Vera Bradley, Inc. (VRA) Tops Q1 EPS by 2c; CEO Ray to Retire; Cuts FY14 Outlook
Vera Bradley, Inc. (NASDAQ: VRA) reported Q1 EPS of $0.23, $0.02 better than the analyst estimate of $0.21. Revenue for the quarter came in at $123 million versus the consensus estimate of $121.01 million.
Comparable store sales increased 0.9 percent.
Direct sales revs improved 24 percent to $73.7 million. E-commerce revs rose 23 percent.
Vera Bradley announced today that Michael Ray has informed the Board of Directors that he plans to retire as CEO. The Board is conducting a search for his successor, and Mr. Ray will continue to serve as CEO until a successor is in place.
"We delivered on our expectations for the first quarter. Net revenue slightly exceeded our guidance, with comparable store sales growth of 0.9 percent, and indirect performance in line with expectations, while gross margin was slightly ahead," commented Ray. "We also continue to be pleased with our new store performance as well as the growth in our e-commerce channel."
Sees Q214 EPS of $0.31 - $0.33, versus the consensus of $0.39. The company also sees revenue of $123 - $126 million, versus the consensus of $136.2 million.
Sees FY2014 EPS of $1.74 - $1.78, versus prior expectations of $1.83 - $1.88 and the consensus of $1.81. The Company also sees FY2014 revenue of $570 - $575 million, versus prior expectations of $585 - $590 million the consensus of $591.1 million.
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