Guess Cost-Cuts, Vera Bradley’s Quilted Masks Keep Retailers Afloat By Investing.com

  • 8 months ago
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© Reuters.

By Christiana Sciaudone

Investing.com — Why opt for an N95 mask when you can have a floral, quilted face covering? 

Sales of cotton masks helped drive Vera Bradley (NASDAQ:)’s second quarter revenue up 10% as online sales doubled. 

Shares of the Fort Wayne, Indiana-based company rose almost 30% on the news, but are still down by about half since the start of 2020. 

Also helping to boost results were sales of $6 bracelets from Vera Bradley’s newly acquired Pura Vida brand. 

Guess (NYSE:), on the other hand, saw sales plummet 42% for the most recent quarter as people embraced sweatpants rather than shoveling themselves into pre-pandemic jeans.

But the company did offset slumping sales by reducing expenses with furloughs, temporary salary reductions and lay-offs, resulting in a loss per share of 1 cent versus the expected 57-cent loss.

The market rewarded Guess, with shares jumping 15%. The stock is still down almost 40% for the year.

 

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