Vera Bradley’s sales and profits continued to drop last year. The Fort Wayne-based retailer’s earnings were released Tuesday.
Vera Bradley reported net revenue of at about $500 million for fiscal year 2015– a more than two percent decline from the previous year. Store sales were down 20 percent, and shares fell to a record low.
The report comes one day after the company announced plans to close its New Haven factory which employs about 250 people, citing the increasing cost of domestic manufacturing.
The unemployment rate among young adults in Indiana is significantly higher than the state average and a Ball State economist says Hoosiers in that age group are still struggling to recover from the recession.
Listen to Brandon Smith's story about the high unemployment rate among Indiana's young adults.