Vera Bradley Inc (VRA) 2026 Q1 法說會逐字稿

Greetings and welcome to the Vera Bradley first-quarter fiscal 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mark Dely, Chief Administrative Officer. Thank you, sir. You may begin.

問候並歡迎參加 Vera Bradley 2026 財年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興向大家介紹您的主持人、首席行政官馬克·德利 (Mark Dely)。謝謝您，先生。你可以開始了。

Good morning and welcome, everyone. We'd like to thank you for joining today's call. Some of the statements made during our prepared remarks and response to your questions may constitute forward-looking statements made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended.

早上好，歡迎大家。我們感謝您參加今天的電話會議。我們在準備好的發言和回答您的問題時所作的一些陳述可能構成根據經修訂的 1995 年《私人證券訴訟改革法》的安全港條款所作出的前瞻性陳述。

Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from those that we expect. Please refer to today's press release and company's most recent Form 10-K filed with the SEC for discussion of known risks and uncertainties. Investors should not assume that the statements made during the call will remain [active] at a later time. We undertake no obligation to update any information discussed on today's call.

此類前瞻性陳述受已知和未知的風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。請參閱今天的新聞稿和公司向美國證券交易委員會提交的最新 10-K 表格，以了解已知風險和不確定性的討論。投資人不應假設電話會議期間所作的陳述將在稍後的時間仍然有效。我們不承擔更新今天電話會議上討論的任何資訊的義務。

I will now turn the call over to Vera Bradley's incoming Executive Chairman Ian Bickley. Ian.

現在我將電話轉給 Vera Bradley 即將上任的執行主席 Ian Bickley。伊恩。

Thanks, Mark. Good morning, everyone. It is a pleasure to speak with all of you. I wanted to join today's call to provide you with some insight on the changes that are taking place at Vera Bradley and to discuss my role in the transition going forward.

謝謝，馬克。大家早安。我很高興與大家交談。我想參加今天的電話會議，向你們介紹一些 Vera Bradley 正在發生的變化，並討論我在未來過渡中所扮演的角色。

But first, on behalf of the entire Board of Directors, I want to acknowledge both Jackie and Michael for their work and dedication in helping position Vera Bradley for its next chapter on the transformation journey and thank both for their commitment to facilitating a smooth transition of leadership. We also wish them well in their future endeavors.

但首先，我謹代表整個董事會，感謝 Jackie 和 Michael 的工作和奉獻，他們幫助 Vera Bradley 開啟轉型之旅的下一篇章，並感謝他們致力於促進領導層的平穩過渡。我們也祝福他們在未來的事業中一切順利。

As you heard from today's announcement, Jackie will be departing the company at the end of July. The Board of Directors has launched a nationwide search to find the next CEO. We have already seen many promising candidates and are focused on hiring the best person to drive Vera Bradley's continued transformation.

正如您今天所聽到的公告，Jackie 將於 7 月底離開公司。董事會已在全國範圍內尋找下一任執行長。我們已經看到了許多有前途的候選人，並致力於聘請最優秀的人才來推動 Vera Bradley 的持續轉型。

In the interim, the Board believes it is important to have consistent and steady leadership and asked me to assume the role of Executive Chairman until we have a new CEO in place and ready to lead the company again. In this role, I will be working with Jackie and the management team to ensure a smooth transition. When Jackie leaves at the end of July, I will lead the company until our new CEO is on board.

在此期間，董事會認為保持一致和穩定的領導力非常重要，並要求我擔任執行董事長一職，直到我們有新的執行長到位並準備再次領導公司。在這個職位上，我將與 Jackie 和管理團隊合作，確保順利過渡。當 Jackie 在七月底離職時，我將領導公司，直到新任執行長上任。

Concurrent with this change, the Board has announced the formation of a new Strategy and Transformation Committee. The goal of the committee is to work with the management team and incoming leadership in refining the company's strategic direction and future growth initiatives and accelerate the company's operational transformation.

同時，董事會宣布成立新的策略與轉型委員會。該委員會的目標是與管理團隊和新領導層合作，完善公司的策略方向和未來成長計劃，並加速公司的營運轉型。

Director Andrew Meslow, former CEO of Bath and Body Works, is joining me on this committee. We are delighted that Andrew is willing to serve in this important role.

董事 Andrew Meslow（Bath and Body Works 前執行長）將與我一起加入委員會。我們很高興安德魯願意擔任這項重要職位。

I am approaching this role not merely as a caretaker but as someone committed to driving performance and needed change for the company. The Board believes we must accelerate our transformation and improve our results. We will focus on refining our strategy while driving operational efficiencies and cost savings to improve profitability and performance.

我擔任這一職務不僅僅是作為一名看護者，而是一個致力於推動公司業績和所需變革的人。董事會認為我們必須加快轉型並提高業績。我們將專注於完善我們的策略，同時提高營運效率和節省成本，以提高獲利能力和績效。

I bring over 30 years of relevant industry experience, including rapidly scaling businesses, as well as driving both brand and operational business transformation. I was President of Coaches International Group and have served as an independent director on the Crocs Board since 2015. More recently, I acted as the Interim CEO at the Body Shop, where I helped stabilize the business and navigate it through a successful sales process.

我擁有超過 30 年的相關行業經驗，包括快速擴展業務以及推動品牌和營運業務轉型。我曾擔任 Coaches 國際集團總裁，並自 2015 年起擔任 Crocs 董事會獨立董事。最近，我擔任 Body Shop 的臨時首席執行官，幫助穩定業務並引導其完成成功的銷售流程。

I am also pleased that Martin Marty Laing will be joining the company as the Chief Financial Officer. Marty began his career at Procter and Gamble and has extensive experience in various CFO roles and also has a strong track record of driving operational transformation and rapidly scaling businesses in both the public and private domain, having worked for brands such as Coach, Supreme, and most recently at Noodle. I have previously worked with Marty and look forward to the significant contribution he can make to improving performance and accelerating the pace of change.

我也很高興馬丁·馬蒂·萊恩 (Martin Marty Laing) 將加入公司擔任財務長。Marty 的職業生涯始於寶潔公司，在擔任過多個財務長職位，擁有豐富的經驗，並且在推動營運轉型和快速擴展公共和私人領域的業務方面擁有出色的業績，曾為 Coach、Supreme 等品牌工作，最近又在 Noodle 工作。我之前曾與 Marty 合作過，期待他能為提高績效和加快變革步伐做出重大貢獻。

Notwithstanding the current results, Vera Bradley is an iconic brand with strong awareness and deep emotional connections with consumers of all generations. I am personally optimistic about the opportunity to restore the brand's cultural relevance with a new generation of consumers, as well as with many of its longtime fans, while at the same time accelerating the simplification of the company's operating model to drive greater agility and efficiency.

無論目前的結果如何，Vera Bradley 仍然是一個標誌性品牌，具有很強的知名度，並與各個年齡層的消費者有著深厚的情感聯繫。我個人對恢復品牌與新一代消費者以及眾多長期粉絲的文化相關性的機會感到樂觀，同時加速簡化公司的營運模式，以提高靈活性和效率。

I look forward to leading and overseeing the continuation and acceleration of this important work until a new CEO has been brought on board. I am now going to turn the call over to Jackie and Michael to discuss Q1 results. Jackie.

我期待著領導和監督這項重要工作的繼續和加速，直到新執行長上任。我現在會把電話轉給 Jackie 和 Michael 討論第一季的業績。傑基。

Thank you, Ian, and thank you all for joining us. I'd like to also take a moment to thank Ian and our entire Board of Directors for their support and guidance since joining in 2022. I'm also grateful for the Board's support during this transition as I step down from my leadership position.

謝謝你，伊恩，也謝謝大家加入我們。我還想花點時間感謝伊恩和我們整個董事會自 2022 年加入以來的支持和指導。在我卸任領導職務之際，我也非常感謝董事會在這次過渡期間給予的支持。

I will begin with the review of our first quarter before turning the call over to Michael to discuss the financials in greater detail. Our first quarter results came close to plan as the resident of our comprehensive strategic initiative to transform our business model and brand positioning continues to improve.

我將首先回顧我們的第一季度，然後將電話轉給邁克爾，更詳細地討論財務狀況。由於我們轉變業務模式和品牌定位的綜合策略舉措不斷改善，我們第一季的業績接近計劃。

The pivots we are making are starting to resonate and the composition of our customer file is beginning to meaningfully shift. I'm particularly proud of how the organization is embracing new opportunities, especially in wholesale, while we react to demand and customer feedback.

我們所做的調整開始產生共鳴，我們的客戶檔案的組成也開始發生有意義的轉變。我特別為公司如何抓住新機會（特別是在批發領域）而感到自豪，同時我們也對需求和客戶回饋做出了反應。

While we are on the path of restoring and modernizing the Vera Bradley brand through the four pillars of product, brand, customer, and channel, we recognize that we need to offer a better balance of new and heritage product and are working to increase our penetration of classic Vera Bradley product. We've brought back heritage styles, developed new heritage reimagined collections, increased deliveries of licensed products, and returned fan favorites to the assortment. We've also addressed customer feedback about zippers, pockets, and changes in strap lengths.

在我們透過產品、品牌、客戶和通路四大支柱恢復和現代化 Vera Bradley 品牌的過程中，我們認識到我們需要在新產品和傳統產品之間取得更好的平衡，並正在努力提高經典 Vera Bradley 產品的滲透率。我們恢復了傳統風格，開發了新的傳統重塑系列，增加了授權產品的交付量，並將粉絲最愛的產品重新納入產品系列。我們也處理了客戶關於拉鍊、口袋和帶子長度變化的回饋。

We remain focused on being where she shops. We have quickly built momentum behind the strategy and are successfully diversifying our wholesale accounts with new relationships. We shipped our first order to Costco in Q1, launched on Urban Outfitters Marketplace last week, continued to deliver strong revenue increases on Target Marketplace, and have a healthy pipeline of new partnerships for the rest of the year, including exclusive products for anthropology. These targeted partnerships are based on data insights from both our current customer and look alike prospective customers and have guided our efforts and outreach.

我們始終專注於她購物的地方。我們迅速為該策略積累了動力，並成功地透過新的關係實現了批發帳戶的多樣化。我們在第一季向 Costco 發送了第一筆訂單，並於上週在 Urban Outfitters Marketplace 上推出，繼續在 Target Marketplace 上實現強勁的收入增長，並在今年剩餘時間內建立了健康的新合作夥伴關係，包括人類學獨家產品。這些有針對性的合作夥伴關係是基於我們現有客戶和類似潛在客戶的數據洞察，並指導了我們的努力和擴展。

Our performance on Target Marketplace was a notable standout in Q1. The exceptional results have led to further discussions on how best to maximize the partnership. Our success with Target demonstrates the importance of being where she shops.

我們在第一季在目標市場上的表現非常出色。卓越的成果引發了關於如何最大程度發揮合作關係的進一步討論。我們與 Target 的成功合作證明了出現在她購物地點的重要性。

Our first quarter revenues were $51.7 million with mixed direct channel performance. Traffic and conversion declines impacted the business, especially in the outlet and brand stores. E-commerce revenues are stronger, particularly in the value channels of our online outlet and target marketplace.

我們第一季的營收為 5,170 萬美元，直接管道表現好壞參半。客流量和轉換率的下降對業務產生了影響，尤其是在奧特萊斯店和品牌店。電子商務收入更加強勁，特別是在我們的線上商店和目標市場的價值管道。

Our annual outlet sale happened mostly in Q1, where we welcomed tens of thousands of shoppers to Fort Wayne, Indiana and achieved our sales plan. The Indirect segment was a bright spot in Q1, overdelivering plan by double digits as some of our key initiatives started to bear fruit.

我們的年度奧特萊斯促銷主要發生在第一季度，我們迎來了數以萬計的購物者來到印第安納州韋恩堡，並實現了我們的銷售計劃。間接業務是第一季的一個亮點，由於我們的一些關鍵舉措開始取得成果，我們的業績超出計劃兩位數。

Channel mix and customer behavior impacted gross margins in the quarter though, primarily driven by material channel mix shifts. In most channels, customers continued to demonstrate pricing sensitivity, evidenced by significantly higher clearance penetration despite similar inventory levels and promotional positioning. In light of this, we are testing price elasticity through promo adjustments and are proceeding with plans to close 10 unprofitable full line store locations this year.

不過，通路組合和顧客行為影響了本季的毛利率，主要受材料通路組合變化的影響。在大多數管道中，客戶繼續表現出價格敏感性，儘管庫存水準和促銷定位相似，但清倉滲透率明顯更高。有鑑於此，我們正在透過促銷調整測試價格彈性，並計劃今年關閉 10 家無利可圖的全線門市。

Turning to product newness, we launched our new Baby Bag collection and a luggage program in the brand channels, as well as continued relaunches of past customer favorites in the outlet channel, including the extremely successful update of the cult favorite, Glenna Satchel bag. During Q1, we continue to see divergence in customer behavior by income level, which we believe is related to macroeconomic pressure.

談到產品新穎性，我們在品牌通路推出了新的嬰兒包系列和行李箱計劃，同時在直銷管道繼續重新推出過去客戶最喜愛的產品，包括非常成功的熱門產品 Glenna Satchel 包的更新。在第一季度，我們繼續看到不同收入水平的客戶行為出現分歧，我們認為這與宏觀經濟壓力有關。

However, we are seeing encouraging shifts in our customer file. At the end of the quarter. Recently acquired new customers comprised 45% of our active 12-month file versus 30% last year. These recently acquired customers have a different age and income profile than our existing customers and are showing slightly different product affinities, which we are leaning into to inform future assortments.

然而，我們看到客戶檔案中令人鼓舞的變化。在本季末。最近獲得的新客戶占我們 12 個月活躍客戶的 45%，而去年這一比例為 30%。這些新近獲得的客戶與我們現有的客戶有著不同的年齡和收入狀況，並且表現出略有不同的產品親和力，我們傾向於參考這些來指導未來的產品組合。

To further support our progress in driving customer growth in the 18- to 34-year old demographic, our new social-first marketing campaign launches in July and will run through the holiday season. It will feature a return to nostalgia and fun, highlighting the long-standing emotional connection of the Vera Bradley brand, as well as offering some exciting new product introductions that will delight both new and existing customers.

為了進一步支持我們在推動 18 至 34 歲人群客戶成長方面的進展，我們的新社交優先行銷活動將於 7 月啟動，並將持續整個假期季節。它將重現懷舊和樂趣，強調 Vera Bradley 品牌的長期情感聯繫，同時推出一些令人興奮的新產品，讓新舊客戶都感到滿意。

Looking forward, customer favorites like the Vera Tote franchise will return to the outlet channel while traditional lanyard styles will appear soon in both brand and outlet channels, as well as some exciting new IP collections and key items for back-to-school. Above all, we will continue to offer heritage patterns and styling in new reimagined and fun ways that will appeal to both existing and new customers.

展望未來，像 Vera Tote 特許經營權這樣的顧客最愛將重返奧特萊斯渠道，而傳統的掛繩款式將很快出現在品牌和奧特萊斯渠道，以及一些令人興奮的新 IP 系列和返校關鍵物品。最重要的是，我們將繼續以全新、有趣的方式提供傳統圖案和造型，以吸引現有客戶和新客戶。

Now, I will turn the call over to Michael, who will discuss our financial results in more detail.

現在，我將電話轉給邁克爾，他將更詳細地討論我們的財務結果。

Thanks, Jackie. Good morning, everyone, and thank you for joining us. I have a few brief comments to make about our performance for the quarter. As a reminder, we did complete the sale of Pura Vida during the first quarter. As a result, the operations of Pura Vida have been classified as discontinued operations in the consolidated financial statements. Prior period amounts have also been retrospectively adjusted to conform to the current period presentation.

謝謝，傑基。大家早安，感謝大家的收看。我想對我們本季的表現發表一些簡短的評論。提醒一下，我們確實在第一季完成了 Pura Vida 的出售。因此，Pura Vida 的業務在合併財務報表中被歸類為已終止業務。前期金額也已追溯調整，以符合當期的列報。

For the sake of clarity, all the numbers I am discussing today are non-GAAP and exclude the charges outlined in today's press release. A complete detail of items excluded from the non-GAAP numbers, as well as a reconciliation of GAAP to non-GAAP can be found in that release.

為了清楚起見，我今天討論的所有數字都是非公認會計準則的，並且不包括今天的新聞稿中概述的費用。在該新聞稿中可以找到非 GAAP 數據中排除的項目的完整詳細信息，以及 GAAP 與非 GAAP 的對帳。

For the first quarter of 2026, our consolidated revenues total of $51.7 million compared to $67.9 million in the prior year first quarter. On a non-GAAP basis, net loss from continuing operations for the first quarter totaled $10 million or $0.36 per diluted share compared to a net loss from continuing operations of $6.6 million last year or $0.22 per diluted share.

2026 年第一季度，我們的綜合收入總計 5,170 萬美元，而去年同期第一季為 6,790 萬美元。以非公認會計準則計算，第一季持續經營淨虧損總計 1,000 萬美元，即每股攤薄虧損 0.36 美元，而去年持續經營淨虧損為 660 萬美元，即每股攤薄虧損 0.22 美元。

In terms of segment performance, the Veer Bradley Direct segment revenues for the current year, first quarter totaled $43.1 million, a 23.6% decrease from $56.4 million in the prior year first quarter. Comparable sales similarly declined to 25%, driven by traffic and conversion declines in our full line and outlet stores, as Jackie mentioned, as we experienced overall channel shift from our stores to our online sites. Total revenues year-over-year were also impacted by 10 new store openings and 7 store closures since the prior year first quarter.

從分部業績來看，Veer Bradley Direct 分部今年第一季總營收為 4,310 萬美元，較去年同期的 5,640 萬美元下降 23.6%。正如 Jackie 所提到的，由於我們的整體通路從實體店轉向線上網站，導致全線店和直銷店的客流量和轉換率下降，可比銷售額同樣下降至 25%。自去年第一季以來，共有 10 家新店開幕和 7 家店關閉，也對總收入年比產生了影響。

Vera Bradley Indirect segment revenues for the first quarter totaled $8.6 million, a 25.6% decrease from the $11.5 million in the prior year first quarter. The decrease was related primarily to a decline in specialty and key account orders.

Vera Bradley 間接部門第一季營收總計 860 萬美元，較去年同期的 1,150 萬美元下降 25.6%。下降主要與專業訂單和大客戶訂單的下降有關。

Non-GAAP first quarter gross margin totaled $24.6 million or 47.5% of net revenues compared to $34.8 million or 51.3% of net revenues in the prior year. The year-over-year margin rate decline was driven primarily by the channel shift from stores to online sites, as both Jackie and I mentioned a moment ago, which also contributed meaningfully to increased outbound freight costs.

非公認會計準則第一季毛利總計 2,460 萬美元，佔淨收入的 47.5%，而去年同期為 3,480 萬美元，佔淨收入的 51.3%。正如 Jackie 和我剛才提到的，利潤率同比下降主要是由於管道從商店轉向線上網站，這也導致出站運費成本大幅增加。

Non-GAAP SG&A expense total of $38.3 million or 74.2% of net revenues compared to $44.7 million or 65.7% of net revenues for the prior year first quarter. The $6.4 million decrease in expenses was primarily due to cost reduction initiatives along with lower variable expenses.

非公認會計準則銷售、一般及行政費用總計 3,830 萬美元，佔淨收入的 74.2%，而去年同期第一季為 4,470 萬美元，佔淨收入的 65.7%。費用減少 640 萬美元主要是因為成本削減措施以及變動費用降低。

As we have discussed in prior updates, we are focused on strong operating discipline and have been pleased with the progress of the organization in building this discipline to date. We continue to closely examine all areas of our organization for process and cost efficiencies. First quarter, non-GAAP operating loss from continuing operations totaled $13.6 million or 26.3% of net revenues compared to $9.4 million loss or 13.8% of net revenues in the prior year.

正如我們在先前的更新中所討論的那樣，我們專注於強有力的營運紀律，並且對該組織迄今為止在建立這一紀律方面取得的進展感到滿意。我們將繼續密切審查組織各領域的流程和成本效率。第一季度，非公認會計準則持續經營虧損總計 1,360 萬美元，佔淨收入的 26.3%，而去年同期的虧損為 940 萬美元，佔淨收入的 13.8%。

Now turning to the balance sheet, cash and cash equivalents at the end of the quarter totaled $11.3 million. We had no borrowings on our $75 million ABL facility at quarter end.

現在回顧資產負債表，本季末的現金和現金等價物總額為 1,130 萬美元。截至本季末，我們的 7,500 萬美元 ABL 信貸額度沒有借款。

First quarter inventory decreased year-over-year by approximately 3% to $99.2 million compared to $101.8 million at the end of the first quarter last year. This was driven by continued changes in our merchandizing processes.

第一季庫存年減約 3% 至 9,920 萬美元，而去年第一季末的庫存為 1.018 億美元。這是由我們的商品銷售流程的持續變化所推動的。

We have been intensely focused on redefining how we approach inventory acquisition and management, and we continue to take strategic actions in our merchandizing and sourcing processes, which will both improve product flow as well as quality of inventory. These efforts have already meaningfully impacted our ability to navigate the unique challenges of the current fiscal year and will continue to drive improvements.

我們一直致力於重新定義庫存採購和管理的方式，並繼續在商品銷售和採購流程中採取策略行動，這將改善產品流程和庫存品質。這些努力已經對我們應對本財政年度獨特挑戰的能力產生了重大影響，並將繼續推動改進。

Now shifting to guidance, as noted in both press releases this morning, the company has announced several executive and Board leadership changes. Given these changes, as well as significant uncertainty surrounding the consumer environment, the company is suspending its prior year guidance and is currently not providing any forward guidance.

現在轉向指導，正如今天早上的兩份新聞稿中所述，該公司已宣布了幾項高階主管和董事會領導層的變動。鑑於這些變化以及消費環境的巨大不確定性，該公司暫停了上一年的指引，目前不提供任何前瞻性指引。

In closing, the entire Vera Bradley team has worked hard on enormous business changes, as Jackie and I have discussed in numerous calls. I sincerely appreciate this effort and know it will be pivotal in the next phase of the business transformation as well as improved performance in the future. Jackie.

最後，正如 Jackie 和我多次通話中所討論的那樣，整個 Vera Bradley 團隊為巨大的業務變革做出了不懈的努力。我真誠地感謝這項努力，並知道這將是下一階段業務轉型以及未來績效提升的關鍵。傑基。

In closing, I would like to thank the entire team at Vera Bradley for their hard work and dedication. I'm proud of the transformational work that we have done during my time here. And while it has taken longer than I had hoped, I believe the company is on track to deliver improved performance going forward. This concludes our call today.

最後，我要感謝 Vera Bradley 整個團隊的辛勤工作和奉獻精神。我為我們在我任職期間所做的變革工作感到自豪。雖然這比我預期的要花費更長的時間，但我相信公司正朝著未來業績更好的方向發展。今天的通話到此結束。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與並祝您有美好的一天。