Pura Vida’s revenues totaled $12.7 million, a 37.0 percent decrease from $20.1 million in the prior year first quarter, primarily due to declines in e-commerce and wholesale sales, according to the brand’s parent, Vera Bradley, Inc.
Pura Vida’s first quarter operating loss was ($1.2) million, or (9.5 percent) of Pura Vida’s net revenues, compared to operating income of $1.6 million, or 7.8 percent of Pura Vida’s net revenues, in the prior year. On a non-GAAP basis, Pura Vida’s current year first quarter operating loss was ($0.3) million, or (2.0 percent) of Pura Vida’s net revenues, compared to operating income of $2.3 million, or 11.4 percent of Pura Vida net revenues, in the prior year.
Jackie Ardrey, CEO of Vera Bradley, provided insights on Pura Vida’s performance, stating, “Pura Vida year-over-year first quarter sales declined 37 percent, an expected continuation of prior quarter trends, primarily related to decreases in e-commerce and wholesale revenues. As anticipated, focus on marketing efficiency and a reduced marketing spend, amidst a substantially higher cost environment, decreased e-commerce performance. As a result, Pura Vida continues to focus on diversifying its marketing allocation to other channels. Wholesale revenues were down, against a strong performance last year, as our partners were more discriminating in their purchases. The Pura Vida team also continues to diligently manage expenses.”
Image courtesy Pura Vida
