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Business

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Vera Bradley reports quarterly earnings drop 14%

Vera Bradley Inc. on Wednesday reported fiscal third-quarter earnings of $15.2 million, or 37 cents per diluted share, a 14 percent decline from the $17.7 million, or 44 cents a share, posted for last year’s comparable period.The Fort Wayne-based company designs and makes quilted cotton handbags, luggage, accessories and home décor items. Like many retailers, Vera Bradley follows a fiscal calendar that ends in late January.

This was the first quarterly earnings report issued under the leadership of Robert Wallstrom, a former Saks Fifth Avenue executive who was named president and CEO last month. He joined the company on Nov. 11. The fiscal quarter ended Nov. 2.

Vera Bradley’s net revenues were $130.1 million, a 6 percent decline from the $138.3 million reported for the previous third quarter.

sslater@jg.net

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