Pura Vida’s Q3 revenue declined slightly due to soft wholesale sales as retail customers worked to recover from lockdowns, according to parent company Vera Bradley.
Total sales were $24.3 million, down from $25 million in the same period last year.
However, e-commerce sales grew 17.2% during the quarter despite supply chain issues. Pura Vida was able to divert some wholesale inventory to the e-commerce channel to meet demand.
Pura Vida plans to open its first brand store in San Diego next year and has identified a location. The store will be about 800-square feet, Vera Bradley executives said.
In addition, Vera Bradley is testing small Pura Vida shop-in-shops within Vera Bradley stores. Customers are responding positively to the Pura Vida offering, and the company is experimenting with different sizes.
“One thing that’s really great about Pura Vida is with the way the wall units work and how much product you can get in a very small square footage, you don’t necessary need a lot of space,” Vera Bradley CFO John Enwright said. “And so we are going to test a few different sizes, some of them might be 100 square feet, some of them might just be 12 linear feet of wall space, but it will be exciting to watch all that response.”
