Cover page
Cover page - shares | 3 Months Ended | |
May 04, 2024 | Jun. 05, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 04, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-34918 | |
Entity Registrant Name | VERA BRADLEY, INC. | |
Entity Incorporation, State or Country Code | IN | |
Entity Tax Identification Number | 27-2935063 | |
Entity Address, Address Line One | 12420 Stonebridge Road | |
Entity Address, City or Town | Roanoke | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46783 | |
City Area Code | (877) | |
Local Phone Number | 708-8372 | |
Title of 12(b) Security | Common Stock, without par value | |
Trading Symbol | VRA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,487,786 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2025 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001495320 | |
Current Fiscal Year End Date | --02-01 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 55,195 | $ 77,303 |
Accounts receivable, net | 17,873 | 17,112 |
Inventories | 125,180 | 118,278 |
Income taxes receivable | 3,861 | 461 |
Prepaid expenses and other current assets | 16,321 | 12,803 |
Total current assets | 218,430 | 225,957 |
Operating right-of-use assets | 64,434 | 66,488 |
Property, plant, and equipment, net | 53,137 | 54,256 |
Intangible assets, net | 6,844 | 7,573 |
Deferred income taxes | 19,946 | 20,355 |
Other assets | 5,898 | 6,157 |
Total assets | 368,689 | 380,786 |
Current liabilities: | ||
Accounts payable | 21,734 | 14,155 |
Accrued employment costs | 9,069 | 12,944 |
Short-term operating lease liabilities | 18,172 | 18,452 |
Other accrued liabilities | 14,025 | 12,070 |
Income taxes payable | 0 | 640 |
Total current liabilities | 63,000 | 58,261 |
Long-term operating lease liabilities | 59,731 | 62,552 |
Other long-term liabilities | 42 | 44 |
Total liabilities | 122,773 | 120,857 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock; 5,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, without par value; 200,000 shares authorized, 43,447 and 43,253 shares issued and 30,048 and 30,814 shares outstanding, respectively | 0 | 0 |
Additional paid-in-capital | 113,038 | 112,590 |
Retained earnings | 274,346 | 282,467 |
Accumulated other comprehensive loss | (64) | (72) |
Treasury stock | (141,404) | (135,056) |
Total shareholders’ equity | 245,916 | 259,929 |
Total liabilities and shareholders’ equity | $ 368,689 | $ 380,786 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | May 04, 2024 | Feb. 03, 2024 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 43,447,000 | 43,253,000 |
Common stock, shares outstanding (in shares) | 30,048,000 | 30,814,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Income Statement [Abstract] | ||
Net revenues | $ 80,603 | $ 94,362 |
Cost of sales | 38,694 | 42,613 |
Gross profit | 41,909 | 51,749 |
Selling, general, and administrative expenses | 53,781 | 58,506 |
Other income, net | 442 | 371 |
Operating loss | (11,430) | (6,386) |
Interest income (expense), net | 603 | (32) |
Loss before income taxes | (10,827) | (6,418) |
Income tax benefit | (2,706) | (1,739) |
Net loss | (8,121) | (4,679) |
Net loss attributable to Vera Bradley, Inc. | $ (8,121) | $ (4,679) |
Basic weighted-average shares outstanding (in shares) | 30,660 | 30,794 |
Diluted weighted-average shares outstanding (in shares) | 30,660 | 30,794 |
Basic net loss per share (in dollars per share) | $ (0.26) | $ (0.15) |
Diluted net loss per share (in dollars per share) | $ (0.26) | $ (0.15) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (8,121) | $ (4,679) |
Cumulative translation adjustment | 8 | (10) |
Comprehensive loss, net of tax | $ (8,113) | $ (4,689) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
Common stock (shares) outstanding, balance at the beginning of the period at Jan. 28, 2023 | 30,766,024 | |||||
Treasury stock (shares), balance at the beginning of the period at Jan. 28, 2023 | 12,079,690 | |||||
Balance at the beginning of the period at Jan. 28, 2023 | $ 251,378 | $ (132,864) | $ 109,718 | $ 274,629 | $ (105) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (4,679) | (4,679) | ||||
Translation adjustments | (10) | (10) | ||||
Restricted shares vested, net of repurchase for taxes (in shares) | 330,500 | |||||
Restricted shares vested, net of repurchase for taxes | (942) | (942) | ||||
Purchase of noncontrolling interest equity adjustment | 1,286 | 1,286 | ||||
Stock-based compensation | 691 | 691 | ||||
Treasury stock purchased (in shares) | 128,100 | (128,100) | ||||
Treasury stock purchased | (732) | $ (732) | ||||
Common stock (shares) outstanding, balance at the end of the period at Apr. 29, 2023 | 30,968,424 | |||||
Treasury stock (shares), balance at the end of the period at Apr. 29, 2023 | 12,207,790 | |||||
Balance at the end of the period at Apr. 29, 2023 | $ 246,992 | $ (133,596) | 110,753 | 269,950 | (115) | |
Common stock (shares) outstanding, balance at the beginning of the period at Feb. 03, 2024 | 30,814,000 | 30,813,616 | ||||
Treasury stock (shares), balance at the beginning of the period at Feb. 03, 2024 | 12,439,244 | |||||
Balance at the beginning of the period at Feb. 03, 2024 | $ 259,929 | $ (135,056) | 112,590 | 282,467 | (72) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (8,121) | (8,121) | ||||
Translation adjustments | 8 | 8 | ||||
Restricted shares vested, net of repurchase for taxes (in shares) | 194,033 | |||||
Restricted shares vested, net of repurchase for taxes | (356) | (356) | ||||
Stock-based compensation | 804 | 804 | ||||
Treasury stock purchased (in shares) | (959,186) | (959,186) | ||||
Treasury stock purchased | $ (6,348) | $ (6,348) | ||||
Common stock (shares) outstanding, balance at the end of the period at May. 04, 2024 | 30,048,000 | 30,048,463 | ||||
Treasury stock (shares), balance at the end of the period at May. 04, 2024 | 13,398,430 | 13,398,430 | ||||
Balance at the end of the period at May. 04, 2024 | $ 245,916 | $ (141,404) | $ 113,038 | $ 274,346 | $ (64) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (8,121) | $ (4,679) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of property, plant, and equipment | 1,935 | 2,086 |
Amortization of operating right-of-use assets | 4,689 | 5,341 |
Amortization of intangible assets | 729 | 729 |
Provision for doubtful accounts | 31 | 38 |
Stock-based compensation | 804 | 691 |
Deferred income taxes | 409 | 1,027 |
Other non-cash loss, net | 14 | 26 |
Changes in assets and liabilities: | ||
Accounts receivable | (792) | 1,826 |
Inventories | (6,902) | (467) |
Prepaid expenses and other assets | (3,259) | (98) |
Accounts payable | 7,589 | (3,794) |
Income taxes | (4,040) | (3,024) |
Operating lease liabilities, net | (5,736) | (4,763) |
Accrued and other liabilities | (1,899) | (3,694) |
Net cash used in operating activities | (14,549) | (8,755) |
Cash flows from investing activities | ||
Purchases of property, plant, and equipment | (863) | (818) |
Cash paid for business acquisition | 0 | (10,000) |
Net cash used in investing activities | (863) | (10,818) |
Cash flows from financing activities | ||
Tax withholdings for equity compensation | (356) | (942) |
Repurchase of common stock | (6,348) | (732) |
Net cash used in financing activities | (6,704) | (1,674) |
Effect of exchange rate changes on cash and cash equivalents | 8 | (10) |
Net decrease in cash and cash equivalents | (22,108) | (21,257) |
Cash and cash equivalents, beginning of period | 77,303 | 46,595 |
Cash and cash equivalents, end of period | 55,195 | 25,338 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes, net | $ 924 | $ 256 |
Description of the Company and
Description of the Company and Basis of Presentation | 3 Months Ended |
May 04, 2024 | |
Accounting Policies [Abstract] | |
Description of the Company and Basis of Presentation | Description of the Company and Basis of Presentation The term “Company” refers to Vera Bradley, Inc. and its wholly owned subsidiaries, except where the context requires otherwise or where otherwise indicated. Vera Bradley, Inc. operates two unique lifestyle brands – Vera Bradley and Pura Vida. We believe Vera Bradley and Pura Vida are complementary businesses, both with devoted, emotionally-connected, and multi-generational female customer bases; alignment as causal, comfortable, affordable, and fun brands; positioning as “gifting” and socially-connected brands; strong, entrepreneurial cultures; a keen focus on community, charity, and social consciousness; multi-channel distribution strategies; and talented leadership teams aligned and committed to the long-term success of their brands. Vera Bradley is a leading designer of women’s handbags, luggage and travel items, fashion and home accessories, and unique gifts. Founded in 1982 by friends Barbara Bradley Baekgaard and Patricia R. Miller, the brand’s innovative designs, iconic patterns, and brilliant colors continue to inspire and connect women. In July 2019, Vera Bradley, Inc. acquired a 75% interest in Creative Genius, Inc., which also operates under the name Pura Vida Bracelets (“Pura Vida”). On January 30, 2023, the Company purchased the remaining 25% interest in Pura Vida. Pura Vida, based in La Jolla, California, is a digitally native lifestyle brand that we believe deeply resonates with its loyal consumer following. The Pura Vida brand has a differentiated and expanding offering of bracelets, jewelry, and other lifestyle accessories. The Company has three reportable segments: Vera Bradley Direct (“VB Direct”), Vera Bradley Indirect (“VB Indirect”), and Pura Vida. • The VB Direct segment consists of sales of Vera Bradley products through Vera Bradley full-line and outlet stores in the United States; e-commerce sites (verabradley.com, outlet.verabradley.com, and international.verabradley.com); and the Vera Bradley annual outlet sale in Fort Wayne, Indiana. As of May 4, 2024, the Company operated 42 full-line stores and 81 outlet stores. • The VB Indirect segment consists of revenues generated through the distribution of Vera Bradley-branded products to specialty retailers representing approximately 1,450 locations, substantially all of which are located in the United States; key accounts, which include department stores, national accounts, third-party e-commerce sites, and third-party inventory liquidators; and royalties recognized through licensing agreements related to the Vera Bradley brand. • The Pura Vida segment represents revenues generated through the Pura Vida websites (www.puravidabracelets.com and www.puravidabracelets.eu); through the distribution of Pura Vida-branded products to wholesale retailers, substantially all of which are located in the United States; and through its five retail stores. The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as permitted by such rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024, filed with the SEC. The interim financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly the results for the interim periods presented. All such adjustments are of a normal, recurring nature. The results of operations for the thirteen weeks ended May 4, 2024, are not necessarily indicative of the results to be expected for the full fiscal year due to, in part, seasonal fluctuations in the business and the uncertainty of macroeconomic factors on future periods, including inflation and other related matters. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, including Pura Vida. The Company has eliminated intercompany balances and transactions in consolidation. Fiscal Periods The Company’s fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended May 4, 2024 and April 29, 2023 refer to the thirteen week periods ended on those dates. Recently Issued Accounting Pronouncements There were no new accounting pronouncements issued or which became effective during the thirteen weeks ended May 4, 2024, which had, or are expected to have, a significant impact on the Company's Consolidated Financial Statements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
May 04, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregation of Revenue The f ollowing presents the Company's net revenues disaggregated by product category for the thirteen weeks ended May 4, 2024 and April 29, 2023 (in thousands): Thirteen Weeks Ended May 4, 2024 VB Direct Segment VB Indirect Segment Pura Vida Segment Total Product categories Bags $ 23,292 $ 6,781 $ 9 $ 30,082 Travel 14,096 1,972 — 16,068 Accessories 9,965 1,533 12,233 23,731 Home 5,216 433 — 5,649 Apparel/Footwear 2,563 216 111 2,890 Other 1,292 (1) 589 (2) 302 (3) 2,183 Total net revenues $ 56,424 (4) $ 11,524 (5) $ 12,655 (4) $ 80,603 (1) Primarily includes net revenues from stationery, freight, and gift card breakage. (2) Primarily includes net revenues from licensing agreements, freight, and merchandising. (3) Related to freight. (4) Net revenues were related to product sales recognized at a point in time. (5) $11.0 million of net revenues related to product sales recognized at a point in time and $0.5 million of net revenues related to sales-based royalties recognized over time. Thirteen Weeks Ended April 29, 2023 VB Direct Segment VB Indirect Segment Pura Vida Segment Total Product categories Bags $ 22,901 $ 8,328 $ 61 $ 31,290 Travel 15,406 3,179 — 18,585 Accessories 10,494 1,958 19,011 31,463 Home 5,928 588 — 6,516 Apparel/Footwear 2,947 461 290 3,698 Other 1,229 (1) 859 (2) 722 (3) 2,810 Total net revenues $ 58,905 (4) $ 15,373 (5) $ 20,084 (4) $ 94,362 (1) Primarily includes net revenues from stationery, freight, and gift card breakage. (2) Primarily includes net revenues from licensing agreements and freight. (3) Related to freight. (4) Net revenues were related to product sales recognized at a point in time. (5) $14.7 million of net revenues related to product sales recognized at a point in time and $0.7 million of net revenues related to sales-based royalties recognized over time. Contract Balances Contract liabilities as of May 4, 2024 and February 3, 2024, were $2.2 million and $2.6 million, respectively. The balance as of May 4, 2024 and February 3, 2024 consisted of unredeemed gift cards, unearned revenue related to the monthly bracelet and jewelry clubs of the Pura Vida segment, Pura Vida loyalty club points, and Pura Vida customer deposits and payments collected before shipment. These contract liabilities are recognized within other accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. Substantially all contract liabilities are recognized within one year. The Company did not have contract assets as of May 4, 2024 and February 3, 2024. The balance for accounts receivable from contracts with customers, net of allowances, as of May 4, 2024 and February 3, 2024, was $17.2 million and $16.4 million, respectively, which is recognized within accounts receivable, net, on the Company’s Condensed Consolidated Balance Sheets. The provision for doubtful accounts was $1.1 million as of May 4, 2024 and February 3, 2024, respectively. The provision for doubtful accounts is based upon the likelihood of default expected during the life of the receivable. Performance Obligations The performance obligations for the VB Direct, VB Indirect, and Pura Vida segments include the promise to transfer distinct goods (or a bundle of distinct goods). The VB Indirect segment also includes the right to access intellectual property (“IP”) related to the Vera Bradley brand. Remaining Performance Obligations The Company does not have remaining performance obligations in excess of one year or contracts that it does not have the right to invoice as of May 4, 2024. |
Leases
Leases | 3 Months Ended |
May 04, 2024 | |
Leases [Abstract] | |
Leases | Leases Discount Rate The weighted-average discount rate as of May 4, 2024, and April 29, 2023 was 4.9% and 4.7%, respectively. The discount rate is not readily determinable in the lease; therefore, the Company estimated the incremental borrowing rate, at the commencement date of each lease, which is the rate of interest it would have to borrow on a collateralized basis over a similar term with similar payments. Leases Not Yet Commenced As of May 4, 2024, the Company had one lease which was executed but for which it did not have control of the underlying asset; therefore, the lease liability and right-of-use asset are not recorded on the Condensed Consolidated Balance Sheet. This lease contains undiscounted lease payments, which will be included in the determination of the lease liability, totaling approximately $0.8 million and has a term of approximately 5 years commencing in fiscal year 2025. Amounts Recognized in the Condensed Consolidated Financial Statements The following lease expense is recorded within cost of sales for the Asia sourcing office and certain equipment leases and within selling, general, and administrative expenses for all other leases, including retail store leases, in the Company's Condensed Consolidated Statement of Operations for the thirteen weeks ended May 4, 2024 and April 29, 2023 (in thousands): Thirteen Weeks Ended May 4, 2024 April 29, 2023 Operating lease cost $ 6,397 $ 6,565 Variable lease cost 1,229 1,356 Short-term lease cost 240 122 Less: Sublease income (1) (105) (105) Total net lease cost $ 7,761 $ 7,938 (1) Related to the sublease of a former Company location. The weighted-average remaining lease term as of May 4, 2024 and April 29, 2023 was 5.1 years and 5.4 years, respectively. Supplemental operating cash flow information was as follows (in thousands): Thirteen Weeks Ended May 4, 2024 April 29, 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 7,465 $ 7,377 Right-of-use assets increase as a result of new and modified operating lease liabilities, net $ 2,640 $ 2,548 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
May 04, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of common shares outstanding, plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares represent outstanding restricted stock units. The components of basic and diluted earnings per share were as follows (in thousands, except per share data): Thirteen Weeks Ended May 4, April 29, Numerator: Net loss $ (8,121) $ (4,679) Denominator: Weighted-average number of common shares (basic) 30,660 30,794 Dilutive effect of stock-based awards — — Weighted-average number of common shares (diluted) 30,660 30,794 Net loss per share: Basic $ (0.26) $ (0.15) Diluted $ (0.26) $ (0.15) For the thirteen weeks ended May 4, 2024 and April 29, 2023, all potential common shares were excluded from the diluted share calculation because they were anti-dilutive due to the net loss in the period. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
May 04, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: • Level 1 – Quoted prices in active markets for identical assets or liabilities; • Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; • Level 3 – Unobservable inputs based on the Company’s own assumptions. The classification of fair value measurements within the hierarchy is based upon the lowest level of input that is significant to the measurement. The carrying amounts reflected on the Condensed Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, other current assets, and accounts payable as of May 4, 2024 and February 3, 2024, approximated their fair values. The following table details the fair value measurements of the Company's investments as of May 4, 2024 and February 3, 2024 (in thousands): Level 1 Level 2 Level 3 May 4, 2024 February 3, 2024 May 4, 2024 February 3, 2024 May 4, 2024 February 3, 2024 Cash equivalents (1) $ 37,562 $ 55,262 $ — $ — $ — $ — (1) Cash equivalents primarily represent a money market fund that has a maturity of three months or less at the date of purchase. Due to the short maturity, the Company believes the carrying value approximates fair value. The Company assesses potential impairments to its long-lived assets, which includes property, plant, and equipment and lease right-of-use assets, on a quarterly basis or whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Store-level assets and right-of-use assets are grouped at the individual store-level for the purpose of the impairment assessment. Recoverability of an asset group is measured by a comparison of the carrying amount of an asset group to its estimated undiscounted future cash flows expected to be generated by the asset group. If the carrying amount of the asset group exceeds its estimated undiscounted future cash flows, an impairment charge is rec ognized as the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. The fair value of the store assets is determined using the discounted future cash flow method of anticipated cash flows through the store’s lease-end date using fair value measurement inputs classified as Level 3. The fair value of right-of-use assets is estimated using market comparative information for similar properties. Level 3 inputs are derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. There were no long-lived asset impairment charges for the thirteen weeks ended May 4, 2024 or April 29, 2023. The discounted cash flow models used to estimate the applicable fair values involve numerous estimates and assumptions that are highly subjective. Changes to these estimates and assumptions could materially impact the fair value estimates. The estimates and assumptions critical to the overall fair value estimates include: (1) estimated future cash flow generated at the store level; (2) discount rates used to derive the present value factors used in determining the fair values; and (3) market rentals at the retail store. These and other estimates and assumptions are impacted by economic conditions and our expectations and may change in the future based on period-specific facts and circumstances. If economic conditions were to deteriorate, future impairment charges may be required which may be material. On a nonrecurring basis, assets recognized or disclosed at fair value on the consolidated financial statements include items su ch as property, plant, and equipment, including leasehold improvements, and operating lease assets, as well as intangible assets related to the Pura Vida acquisition. These assets are measured at fair value if determined to be impaired. There were no intangible asset impairment charges recorded during the thirteen weeks ended May 4, 2024 or April 29, 2023. Refer to Note 13 herein for additional information. |
Debt
Debt | 3 Months Ended |
May 04, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt On September 7, 2018, Vera Bradley Designs, Inc. (“VBD”), a wholly-owned subsidiary of the Company, entered into an asset-based revolving Credit Agreement (the “Credit Agreement”) among VBD, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto. On August 3, 2023, certain subsidiaries of the Company, JP Morgan Chase Bank, N.A., as the administrative agent, and lenders from time to time party thereto, entered into a Third Amendment (the “Third Amendment”) to the Credit Agreement dated September 7, 2018. The Credit Agreement provides for certain credit facilities to VBD in an aggregate principal amount not to initially exceed the lesser of $75.0 million or the amount of borrowing availability determined in accordance with a borrowing base of certain assets. Any proceeds of the credit facilities will be used to finance general corporate purposes of VBD and its subsidiaries, including but not limited to Vera Bradley International, LLC, Vera Bradley Sales, LLC, and Creative Genius, LLC (collectively, the “Named Subsidiaries”). The Credit Agreement also contains an option for VBD to arrange with lenders to increase the aggregate principal amount by up to $50.0 million. Amounts outstanding under the Credit Agreement bear interest at a per annum rate equal to (i) for CBFR borrowings (including swingline loans), the CB Floating Rate, where the CB Floating Rate is the greater of the prime rate or 2.5%, plus the Applicable Rate, where the Applicable Rate is a percentage spread ranging from -1.25% to -1.50%, (ii) for each Term Benchmark Borrowing, the Adjusted Term SOFR Rate, where the Adjusted Term SOFR Rate is the Term SOFR rate for such interest period plus 0.10% for the interest period in effect for such borrowing, plus the Applicable Rate, where the Applicable Rate is a percentage ranging from 1.25% to 1.50%, or (iii) for RFR Loans, the Adjusted Daily Simple SOFR Rate, where the adjusted Daily Simple SOFR Rate is equal to the Daily Simple SOFR plus 0.10%, plus the Applicable Rate, where the Applicable Rate is a percentage ranging from 1.25% to 1.50% The applicable C B Floating Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Daily Simple SOFR, and Adjusted Daily Simple SOFR shall be determined by the administrative agent. The Credit Agreement also requires VBD to pay a commitment fee for the unused portion of the revolving facility of up to 0.30% per annum. VBD’s obligations under the Credit Agreement are guaranteed by the Company and the Named Subsidiaries. The obligations of VBD under the Credit Agreement are secured by substantially all of the respective assets of VBD, the Company, and the Named Subsidiaries and are further secured by the equity interests in VBD and the Named Subsidiaries. The Credit Agreement contains various affirmative and negative covenants, including restrictions on the Company's ability to incur debt or liens; engage in mergers or consolidations; make certain investments, acquisitions, loans, and advances; sell assets; enter into certain swap agreements; pay dividends or make distributions or make other restricted payments; engage in certain transactions with affiliates; and amend, modify, or waive any of its rights related to subordinated indebtedness and certain charter and other organizational, governing, and material agreements. The Company may avoid certain of such restrictions by meeting payment conditions defined in the Credit Agreement. The Credit Agreement also requires the loan parties, as defined in the Credit Agreement, to maintain a minimum fixed charge coverage ratio of 1.00 to 1.00 during periods when borrowing availability is less than the greater of (A) $9.4 million, and (B) 12.5% of the lesser of (i) the aggregate revolving commitment, and (ii) the borrowing base. The fixed charge coverage ratio, availability, aggregate revolving commitment, and the borrowing base are further defined in the Credit Agreement. The Credit Agreement contains customary events of default, including, among other things: (i) the failure to pay any principal, interest, or other fees under the Credit Agreement; (ii) the making of any materially incorrect representation or warranty; (iii) the failure to observe or perform any covenant, condition, or agreement in the Credit Agreement or related agreements; (iv) a cross default with respect to other material indebtedness; (v) bankruptcy and insolvency events; (vi) unsatisfied material final judgments; (vii) Employee Retirement Income Security Act of 1974 (“ERISA”) events that could reasonably be expected to have a material adverse effect; and (viii) a change in control (as defined in the Credit Agreement). The Credit Agreement matures in May 2028. As of May 4, 2024 and February 3, 2024, the Company had no borrowings outstanding and availability of $75.0 million under the Credit Agreement. |
Income Taxes
Income Taxes | 3 Months Ended |
May 04, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes for interim periods is based on an estimate of the annual effective tax rate adjusted to reflect the impact of discrete items. Management judgment is required in projecting ordinary income to estimate the Company’s annual effective tax rate. The effective tax rate for the thirteen weeks ended May 4, 2024, was 25.0%, compared to 27.1% for the thirteen weeks ended April 29, 2023. The year-over-year effective tax rate decrease was primarily due to the relative impact of permanent and discrete items in the current-year period compared to the prior-year period, primarily as a result of non-deductible executive compensation and stock-based compensation. Refer to Note 12 herein for information regarding the deferred income tax adjustment associated with the purchase of the remaining 25% interest in Pura Vida on January 30, 2023. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
May 04, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation expense, for its awards of restricted stock units, in an amount equal to the fair market value of the underlying stock on the grant date of the respective award. The Company reserved 6,000,000 shares of common stock for issuance or transfer under the 2020 Equity and Incentive Plan, as amended, which allows for grants of restricted stock units, as well as other equity awards. The Company maintains the 2010 Equity and Incentive Plan for awards granted prior to the effectiveness of the 2020 Equity and Incentive Plan. Awards of Restricted Stock Units During the thirteen weeks ended May 4, 2024, the Company granted 741,035 time-based and performance-based restricted stock units with an aggregate fair value of $5.0 million to certain employees and non-employee directors under the 2020 Equity and Incentive Plan compared to 542,570 time-based and performance-based restricted stock units with an aggregate fair value of $3.2 million in the same period of the prior year. The majority of the time-based restricted stock units vest and settle in shares of the Company’s common stock, on a one-for-one basis, in equal installments on each of the first three anniversaries of the grant date. Restricted stock units issued to non-employee directors vest after a one-year period from the grant date. The Company recognizes the expense relating to these units, net of estimated forfeitures, on a straight-line basis over the vesting period. Performance-based restricted stock units vest upon the completion of a three-year period of time (cliff vesting), subject to the employee’s continuing employment throughout and the Company’s achievement of annual earnings per share targets, or other Company performance targets, during the three-year performance period. The Company recognizes the expense relating to these units, net of estimated forfeitures, based on the probable outcome of achievement of the financial targets, on a straight-line basis over three years. The following table sets forth a summary of restricted stock unit activity for the thirteen weeks ended May 4, 2024 (units in thousands): Time-based Performance-based Number of Weighted- Number of Weighted- Nonvested units outstanding at February 3, 2024 683 $ 4.58 840 $ 4.42 Granted 415 6.70 326 6.70 Vested (200) 6.71 (47) 10.24 Forfeited (7) 6.35 (16) 6.99 Nonvested units outstanding at May 4, 2024 891 $ 6.14 1,103 $ 5.86 As of May 4, 2024, there was $7.4 million of total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 2.1 years, subject to meeting performance conditions. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
May 04, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to various claims and contingencies arising in the normal course of business, including those relating to product liability, legal claims, employee benefits, environmental issues, and other matters. Management believes that at this time it is not probable that any of these claims will have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. However, the outcomes of legal proceedings and claims brought against the Company are subject to uncertainty, and future developments could cause these actions or claims, individually or in aggregate, to have a material adverse effect on the Company’s financial condition, results of operations, or cash flows of a particular reporting period. |
Common Stock
Common Stock | 3 Months Ended |
May 04, 2024 | |
Equity [Abstract] | |
Common Stock | Common Stock In December 2021, the Company's board of directors approved a share repurchase plan (the “2021 Share Repurchase Program”) which authorized Company management to utilize up to $50.0 million of available cash for repurchases of shares of the Company's common stock. The 2021 Share Repurchase Program went into effect beginning December 13, 2021 and expires in December 2024. The Company purchased 959,186 shares at an average price of $6.62 per share, excluding commissions, for an aggregate amount of $6.3 million during the thirteen weeks ended May 4, 2024 under the 2021 Share Repurchase Program. There was $19.2 million remaining available to repurchase shares of the Company's common stock under the 2021 Share Repurchase Program as of May 4, 2024. As of May 4, 2024, the Company held as treasury shares 13,398,430 shares of its common stock at an average price of $10.55 per share, excluding commissions, for an aggregate carrying amount of $141.4 million. The Company’s treasury shares may be issued under the 2010 Equity and Incentive Plan (with respect to outstanding awards under that plan), under the 2020 Equity and Incentive Plan, or for other corporate purposes. |
Cloud Computing Arrangements
Cloud Computing Arrangements | 3 Months Ended |
May 04, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Cloud Computing Arrangements | Cloud Computing Arrangements The Company capitalizes implementation costs associated with its Cloud Computing Arrangements (“CCA”) consistent with costs capitalized for internal-use software. The CCA costs are amortized over the term of the related hosting agreement, taking into consideration renewal options, if any. The renewal period is included in the amortization period if determined that the option is reasonably certain to be exercised. The amortization expense is recorded within selling, general, and administrative expenses in the Company's Condensed Consolidated Statements of Operations, which is within the same line item as the related hosting fees. The balance of the unamortized CCA implementation costs totaled $3.3 million and $3.8 million as of May 4, 2024 and February 3, 2024, respectively. Of this total, $2.4 million and $2.8 million was recorded within prepaid expenses and other current assets and $0.9 million and $1.0 million was recorded within other assets on the Company's Condensed Consolidated Balance Sheets as of May 4, 2024 and February 3, 2024, respectively. The CCA implementation costs are recorded within operating activities in the Company's Condensed Consolidated Statements of Cash Flows. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 3 Months Ended |
May 04, 2024 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest Redeemable noncontrolling interest represented the remaining twenty-five percent (25%) interest in Pura Vida not acquired by the Company until January 30, 2023. On July 16, 2019, the Company purchased 75% of Pura Vida's outstanding equity interest and entered into a Put/Call Agreement with the Sellers (the “Put/Call Agreement”) providing for certain rights with respect to the purchase by the Company and sale by the Sellers of the Remaining Pura Vida Interests. On January 23, 2023, the Company and certain of its subsidiaries entered into an Interest Purchase Agreement (the “Interest Purchase Agreement”) with Creative Genius Holdings, Inc. a California corporation, Creative Genius Investments, Inc., a California corporation, Griffin Thall, and Paul Goodman (collectively “Sellers”) to purchase the remaining 25% of the outstanding membership interests (the “Remaining Pura Vida Interests”) of Creative Genius, LLC, a California limited liability company (“Pura Vida”). Pursuant to the Interest Purchase Agreement, and subject to the terms and conditions thereof, on the closing date (January 30, 2023), the Company acquired the Remaining Pura Vida Interests (the “Transaction”) in exchange for cash consideration consisting of $10.0 million paid at closing, subject to certain adjustments. The Transaction was not subject to financing conditions. The Company’s existing available cash and cash equivalents funded the purchase price. Following completion of the Transaction, the Company owns 100% of the ownership interests in Pura Vida. The Interest Purchase Agreement provides that, as of the closing of the Transaction, all rights and obligations of the Company and the Sellers under any agreements among the parties, including the Put/Call Agreement, were terminated. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
May 04, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets The following tables detail the carrying value of the Company's intangible assets related to the acquisition of a majority interest in Pura Vida. On January 30, 2023, the Company purchased the remaining 25% interest in Pura Vida. May 4, 2024 in thousands Gross Basis Accumulated Amortization (1) Carrying Amount Definite-lived intangible assets Customer Relationships $ 24,208 $ (23,601) $ 607 Total definite-lived intangible assets 24,208 (23,601) 607 Indefinite-lived intangible asset Pura Vida Brand 6,237 — 6,237 Total intangible assets $ 30,445 $ (23,601) $ 6,844 (1) Amortization expense is recorded within the Pura Vida segment. February 3, 2024 in thousands Gross Basis Accumulated Amortization (1) Carrying Amount Definite-lived intangible assets Customer Relationships $ 24,208 $ (22,872) $ 1,336 Total definite-lived intangible assets 24,208 (22,872) 1,336 Indefinite-lived intangible asset Pura Vida Brand (2) 6,237 — 6,237 Total intangible assets, excluding goodwill $ 30,445 $ (22,872) $ 7,573 (1) Amortization expense is recorded within the Pura Vida segment. (2) An impairment charge of $5.4 million was recorded within the Pura Vida segment during fourth quarter of fiscal 2024. Amortization expense is recorded within selling, general, and administrative expenses in the Company's Condensed Consolidated Statement of Operations. The future amortization expense for intangible assets is as follows (in thousands): Amortization Expense Fiscal 2025 (remaining nine months) 607 Total $ 607 |
Cost Saving Initiatives and Oth
Cost Saving Initiatives and Other Charges | 3 Months Ended |
May 04, 2024 | |
Restructuring and Related Activities [Abstract] | |
Cost Saving Initiatives and Other Charges | Cost Savings Initiatives and Other Charges Cost Savings Initiatives and Severance Charges During fiscal 2023, the Company began implementation of its targeted cost reductions, which are expected to be fully realized in fiscal 2025. Expense savings are being derived across various areas of the Company, including retail store efficiencies, marketing expenses, information technology contracts, professional services, logistics and operational costs, and corporate payroll. The Company incurred the following charges during the thirteen weeks ended May 4, 2024 (in thousands): Reportable Segment VB Direct VB Indirect Pura Vida Unallocated Corporate Expenses Total Expense Severance charges $ 135 $ 8 $ — $ 293 $ 436 Total (1) $ 135 $ 8 $ — $ 293 $ 436 (1) Recorded within cost of goods sold and selling, general, and administrative ("SG&A") expenses A summary of charges and related liabilities associated with the cost savings initiatives and severance charges are as follows (in thousands): Severance Charges and Cash Retention Payment Acceleration Charges (1) Liability as of February 3, 2024 $ 541 Fiscal 2025 charges 436 Cash payments (668) Liability as of May 4, 2024 $ 309 (1) Remaining liability is recorded within accrued employment costs The Company incurred the following charges during the thirteen weeks ended April 29, 2023 (in thousands): Reportable Segment VB Direct VB Indirect Pura Vida Unallocated Corporate Expenses Total Expense Severance charges (1) $ 342 $ — $ — $ 1,647 $ 1,989 Consulting fees and other costs (2) — — — 105 105 Total (3) $ 342 $ — $ — $ 1,752 $ 2,094 (1) Includes former CFO severance (2) Related to professional fees (3) Recorded within SG&A expenses A summary of charges and related liabilities associated with the cost savings initiatives and severance charges are as follows (in thousands): Severance Charges and Cash Retention Payment Acceleration Charges (1) Consulting Fees and Other Costs Liability as of January 28, 2023 $ 3,083 $ 60 Fiscal 2024 charges 1,989 105 Cash payments (2,913) (165) Liability as of April 29, 2023 $ 2,159 $ — (1) Remaining liability is recorded within accrued employment costs |
Segment Reporting
Segment Reporting | 3 Months Ended |
May 04, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company has three operating segments, which are also its reportable segments: VB Direct, VB Indirect, and Pura Vida. These operating segments are components of the Company for which separate financial information is available and for which operating results are evaluated on a regular basis by the chief operating decision maker in deciding how to allocate resources and in assessing the performance of the segments. The VB Direct segment includes Vera Bradley full-line and outlet stores; e-commerce sites (verabradley.com, outlet.verabradley.com, and international.verabradley.com); and the Vera Bradley annual outlet sale. Revenues generated from this segment are driven through the sale of Vera Bradley-branded products from Vera Bradley to end consumers. The VB Indirect segment represents revenues generated through the distribution of Vera Bradley-branded products to specialty retailers representing approximately 1,450 locations, substantially all of which are located in the United States; key accounts, which include department stores, national accounts, third-party e-commerce sites, and third-party inventory liquidators; and royalties recognized through licensing agreements related to the Vera Bradley brand. The Pura Vida segment represents revenues generated through the Pura Vida websites (www.puravidabracelets.com and www.puravidabracelets.eu) ; through the distribution of Pura Vida-branded products to wholesale retailers, substantially all of which are located in the United States; and through the Pura Vida retail stores. Corporate costs represent the Company’s administrative expenses, which include, but are not limited to: human resources, legal, finance, information technology, design, product development, merchandising, corporate-level marketing and advertising, and various other corporate-level-activity-related expenses not directly attributable to a reportable segment. All intercompany-related activities are eliminated in consolidation and are excluded from the segment reporting. Company management evaluates segment operating results based on several indicators. The primary or key performance indicators for each segment are net revenues and operating income. Net revenues and operating income (loss) information for the Company’s reportable segments during the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively, consisted of the following (in thousands): Thirteen Weeks Ended May 4, April 29, Segment net revenues: VB Direct $ 56,424 $ 58,905 VB Indirect 11,524 15,373 Pura Vida 12,655 20,084 Total $ 80,603 $ 94,362 Segment operating income (loss): VB Direct $ 3,993 $ 7,340 VB Indirect 3,826 4,706 Pura Vida (1,202) 1,562 Total $ 6,617 $ 13,608 Reconciliation: Segment operating income $ 6,617 $ 13,608 Less: Unallocated corporate expenses (18,047) (19,994) Operating loss $ (11,430) $ (6,386) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (8,121) | $ (4,679) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
May 04, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Description of the Company an_2
Description of the Company and Basis of Presentation (Policies) | 3 Months Ended |
May 04, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as permitted by such rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024, filed with the SEC. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, including Pura Vida. The Company has eliminated intercompany balances and transactions in consolidation. |
Fiscal Periods | Fiscal Periods The Company’s fiscal year ends on the Saturday closest to January 31. References to the fiscal quarters ended May 4, 2024 and April 29, 2023 refer to the thirteen week periods ended on those dates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements There were no new accounting pronouncements issued or which became effective during the thirteen weeks ended May 4, 2024, which had, or are expected to have, a significant impact on the Company's Consolidated Financial Statements. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
May 04, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The f ollowing presents the Company's net revenues disaggregated by product category for the thirteen weeks ended May 4, 2024 and April 29, 2023 (in thousands): Thirteen Weeks Ended May 4, 2024 VB Direct Segment VB Indirect Segment Pura Vida Segment Total Product categories Bags $ 23,292 $ 6,781 $ 9 $ 30,082 Travel 14,096 1,972 — 16,068 Accessories 9,965 1,533 12,233 23,731 Home 5,216 433 — 5,649 Apparel/Footwear 2,563 216 111 2,890 Other 1,292 (1) 589 (2) 302 (3) 2,183 Total net revenues $ 56,424 (4) $ 11,524 (5) $ 12,655 (4) $ 80,603 (1) Primarily includes net revenues from stationery, freight, and gift card breakage. (2) Primarily includes net revenues from licensing agreements, freight, and merchandising. (3) Related to freight. (4) Net revenues were related to product sales recognized at a point in time. (5) $11.0 million of net revenues related to product sales recognized at a point in time and $0.5 million of net revenues related to sales-based royalties recognized over time. Thirteen Weeks Ended April 29, 2023 VB Direct Segment VB Indirect Segment Pura Vida Segment Total Product categories Bags $ 22,901 $ 8,328 $ 61 $ 31,290 Travel 15,406 3,179 — 18,585 Accessories 10,494 1,958 19,011 31,463 Home 5,928 588 — 6,516 Apparel/Footwear 2,947 461 290 3,698 Other 1,229 (1) 859 (2) 722 (3) 2,810 Total net revenues $ 58,905 (4) $ 15,373 (5) $ 20,084 (4) $ 94,362 (1) Primarily includes net revenues from stationery, freight, and gift card breakage. (2) Primarily includes net revenues from licensing agreements and freight. (3) Related to freight. (4) Net revenues were related to product sales recognized at a point in time. (5) $14.7 million of net revenues related to product sales recognized at a point in time and $0.7 million of net revenues related to sales-based royalties recognized over time. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
May 04, 2024 | |
Leases [Abstract] | |
Schedule of Lease, Cost | The following lease expense is recorded within cost of sales for the Asia sourcing office and certain equipment leases and within selling, general, and administrative expenses for all other leases, including retail store leases, in the Company's Condensed Consolidated Statement of Operations for the thirteen weeks ended May 4, 2024 and April 29, 2023 (in thousands): Thirteen Weeks Ended May 4, 2024 April 29, 2023 Operating lease cost $ 6,397 $ 6,565 Variable lease cost 1,229 1,356 Short-term lease cost 240 122 Less: Sublease income (1) (105) (105) Total net lease cost $ 7,761 $ 7,938 (1) Related to the sublease of a former Company location. |
Supplemental operating cash flow information | Supplemental operating cash flow information was as follows (in thousands): Thirteen Weeks Ended May 4, 2024 April 29, 2023 Cash paid for amounts included in the measurement of operating lease liabilities $ 7,465 $ 7,377 Right-of-use assets increase as a result of new and modified operating lease liabilities, net $ 2,640 $ 2,548 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
May 04, 2024 | |
Earnings Per Share [Abstract] | |
Components of Basic and Diluted Net Income Per Share | The components of basic and diluted earnings per share were as follows (in thousands, except per share data): Thirteen Weeks Ended May 4, April 29, Numerator: Net loss $ (8,121) $ (4,679) Denominator: Weighted-average number of common shares (basic) 30,660 30,794 Dilutive effect of stock-based awards — — Weighted-average number of common shares (diluted) 30,660 30,794 Net loss per share: Basic $ (0.26) $ (0.15) Diluted $ (0.26) $ (0.15) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments Fair Value Disclosures (Tables) | 3 Months Ended |
May 04, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Investments | The following table details the fair value measurements of the Company's investments as of May 4, 2024 and February 3, 2024 (in thousands): Level 1 Level 2 Level 3 May 4, 2024 February 3, 2024 May 4, 2024 February 3, 2024 May 4, 2024 February 3, 2024 Cash equivalents (1) $ 37,562 $ 55,262 $ — $ — $ — $ — (1) Cash equivalents primarily represent a money market fund that has a maturity of three months or less at the date of purchase. Due to the short maturity, the Company believes the carrying value approximates fair value. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
May 04, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted-Stock Awards and Restricted-Stock Units | The following table sets forth a summary of restricted stock unit activity for the thirteen weeks ended May 4, 2024 (units in thousands): Time-based Performance-based Number of Weighted- Number of Weighted- Nonvested units outstanding at February 3, 2024 683 $ 4.58 840 $ 4.42 Granted 415 6.70 326 6.70 Vested (200) 6.71 (47) 10.24 Forfeited (7) 6.35 (16) 6.99 Nonvested units outstanding at May 4, 2024 891 $ 6.14 1,103 $ 5.86 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
May 04, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following tables detail the carrying value of the Company's intangible assets related to the acquisition of a majority interest in Pura Vida. On January 30, 2023, the Company purchased the remaining 25% interest in Pura Vida. May 4, 2024 in thousands Gross Basis Accumulated Amortization (1) Carrying Amount Definite-lived intangible assets Customer Relationships $ 24,208 $ (23,601) $ 607 Total definite-lived intangible assets 24,208 (23,601) 607 Indefinite-lived intangible asset Pura Vida Brand 6,237 — 6,237 Total intangible assets $ 30,445 $ (23,601) $ 6,844 (1) Amortization expense is recorded within the Pura Vida segment. February 3, 2024 in thousands Gross Basis Accumulated Amortization (1) Carrying Amount Definite-lived intangible assets Customer Relationships $ 24,208 $ (22,872) $ 1,336 Total definite-lived intangible assets 24,208 (22,872) 1,336 Indefinite-lived intangible asset Pura Vida Brand (2) 6,237 — 6,237 Total intangible assets, excluding goodwill $ 30,445 $ (22,872) $ 7,573 (1) Amortization expense is recorded within the Pura Vida segment. (2) An impairment charge of $5.4 million was recorded within the Pura Vida segment during fourth quarter of fiscal 2024. |
Schedule of Indefinite-Lived Intangible Assets | The following tables detail the carrying value of the Company's intangible assets related to the acquisition of a majority interest in Pura Vida. On January 30, 2023, the Company purchased the remaining 25% interest in Pura Vida. May 4, 2024 in thousands Gross Basis Accumulated Amortization (1) Carrying Amount Definite-lived intangible assets Customer Relationships $ 24,208 $ (23,601) $ 607 Total definite-lived intangible assets 24,208 (23,601) 607 Indefinite-lived intangible asset Pura Vida Brand 6,237 — 6,237 Total intangible assets $ 30,445 $ (23,601) $ 6,844 (1) Amortization expense is recorded within the Pura Vida segment. February 3, 2024 in thousands Gross Basis Accumulated Amortization (1) Carrying Amount Definite-lived intangible assets Customer Relationships $ 24,208 $ (22,872) $ 1,336 Total definite-lived intangible assets 24,208 (22,872) 1,336 Indefinite-lived intangible asset Pura Vida Brand (2) 6,237 — 6,237 Total intangible assets, excluding goodwill $ 30,445 $ (22,872) $ 7,573 (1) Amortization expense is recorded within the Pura Vida segment. (2) An impairment charge of $5.4 million was recorded within the Pura Vida segment during fourth quarter of fiscal 2024. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The future amortization expense for intangible assets is as follows (in thousands): Amortization Expense Fiscal 2025 (remaining nine months) 607 Total $ 607 |
Cost Saving Initiatives and O_2
Cost Saving Initiatives and Other Charges - (Tables) | 3 Months Ended |
May 04, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Charges Incurred | The Company incurred the following charges during the thirteen weeks ended May 4, 2024 (in thousands): Reportable Segment VB Direct VB Indirect Pura Vida Unallocated Corporate Expenses Total Expense Severance charges $ 135 $ 8 $ — $ 293 $ 436 Total (1) $ 135 $ 8 $ — $ 293 $ 436 (1) Recorded within cost of goods sold and selling, general, and administrative ("SG&A") expenses A summary of charges and related liabilities associated with the cost savings initiatives and severance charges are as follows (in thousands): Severance Charges and Cash Retention Payment Acceleration Charges (1) Liability as of February 3, 2024 $ 541 Fiscal 2025 charges 436 Cash payments (668) Liability as of May 4, 2024 $ 309 (1) Remaining liability is recorded within accrued employment costs The Company incurred the following charges during the thirteen weeks ended April 29, 2023 (in thousands): Reportable Segment VB Direct VB Indirect Pura Vida Unallocated Corporate Expenses Total Expense Severance charges (1) $ 342 $ — $ — $ 1,647 $ 1,989 Consulting fees and other costs (2) — — — 105 105 Total (3) $ 342 $ — $ — $ 1,752 $ 2,094 (1) Includes former CFO severance (2) Related to professional fees (3) Recorded within SG&A expenses A summary of charges and related liabilities associated with the cost savings initiatives and severance charges are as follows (in thousands): Severance Charges and Cash Retention Payment Acceleration Charges (1) Consulting Fees and Other Costs Liability as of January 28, 2023 $ 3,083 $ 60 Fiscal 2024 charges 1,989 105 Cash payments (2,913) (165) Liability as of April 29, 2023 $ 2,159 $ — (1) Remaining liability is recorded within accrued employment costs |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
May 04, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Net Revenues and Operating Income Information for Reportable Segments | Net revenues and operating income (loss) information for the Company’s reportable segments during the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively, consisted of the following (in thousands): Thirteen Weeks Ended May 4, April 29, Segment net revenues: VB Direct $ 56,424 $ 58,905 VB Indirect 11,524 15,373 Pura Vida 12,655 20,084 Total $ 80,603 $ 94,362 Segment operating income (loss): VB Direct $ 3,993 $ 7,340 VB Indirect 3,826 4,706 Pura Vida (1,202) 1,562 Total $ 6,617 $ 13,608 Reconciliation: Segment operating income $ 6,617 $ 13,608 Less: Unallocated corporate expenses (18,047) (19,994) Operating loss $ (11,430) $ (6,386) |
Description of the Company an_3
Description of the Company and Basis of Presentation - Additional Information (Details) | 3 Months Ended | ||
May 04, 2024 location Store Segment | Jan. 30, 2023 | Jul. 16, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Number of reportable segments | Segment | 3 | ||
Number of full-line stores | 42 | ||
Number of factory outlet stores | 81 | ||
Number of specialty retail locations | location | 1,450 | ||
Creative Genius, Inc. | |||
Lessee, Lease, Description [Line Items] | |||
Percentage of business acquired | 75% | ||
Pura Vida | |||
Lessee, Lease, Description [Line Items] | |||
Percentage of business acquired | 25% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 80,603 | $ 94,362 |
Direct [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 56,424 | 58,905 |
Indirect [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,524 | 15,373 |
Pura Vida | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,655 | 20,084 |
Bags | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 30,082 | 31,290 |
Bags | Direct [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 23,292 | 22,901 |
Bags | Indirect [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,781 | 8,328 |
Bags | Pura Vida | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 9 | 61 |
Travel | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 16,068 | 18,585 |
Travel | Direct [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 14,096 | 15,406 |
Travel | Indirect [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,972 | 3,179 |
Travel | Pura Vida | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Accessories | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 23,731 | 31,463 |
Accessories | Direct [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,965 | 10,494 |
Accessories | Indirect [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,533 | 1,958 |
Accessories | Pura Vida | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,233 | 19,011 |
Home | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,649 | 6,516 |
Home | Direct [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,216 | 5,928 |
Home | Indirect [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 433 | 588 |
Home | Pura Vida | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 |
Apparel/Footwear | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,890 | 3,698 |
Apparel/Footwear | Direct [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,563 | 2,947 |
Apparel/Footwear | Indirect [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 216 | 461 |
Apparel/Footwear | Pura Vida | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 111 | 290 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,183 | 2,810 |
Other | Direct [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,292 | 1,229 |
Other | Indirect [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 589 | 859 |
Other | Pura Vida | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 302 | 722 |
Transferred At Point In Time | Indirect [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 11,000 | 14,700 |
Transferred Over Time | Indirect [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 500 | $ 700 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 |
Revenue from Contract with Customer [Abstract] | ||
Unearned revenue, current | $ 2.2 | $ 2.6 |
Accounts receivable from contracts with customers, net of allowances | 17.2 | 16.4 |
Provision for doubtful accounts | $ 1.1 | $ 1.1 |
Leases - Narrative (Details)
Leases - Narrative (Details) | May 04, 2024 | Apr. 29, 2023 |
Leases [Abstract] | ||
Weighted-average discount rate | 4.90% | 4.70% |
Weighted-average remaining lease term | 5 years 1 month 6 days | 5 years 4 months 24 days |
Leases - Total lease cost (Deta
Leases - Total lease cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 6,397 | $ 6,565 |
Variable lease cost | 1,229 | 1,356 |
Short-term lease cost | 240 | 122 |
Less: Sublease income | (105) | (105) |
Total net lease cost | $ 7,761 | $ 7,938 |
Leases - Cash Flow Information
Leases - Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 7,465 | $ 7,377 |
Right-of-use assets increase as a result of new and modified operating lease liabilities, net | $ 2,640 | $ 2,548 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) | Jul. 16, 2019 |
Creative Genius, Inc. | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Ownership percentage by noncontrolling owners | 25% |
Earnings Per Share - Components
Earnings Per Share - Components of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Numerator: | ||
Net loss | $ (8,121) | $ (4,679) |
Denominator: | ||
Weighted-average number of common shares (basic) (in shares) | 30,660 | 30,794 |
Dilutive effect of stock-based awards (in shares) | 0 | 0 |
Weighted-average number of common shares (diluted) (in shares) | 30,660 | 30,794 |
Net loss per share: | ||
Basic (in dollars per share) | $ (0.26) | $ (0.15) |
Diluted (in dollars per share) | $ (0.26) | $ (0.15) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 37,562 | $ 55,262 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) $ in Millions | 3 Months Ended |
May 04, 2024 USD ($) | |
Creative Genius, Inc. | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impairment of goodwill and intangible assets | $ 0 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impairment of property, plant and equipment | no |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Millions | Aug. 03, 2023 | Sep. 07, 2018 | May 04, 2024 | Feb. 03, 2024 |
Debt Instrument [Line Items] | ||||
Long-term line of credit | $ 0 | $ 0 | ||
Revolving Credit Facility | New Credit Agreement | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 75 | |||
Increase (decrease) in aggregate credit facility principal amount | $ 50 | |||
Unused capacity, commitment fee percentage | 0.30% | |||
Debt instrument, fixed charge coverage ratio | 1 | |||
Available borrowings | $ 9.4 | $ 75 | $ 75 | |
Revolving Credit Facility | New Credit Agreement | Subsidiaries | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 12.50% | |||
Revolving Credit Facility | New Credit Agreement | Subsidiaries | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.10% | |||
Revolving Credit Facility | New Credit Agreement | Subsidiaries | Minimum | Adjusted Term SOFR Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | (1.25%) | |||
Revolving Credit Facility | New Credit Agreement | Subsidiaries | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
Revolving Credit Facility | New Credit Agreement | Subsidiaries | Maximum | Adjusted Term SOFR Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | (1.50%) | |||
Revolving Credit Facility | New Credit Agreement | Subsidiaries | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.50% | |||
Revolving Credit Facility | Third Amendment | Subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Interest rate per annum | 2.50% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | ||
May 04, 2024 | Apr. 29, 2023 | Jan. 30, 2023 | |
Income Tax Contingency [Line Items] | |||
Effective income tax rate | 25% | 27.10% | |
Pura Vida | |||
Income Tax Contingency [Line Items] | |||
Percentage of business acquired | 25% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) $ in Thousands | 3 Months Ended | |
May 04, 2024 USD ($) shares | Apr. 29, 2023 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock unit vesting and settlement ratio to common shares | 1 | |
Restricted-Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock units | $ | $ 7,400 | |
Total unrecognized compensation cost, net of estimated forfeitures, related to nonvested restricted stock units, weighted-average period of recognition | 2 years 1 month 6 days | |
Restricted-Stock Units [Member] | Non-Employee Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units vesting period, years | 1 year | |
Performance-based Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted-stock awards/units granted in period | 326,000 | |
Restricted stock units vesting period, years | 3 years | |
2020 Equity And Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issuance of common stock shares | 6,000,000 | |
2020 Equity And Incentive Plan [Member] | Restricted-Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted-stock awards/units granted in period | 741,035 | 542,570 |
Restricted-stock awards/units with an aggregate grant-date fair value | $ | $ 5,000 | $ 3,200 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted-Stock Awards and Restricted-Stock Units (Details) shares in Thousands | 3 Months Ended |
May 04, 2024 $ / shares shares | |
Time-based Restricted Stock Units | |
Number of Units | |
Nonvested units outstanding, beginning balance (in shares) | shares | 683 |
Granted (in shares) | shares | 415 |
Vested (in shares) | shares | (200) |
Forfeited (in shares) | shares | (7) |
Nonvested units outstanding, ending balance (in shares) | shares | 891 |
Weighted- Average Grant Date Fair Value (per unit) | |
Nonvested units outstanding, beginning balance (in dollars per share) | $ / shares | $ 4.58 |
Granted (in dollars per share) | $ / shares | 6.70 |
Vested (in dollars per share) | $ / shares | 6.71 |
Forfeited (in dollars per share) | $ / shares | 6.35 |
Nonvested units outstanding, ending balance (in dollars per share) | $ / shares | $ 6.14 |
Performance-based Restricted Stock Units | |
Number of Units | |
Nonvested units outstanding, beginning balance (in shares) | shares | 840 |
Granted (in shares) | shares | 326 |
Vested (in shares) | shares | (47) |
Forfeited (in shares) | shares | (16) |
Nonvested units outstanding, ending balance (in shares) | shares | 1,103 |
Weighted- Average Grant Date Fair Value (per unit) | |
Nonvested units outstanding, beginning balance (in dollars per share) | $ / shares | $ 4.42 |
Granted (in dollars per share) | $ / shares | 6.70 |
Vested (in dollars per share) | $ / shares | 10.24 |
Forfeited (in dollars per share) | $ / shares | 6.99 |
Nonvested units outstanding, ending balance (in dollars per share) | $ / shares | $ 5.86 |
Common Stock (Details)
Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
May 04, 2024 | Feb. 03, 2024 | Dec. 11, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |||
Number of shares held in treasury | 13,398,430 | ||
Average price per share of shares acquired (in dollars per share) | $ 10.55 | ||
Value of treasury stock | $ 141,404 | $ 135,056 | |
2021 Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Authorized amount under share repurchase program | $ 50,000 | ||
Treasury stock, shares, acquired (in shares) | 959,186 | ||
Average price per share of shares acquired (in dollars per share) | $ 6.62 | ||
Value of treasury stock | $ 6,300 | ||
Remaining authorized repurchase amount | $ 19,200 |
Cloud Computing Arrangements (D
Cloud Computing Arrangements (Details) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 |
Schedule of Capitalization [Line Items] | ||
Capitalized software development costs | $ 3.3 | $ 3.8 |
Prepaid Expenses and Other Current Assets | ||
Schedule of Capitalization [Line Items] | ||
Capitalized software development costs | 2.4 | 2.8 |
Other Assets | ||
Schedule of Capitalization [Line Items] | ||
Capitalized software development costs | $ 0.9 | $ 1 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jan. 30, 2023 | Feb. 03, 2024 | Jul. 16, 2019 | |
Creative Genius, Inc. | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage by noncontrolling owners | 25% | ||
Payments of Merger Related Costs, Financing Activities | $ 10 | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | ||
Adjustments to Additional Paid in Capital, Fair Value | $ 0.7 | ||
Adjustments To Additional Paid In Capital, Deferred Income | 0.6 | ||
Adjustments to Additional Paid in Capital, Other | 1.3 | ||
Less: Net loss attributable to redeemable noncontrolling interest | $ 10.7 | ||
Creative Genius, Inc. | |||
Noncontrolling Interest [Line Items] | |||
Percentage of business acquired | 75% |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Carrying value of the Company's intangible assets other than goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 28, 2023 | May 04, 2024 | Feb. 03, 2024 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Basis | $ 24,208 | $ 24,208 | |
Accumulated Amortization | (23,601) | (22,872) | |
Carrying Amount | 607 | 1,336 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract] | |||
Indefinite-lived intangible asset | 6,237 | 6,237 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Gross Basis | 30,445 | 30,445 | |
Accumulated Amortization | (23,601) | (22,872) | |
Carrying Amount | 6,844 | 7,573 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 5,400 | ||
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Basis | 24,208 | 24,208 | |
Accumulated Amortization | (23,601) | (22,872) | |
Carrying Amount | 607 | 1,336 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Accumulated Amortization | $ (23,601) | $ (22,872) |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Provisional amortization expense for intangible assets (Details) - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Fiscal 2025 (remaining nine months) | $ 607 | |
Carrying Amount | $ 607 | $ 1,336 |
Cost Saving Initiatives and O_3
Cost Saving Initiatives and Other Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | $ 436 | $ 1,989 |
Consulting fees and other costs | 105 | |
Total | 436 | 2,094 |
Direct [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | 135 | 342 |
Consulting fees and other costs | 0 | |
Total | 135 | 342 |
Indirect [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | 8 | 0 |
Consulting fees and other costs | 0 | |
Total | 8 | 0 |
Pura Vida [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | 0 | 0 |
Consulting fees and other costs | 0 | |
Total | 0 | 0 |
Unallocated Corporate Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance charges | 293 | 1,647 |
Consulting fees and other costs | 105 | |
Total | $ 293 | $ 1,752 |
Cost Saving Initiatives and O_4
Cost Saving Initiatives and Other Charges (Charges and related liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
May 04, 2024 | Apr. 29, 2023 | Feb. 03, 2024 | Jan. 28, 2023 | |
Restructuring Reserve [Roll Forward] | ||||
Total | $ 436 | $ 2,094 | ||
Severance Charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges | 436 | 1,989 | ||
Cash payments | (668) | (2,913) | ||
Restructuring Reserve | $ 309 | 2,159 | $ 541 | $ 3,083 |
Consulting Fees And Other Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges | 105 | |||
Cash payments | (165) | |||
Restructuring Reserve | $ 0 | $ 60 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 3 Months Ended |
May 04, 2024 location Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | Segment | 3 |
Number of specialty retail locations | location | 1,450 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Net Revenues and Operating Income Information for Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Segment Reporting Information [Line Items] | ||
Net revenues | $ 80,603 | $ 94,362 |
Segment operating income | 6,617 | 13,608 |
Unallocated corporate expenses | (18,047) | (19,994) |
Operating loss | (11,430) | (6,386) |
Direct [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 56,424 | 58,905 |
Indirect [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 11,524 | 15,373 |
Pura Vida | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 12,655 | 20,084 |
Operating Segments | Direct [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 56,424 | 58,905 |
Segment operating income | 3,993 | 7,340 |
Operating Segments | Indirect [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 11,524 | 15,373 |
Segment operating income | 3,826 | 4,706 |
Operating Segments | Pura Vida | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 12,655 | 20,084 |
Segment operating income | $ (1,202) | $ 1,562 |
Uncategorized Items - vra-20240
Label | Element | Value |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | $ 117,000 |
Capital Expenditures Incurred but Not yet Paid | us-gaap_CapitalExpendituresIncurredButNotYetPaid | $ 774,000 |