Originally published at www.seclive.com
Vera Bradley, Inc. (NASDAQ:VRA) announced its financial results for the first fiscal quarter of 2014, reporting earnings that fell from a year ago. Earnings were $6.6M and $0.16 per share, down from $9.2M and $0.23 per share a year ago while net revenues fell from $123.0M to $113.5M. The women's handbags and accessories designer recently entered a five-year agreement with Mitsubishi Corporation and Look Inc. to sell products in Japan. Combining a 14.4% decline in store sales and a 3.2% decline in online sales, overall company comparable store sales decreased 9.4%. CEO Robert Wallstrom commented that the company continues to execute well but acknowledges that the environment is more difficult than it anticipated.
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