Vera Bradley's Earnings Continue to Drop
Vera Bradley’s sales and profits continued to drop last year. The Fort Wayne-based retailer’s earnings were released Tuesday.
Vera Bradley reported net revenue of at about $500 million for fiscal year 2015– a more than two percent decline from the previous year. Store sales were down 20 percent, and shares fell to a record low.
The report comes one day after the company announced plans to close its New Haven factory which employs about 250 people, citing the increasing cost of domestic manufacturing.
New Haven Mayor Terry McDonald says the City will work aggressively to fill the campus with another company.
In a statement, the Vera Bradley CEO Robert Wallstrom says the company has been struggling to attract new customers.