Vera Bradley, Inc. (VRA) Reports In-Line Q2 EPS; Guides Q3, FY15; Approves $40M Buyback

(Updated - September 10, 2014 8:06 AM EDT)

Vera Bradley, Inc. (NASDAQ: VRA) reported Q2 EPS of $0.19, in-line with the analyst estimate of $0.19. Revenue for the quarter came in at $120.1 million versus the consensus estimate of $116.78 million.

Robert Wallstrom, Chief Executive Officer, noted, "We achieved our earnings per share guidance for the quarter and are reconfirming our EPS guidance for the full year. Second quarter sales were at the high end of our expectations, and, as a percent of sales, SG&A expenses were at the low end of our target."

"Even though the short-term continues to be challenging, I am very pleased with the progress we are making against our long-term product, distribution, and marketing strategies. We are evolving and modernizing our product assortments, expanding our reach through opening new full-line and factory outlet stores, transitioning to a 'made-for-outlet' format in our factory outlet stores, enhancing our online presence, and intensifying and focusing our marketing efforts. We carefully managed our inventories and ended the quarter with a strong cash position and no debt. Importantly, we have assembled the talented and experienced leadership team that will drive the execution of our five-year strategic plan."

Sees Q3 revenue of $123 - $128 million and adjusted EPS of $0.18 - $0.20. The Street is at revs of $126.7 million and EPS of $0.26.

Also sees FY15 revs of $520 - $530 million and EPS of $1.00 - $1.10. The Street is at revs of $518.4 million and EPS of $1.05.

On September 9, 2014, the Company's board of directors approved a share repurchase program authorizing up to $40 million in common stock repurchases. The new share repurchase program expires in October 2016.

For earnings history and earnings-related data on Vera Bradley, Inc. (VRA) click here.

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