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EX-31.2 - CFO SECTION 302 CERTIFICATION - Vera Bradley, Inc.d428260dex312.htm
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EX-32.1 - SECTION 906 CERTIFICATIONS - Vera Bradley, Inc.d428260dex321.htm
v2.4.0.6
Segment Reporting
9 Months Ended
Oct. 27, 2012
Segment Reporting
9. Segment Reporting

The Company has two operating segments, which are also its reportable segments: Direct and Indirect. 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 Direct segment includes the Company’s full-price and outlet stores in the United States, pop-up stores and permanent shop-in-shops in Japan, e-commerce activity driven by the Company’s websites, and the annual outlet sale. Revenues generated through this segment are driven by the sale of Company-branded products from Vera Bradley to end customers. The Indirect segment represents activity driven by revenues generated through the distribution of Company-branded products to approximately 3,300 specialty retailers, select national retailers, and independent e-commerce retailers.

Corporate costs represent the Company’s administrative expenses, which include, but are not limited to: executive management, merchandising, human resources, legal, finance, IT, and various other corporate-level-activity-related expenses. All intercompany-related activities are eliminated in consolidation and are excluded from the segment reporting.

The chief operating decision maker evaluates segment operating results based on several indicators. The primary or key performance indicators for each segment are net revenues and operating income. The table below represents key financial information for each of the Company’s reportable segments: Direct and Indirect (in thousands):

 

     Thirteen Weeks Ended     Thirty-nine Weeks Ended  
     October 27,
2012
    October 29,
2011
    October 27,
2012
    October 29,
2011
 

Segment net revenues:

        

Direct

   $ 64,318      $ 52,026      $ 189,234      $ 144,038   

Indirect

     74,028        69,123        189,350        182,290   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 138,346      $ 121,149      $ 378,584      $ 326,328   
  

 

 

   

 

 

   

 

 

   

 

 

 

Segment operating income:

        

Direct

   $ 17,745      $ 13,490      $ 49,376      $ 38,895   

Indirect

     30,301        26,690        76,403        72,478   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 48,046      $ 40,180      $ 125,779      $ 111,373   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation:

        

Segment operating income

   $ 48,046      $ 40,180      $ 125,779      $ 111,373   

Less:

        

Unallocated corporate expenses

     (20,475     (18,661     (55,599     (47,868
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

   $ 27,571      $ 21,519      $ 70,180      $ 63,505