The company continues to struggle with top-line erosion, evidenced by a 27.51% year-over-year revenue decline and negative operating margins that reached -34.6% in 2026Q1.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 |
|---|
| Sales/Revenue | 273.7M | 269.65M | 371.97M | 470.79M | 499.96M | 540.45M | 468.27M | 495.21M | 416.1M | 454.65M | 485.94M | 502.6M | 508.99M | 530.9M | 535.67M | 460.84M | 366.06M | 288.94M | 238.58M |
| Revenue Growth % | -13.41% | -27.51% | -20.99% | -5.84% | -7.49% | 15.41% | -5.44% | 19.01% | -8.48% | -6.44% | -3.31% | -1.26% | -4.13% | -0.89% | 16.24% | 25.89% | 26.69% | 21.11% | - |
| Cost of Goods Sold | 142.6M | 144.61M | 185.13M | 214.37M | 261.02M | 252.51M | 202.75M | 223.41M | 177.51M | 200.64M | 209.89M | 221.41M | 239.98M | 238.68M | 231.13M | 203.22M | 156.91M | 137.8M | 115.47M |
| COGS % of Revenue | - | 53.63% | 49.77% | 45.54% | 52.21% | 46.72% | 43.3% | 45.11% | 42.66% | 44.13% | 43.19% | 44.05% | 47.15% | 44.96% | 43.15% | 44.1% | 42.86% | 47.69% | 48.4% |
| Gross Profit | 131.1M | 125.04M | 186.84M | 256.41M | 238.94M | 287.94M | 265.52M | 271.8M | 238.59M | 254.01M | 276.05M | 281.19M | 269.01M | 292.21M | 304.53M | 257.62M | 209.15M | 151.14M | 123.1M |
| Gross Margin % | 47.9% | 46.37% | 50.23% | 54.46% | 47.79% | 53.28% | 56.7% | 54.89% | 57.34% | 55.87% | 56.81% | 55.95% | 52.85% | 55.04% | 56.85% | 55.9% | 57.14% | 52.31% | 51.6% |
| Gross Profit Growth % | - | -33.08% | -27.13% | 7.31% | -17.02% | 8.45% | -2.31% | 13.92% | -6.07% | -7.98% | -1.83% | 4.53% | -7.94% | -4.05% | 18.21% | 23.18% | 38.38% | 22.77% | - |
| Operating Expenses | 145M | 152.61M | 229.19M | 245.97M | 333.81M | 261.03M | 252.45M | 252.33M | 211.49M | 239.03M | 247.83M | 234.47M | 204.94M | 196.46M | 190.86M | 161.45M | 155.83M | 105.42M | 95.91M |
| OpEx % of Revenue | - | 56.6% | 61.62% | 52.25% | 66.77% | 48.3% | 53.91% | 50.95% | 50.83% | 52.57% | 51% | 46.65% | 40.26% | 37% | 35.63% | 35.03% | 42.57% | 36.49% | 40.2% |
| Selling, General & Admin | 151.47M | 157.14M | 221.21M | 241.46M | 263.62M | 261.99M | 252.59M | 253.43M | 211.98M | 239.81M | 249.16M | 236.84M | 208.68M | 201.23M | 197.14M | 169.43M | 163.05M | 116.17M | 109.19M |
| SG&A % of Revenue | - | 58.28% | 59.47% | 51.29% | 52.73% | 48.48% | 53.94% | 51.18% | 50.95% | 52.75% | 51.27% | 47.12% | 41% | 37.9% | 36.8% | 36.76% | 44.54% | 40.2% | 45.77% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2.66M | -4.53M | 7.99M | 4.51M | 70.2M | -961K | -135K | -1.1M | -498K | -782K | -1.33M | -2.37M | -3.74M | -4.78M | -6.28M | -7.97M | -7.22M | -10.74M | -13.28M |
| Operating Income | -18.02M | -27.58M | -42.36M | 10.44M | -94.87M | 26.91M | 13.06M | 19.47M | 27.1M | 14.98M | 28.22M | 46.72M | 64.07M | 95.76M | 113.67M | 96.17M | 53.32M | 45.71M | 27.19M |
| Operating Margin % | -6.58% | -10.23% | -11.39% | 2.22% | -18.98% | 4.98% | 2.79% | 3.93% | 6.51% | 3.3% | 5.81% | 9.3% | 12.59% | 18.04% | 21.22% | 20.87% | 14.57% | 15.82% | 11.4% |
| Operating Income Growth % | - | 34.89% | -505.63% | 111.01% | -452.54% | 105.98% | -32.91% | -28.14% | 80.9% | -46.91% | -39.6% | -27.08% | -33.09% | -15.76% | 18.2% | 80.37% | 16.64% | 68.11% | - |
| EBITDA | 9.09M | 646K | -12.06M | 42.35M | -61.17M | 59.82M | 56.69M | 65.25M | 43.64M | 34.55M | 47.74M | 66.14M | 78.87M | 110.86M | 124.5M | 105.63M | 61.73M | 56.38M | 34.54M |
| EBITDA Margin % | 3.32% | 0.24% | -3.24% | 9% | -12.24% | 11.07% | 12.11% | 13.18% | 10.49% | 7.6% | 9.82% | 13.16% | 15.5% | 20.88% | 23.24% | 22.92% | 16.86% | 19.51% | 14.48% |
| EBITDA Growth % | 155.19% | 105.36% | -128.48% | 169.23% | -202.26% | 5.53% | -13.13% | 49.51% | 26.31% | -27.62% | -27.83% | -16.14% | -28.86% | -10.96% | 17.87% | 71.11% | 9.49% | 63.23% | - |
| D&A (Non-Cash Add-back) | 27.11M | 28.22M | 30.3M | 31.91M | 33.7M | 32.91M | 43.62M | 45.77M | 16.54M | 19.57M | 19.52M | 19.42M | 14.8M | 15.1M | 10.83M | 9.46M | 8.41M | 10.67M | 7.35M |
| EBIT | -18.02M | -27.58M | -33.52M | 15.87M | -24.21M | 26.91M | 13.06M | 19.47M | 27.1M | 14.98M | 28.22M | 46.72M | 64.07M | 95.76M | 113.67M | 96.17M | 53.32M | 45.71M | 27.19M |
| Net Interest Income | -531K | -462K | 1.12M | 890K | -153K | -263K | -1.2M | 1.08M | 1.13M | 413K | -178K | -263K | -407K | -382K | -679K | -1.15M | -1.63M | -1.6M | -2.51M |
| Interest Income | 0 | 0 | 1.12M | 890K | 0 | 0 | 0 | 1.19M | 1.13M | 413K | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 531K | 462K | 0 | 0 | 153K | 263K | 1.2M | 100K | 0 | 0 | 378K | 263K | 407K | 382K | 679K | 1.15M | 1.63M | 1.6M | 2.51M |
| Other Income/Expense | -1.21M | -4.8M | 1.12M | 890K | -153K | -263K | -1.2M | 1.08M | 1.13M | 413K | -178K | -263K | -407K | -571K | -679K | -1.15M | -1.63M | -1.6M | -2.51M |
| Pretax Income | -19.23M | -32.37M | -41.24M | 11.33M | -95.02M | 26.65M | 11.86M | 20.56M | 28.23M | 15.39M | 28.04M | 46.46M | 63.66M | 95.19M | 112.99M | 95.02M | 51.69M | 44.11M | 24.68M |
| Pretax Margin % | -7.03% | -12.01% | -11.09% | 2.41% | -19.01% | 4.93% | 2.53% | 4.15% | 6.78% | 3.39% | 5.77% | 9.24% | 12.51% | 17.93% | 21.09% | 20.62% | 14.12% | 15.27% | 10.34% |
| Income Tax | 8K | 303K | 20.95M | 3.49M | -15.64M | 6.43M | 1.17M | 5.32M | 7.47M | 8.38M | 8.28M | 18.9M | 22.83M | 35.06M | 40.6M | 37.1M | 5.5M | 889K | 1.01M |
| Effective Tax Rate % | -0.04% | -0.94% | -50.8% | 30.83% | 16.46% | 24.13% | 9.89% | 25.85% | 26.46% | 54.42% | 29.54% | 40.68% | 35.86% | 36.83% | 35.93% | 39.05% | 10.63% | 2.02% | 4.09% |
| Net Income | -19.2M | -47.84M | -62.19M | 7.84M | -59.73M | 17.84M | 8.68M | 16.05M | 20.76M | 7.02M | 19.76M | 27.56M | 38.45M | 58.81M | 68.87M | 57.92M | 46.2M | 43.22M | 23.67M |
| Net Margin % | -7.02% | -17.74% | -16.72% | 1.66% | -11.95% | 3.3% | 1.85% | 3.24% | 4.99% | 1.54% | 4.07% | 5.48% | 7.55% | 11.08% | 12.86% | 12.57% | 12.62% | 14.96% | 9.92% |
| Net Income Growth % | 78.06% | 23.07% | -893.42% | 113.12% | -434.88% | 105.48% | -45.9% | -22.69% | 195.85% | -64.49% | -28.3% | -28.33% | -34.62% | -14.6% | 18.9% | 25.38% | 6.89% | 82.58% | - |
| Net Income (Continuing) | -19.24M | -32.68M | -62.19M | 7.84M | -79.38M | 20.22M | 10.69M | 15.24M | 20.76M | 7.02M | 19.76M | 27.56M | 40.84M | 60.13M | 72.39M | 57.92M | 46.2M | 43.22M | 23.67M |
| Discontinued Operations | 37K | -15.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.39M | -1.32M | -3.52M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 10.71M | 30.97M | 29.81M | 30.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.68 | -1.71 | -2.15 | 0.25 | -2.52 | 0.52 | 0.26 | 0.47 | 0.59 | 0.19 | 0.53 | 0.71 | 0.95 | 1.45 | 1.70 | 1.43 | 1.25 | 1.22 | 0.67 |
| EPS Growth % | 78.24% | 20.47% | -960% | 109.92% | -584.62% | 100% | -44.68% | -20.34% | 210.53% | -64.15% | -25.35% | -25.26% | -34.48% | -14.71% | 18.88% | 14.4% | 2.46% | 82.09% | - |
| EPS (Basic) | - | -1.71 | -2.15 | 0.25 | -2.52 | 0.53 | 0.26 | 0.47 | 0.59 | 0.20 | 0.54 | 0.71 | 0.95 | 1.45 | 1.70 | 1.43 | 1.25 | 1.22 | 0.67 |
| Diluted Shares Outstanding | 28.12M | 28.76M | 28.93M | 31.31M | 31.5M | 34.44M | 33.91M | 34.29M | 35.47M | 36.03M | 36.97M | 38.86M | 40.63M | 40.65M | 40.57M | 40.54M | 36.85M | 35.44M | 35.44M |
| Basic Shares Outstanding | 28.12M | 27.96M | 28.93M | 30.83M | 31.5M | 33.78M | 33.39M | 33.98M | 35.22M | 35.92M | 36.84M | 38.8M | 40.57M | 40.6M | 40.54M | 40.51M | 36.81M | 35.44M | 35.44M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 287.42% | 59.24% | 101.89% |
Brand relevance and liquidity
According to historical income statement data, VRA has experienced a sustained period of top-line erosion, highlighted by a 27.51% year-over-year revenue decline in recent periods, which suggests that the brand's core quilted cotton aesthetic is struggling to maintain its historical resonance with the modern consumer.
The consistent inability to achieve positive year-over-year growth across multiple quarters indicates that the company's current product cycle is failing to drive sufficient traffic to either its direct-to-consumer or wholesale channels. This trend suggests that the brand may be facing a structural decline in demand rather than a temporary cyclical downturn, necessitating a fundamental reassessment of its market positioning.
As reported in financial statements, VRA's gross margins have fluctuated significantly, ranging from a low of 42.1% to a high of 54.5%, reflecting the company's ongoing struggle to balance full-price sell-through against the necessity of promotional activity to clear aging inventory in a competitive retail environment.
The volatility in gross margins appears to be a direct consequence of the company's reliance on seasonal pattern launches that often fail to capture full-price demand. Investors should monitor whether the company can stabilize these margins above the 50% threshold, as any further compression would likely exacerbate the current operating losses.
Based on VRA's reported figures, the company is currently suffering from severe operating deleveraging, as evidenced by the fact that SG&A expenses have remained stubbornly high even as revenue has contracted, resulting in negative operating margins that reached as low as -34.6% in 2026Q1.
The company's large physical retail footprint appears to be a significant anchor on profitability, as fixed occupancy and labor costs cannot be scaled down as rapidly as revenue is declining. This structural mismatch suggests that the current operating model is unsustainable without a more aggressive rationalization of the store fleet.
Data from recent quarterly filings indicates that VRA's SG&A expenses have consistently exceeded gross profit in several periods, demonstrating a lack of expense discipline that has forced the company into a cycle of operating losses and potential cash depletion during periods of weak consumer demand.
The persistence of high SG&A costs relative to a shrinking revenue base suggests that management has yet to successfully implement a cost-cutting program that aligns with the current scale of the business. This lack of flexibility warrants further investigation into whether the company's overhead structure is fundamentally misaligned with its current market reality.
Analysis of the company's cash position of $18.5M against its recent quarterly net losses suggests that VRA faces a narrowing window of financial flexibility, which may force management to prioritize short-term liquidity over the long-term investments required to revitalize the brand's market relevance.
Short-sellers would likely focus on the potential for a liquidity crunch if the current burn rate continues, as the company lacks the buffer to sustain prolonged operating losses. The market may be overestimating the value of the brand's legacy distribution network if the underlying consumer demand for the product continues to fade.
Quick answers to the most common questions about buying VRA stock.
For fiscal year 2026, Vera Bradley, Inc. (VRA) reported total revenue of $269.7M. This represents a 13.0% increase compared to $238.6M in 2009.
Vera Bradley, Inc. (VRA) reported a net loss of $47.8M for the fiscal year ending 2026.
Vera Bradley, Inc. (VRA) reported an operating income of $-27.6M, resulting in an operating profit margin of -10.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Vera Bradley, Inc. (VRA) generated $125.0M in gross profit for the year, representing a gross profit margin of 46.4%. This demonstrates the company's core pricing power and production efficiency.