Vera Bradley says Q2 gross profit helped by sell-through of reserved inventory

Vera Bradley stated: “Second quarter consolidated gross profit totaled $72.0M, or 56.2% of net revenues, compared to $60.5M, or 46.4% of net revenues, in the prior year. On a non-GAAP basis, prior year gross profit totaled $67.8M, or 52.0% of net revenues. The current year gross profit rate compared to the prior year non-GAAP rate was favorably impacted by lower year-over-year inbound and outbound freight expense and the sell-through of previously-reserved inventory, partially offset by an increase in promotional activity. Prior year gross profit was materially impacted by high inbound and outbound freight expense and deleverage of overhead costs.”