Vera Bradley, Inc. (VRA) Tops Q3 EPS by 2c
Vera Bradley, Inc. (NASDAQ: VRA) reported Q3 EPS of $0.21, $0.02 better than the analyst estimate of $0.19. Revenue for the quarter came in at $125.2 million versus the consensus estimate of $127.5 million.
Comparable sales (including e-commerce) increased 0.9% for the quarter (reflecting a 13.5% decline in comparable store sales and a 22.2% increase in e-commerce sales). As expected, third quarter comparable store sales were negatively impacted by year-over-year declines in store traffic.
Robert Wallstrom, Chief Executive Officer, noted, "We exceeded our earnings per share guidance for the quarter. Our third quarter revenues and gross margin rate were in the mid-range of our guidance; SG&A was favorable to our expectations due to expense control and the timing of certain expenses that will be incurred in the fourth quarter."
Wallstrom continued, "We remain confident that our five-year strategic plan and the steps we are taking to evolve our merchandising, distribution and marketing are the right ones for the future of our business. We are in the early stages of our transformation, and we have made substantial progress over the last three quarters in modernizing and elevating our product assortments, expanding our reach through new store openings, evolving to a 'made-for-outlet' model in our factory outlet stores, enhancing our online presence and growing our department store relationships. We continue to face short-term challenges, such as weak store traffic, but believe we are heading in the right direction and that these efforts will pay off in the years ahead."
"Importantly, we have carefully managed our inventories and ended the quarter with a very solid cash position," Wallstrom added.
Vera Bradley, Inc. sees FY2015 EPS of $0.43-$0.47, versus the consensus of $0.5. Vera Bradley, Inc. sees FY2015 revenue of $158-163 million, versus the consensus of $168.0 million.
Vera Bradley, Inc. sees FY2015 EPS of $1.00-$1.05, versus the consensus of $1.04. Vera Bradley, Inc. sees FY2015 revenue of $514-520 million, versus the consensus of $527.2 million.
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