- Vera Bradley press release ( NASDAQ: VRA ): Q2 Non-GAAP EPS of $0.08 misses by $0.04 .
- Revenue of $130.4M (-11.3% Y/Y) misses by $2.11M .
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For Fiscal 2023, the Company’s updated expectations are as follows:
- Consolidated net revenues of $480 to $490 million. Net revenues totaled $540.5 million in Fiscal 2022. Year-over-year Vera Bradley revenues are expected to decline between 7% and 9%, and Pura Vida revenues are expected to decline between 16% and 21%.
- A consolidated gross profit percentage of 53.7% to 54.1% compared to 53.3% in Fiscal 2022. The expected year-over-year increase is primarily related to incremental inbound and outbound freight expense and expected deleverage on overhead costs, more than offset by price increases.
- Consolidated SG&A expense of $246 to $250 million compared to $258.8 million in Fiscal 2022. The reduction in SG&A expense is being driven by cost reduction initiatives and a reduction in compensation expense, marketing, and other variable-related expenses due to the expected sales decline from the prior year.
- Consolidated operating income of $11.6 to $14.5 million compared to $30.1 million in Fiscal 2022.
- Consolidated diluted EPS of $0.20 to $0.28 based on diluted weighted-average shares outstanding of 31.6 million and an effective tax rate of between 24.0 and 25.0%. Diluted EPS totaled $0.57 last year.
- Net capital spending of approximately $8 to $10 million compared to $5.5 million in the prior year, reflecting investments associated with new Vera Bradley factory and Pura Vida store locations and technology and logistics enhancements.
For further details see:
Vera Bradley Non-GAAP EPS of $0.08 misses by $0.04, revenue of $130.4M misses by $2.11M