- Vera Bradley (NASDAQ:VRA -6.7%) Q1 revenue shows a drop of 10% to $98.46M, misses consensus by $11.41M.
- Direct segment revenues totaled $61.6M, a 7.6% from prior year; Comparable sales declined 11.1%.
- Indirect segment revenues totaled $17M, an 11.2% increase.
- Pura Vida segment revenues totaled $19.8M, a 26.8% decrease.
- Strong balance sheet with cash and cash equivalents of $64M and zero debt.
- Consolidated net loss totaled ($7.0)M, or ($0.21) per diluted share.
- Net capital spending totaled $1.7M compared to $0.5M last year.
- Non-GAAP EPS of -0.19 misses consensus by $0.03.
- FY2023 Outlook: Net revenues of $490M to $505M vs. consensus of $564.96M; Gross profit percentage of 54.5% to 55.0%; SG&A expense of $248M to $253M; Operating income of $18.8M to $25M; Diluted EPS of $0.35 to $0.50 vs. consensus of $0.61, based on diluted weighted-average shares outstanding of 32.1M and an effective tax rate of between 23.0 and 24.0%; Net capital spending of approximately $10M to $12M.
- Rob Wallstrom, CEO commented, "As we expect the challenging macroeconomic environment to continue for the balance of the year and that it will take time to return the Pura Vida ecommerce business to growth, we believe it is appropriate to lower our outlook for the fiscal year.”
- Buy rating on the stock with contributor comments that states: 'Vera Bradley: Packing The Bags Here'
- Previously (June 8): Vera Bradley Non-GAAP EPS of -$0.19 misses by $0.03, revenue of $98.46M misses by $11.41M