Vera Bradley Swings To Loss In Second Quarter

(Saige Driver/ 1190 WOWO)

FORT WAYNE, Ind. (WOWO):  Vera Bradley suffered a rough second quarter in the financial sector.  The Northeast Indiana handbag icon is reporting a fiscal second quarter net loss of $29.8 million, compared to net income of $9.1 million during the same period last year. Although total revenues fell short of expectations. Chief Executive Officer Rob Wallstrom tells Inside Indiana Business the company continued to drive product innovation, initiated cost reductions, and completed $6 million of share repurchases during the quarter. Last month, Wallstrom announced cost-cutting measures, as well as his plans to step down from his role as president and CEO. Wallstrom, who has served as CEO since 2013, will retire when a replacement is named next year.

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