0 | $ 18,677 | ||
Pura Vida | ||||
Business Acquisition [Line Items] | ||||
Percentage of business acquired | 75.00% | |||
Purchase price of business combinations | $ 75,000 | |||
Working capital reimbursement | $ 1,000 | |||
Contingent consideration arrangements, range of outcomes, value, high | $ 22,500 | |||
Payment of contingent consideration for business acquisition | $ 18,700 |
Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Oct. 30, 2021 |
Jul. 31, 2021 |
May 01, 2021 |
Oct. 31, 2020 |
Aug. 01, 2020 |
May 02, 2020 |
Oct. 30, 2021 |
Oct. 31, 2020 |
Jul. 16, 2019 |
|
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||||||
Redeemable noncontrolling interest, beginning balance | $ 30,364 | $ 30,307 | $ 29,809 | $ 29,654 | $ 38,858 | $ 30,049 | $ 29,809 | $ 30,049 | |
Net loss attributable to redeemable noncontrolling interest | 448 | 807 | 627 | 100 | 1,111 | (200) | 1,882 | 1,011 | |
Distributions to redeemable noncontrolling interest | (111) | (750) | (129) | (608) | (579) | (296) | (990) | (1,483) | |
Adjustment to redemption value | (9,736) | 9,305 | |||||||
Redeemable noncontrolling interest, ending balance | $ 30,701 | $ 30,364 | $ 30,307 | $ 29,146 | $ 29,654 | $ 38,858 | $ 30,701 | $ 29,146 | |
Pura Vida | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Ownership percentage by noncontrolling owners | 25.00% |
Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 30, 2021 |
Oct. 30, 2021 |
Jan. 30, 2021 |
Jul. 16, 2019 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 44,254 | $ 44,254 | $ 44,254 | |
Increase (decrease) in goodwill | 0 | 0 | ||
Pura Vida Segment | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 44,300 | $ 44,300 | $ 44,300 | |
Pura Vida | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Percentage of business acquired | 75.00% |
Intangible Assets and Goodwill - Provisional amortization expense for intangible assets (Details) - USD ($) $ in Thousands |
Oct. 30, 2021 |
Jan. 30, 2021 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Fiscal 2022 (remaining three months) | $ 768 | |
Fiscal 2023 | 3,073 | |
Fiscal 2024 | 3,073 | |
Fiscal 2025 | 1,409 | |
Carrying Amount | $ 8,323 | $ 10,628 |
Segment Reporting - Additional Information (Detail) |
9 Months Ended |
---|---|
Oct. 30, 2021
location
Segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | Segment | 3 |
Number of specialty retail locations | location | 2,000 |
Label | Element | Value |
---|---|---|
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | $ 538,000 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | 919,000 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | 343,000 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | 559,000 |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | 0 |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | 176,000 |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | 118,000 |
Repurchase of Common Stock Incurred but Not yet Paid | vra_RepurchaseofCommonStockIncurredbutNotyetPaid | $ 0 |
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