2023-06-07 08:04:00 ET
- Vera Bradley press release ( NASDAQ: VRA ): Q1 Non-GAAP EPS of -$0.09 beats by $0.11 .
- Revenue of $94.36M (-4.2% Y/Y) misses by $5.32M .
-
For Fiscal 2024, the Company’s expectations are as follows:
- Consolidated net revenues of $490 to $510 million. Net revenues totaled $500.0 million in Fiscal 2023. Both Vera Bradley and Pura Vida revenues are expected to be approximately flat on a year-over-year basis.
- A consolidated gross profit percentage of 52.8% to 53.8% compared to 51.4% in Fiscal 2023. The Fiscal 2024 gross margin rate is expected to be favorably impacted by lower year-over-year freight expense, cost reduction initiatives, and the sell-through of previously-reserved inventory, partially offset by an increase in promotional activity.
- Consolidated SG&A expense of $237 to $247 million compared to $245.3 million in Fiscal 2023. An expected decline in SG&A expense is being driven by Company-wide cost reduction initiatives, partially offset by restoring short-term and long-term incentive compensation to more normalized levels and incremental marketing investment intended to accelerate customer file growth.
- Consolidated operating income of $24 to $28 million compared to $12.3 million in Fiscal 2023.
- Free cash flow of between $35 and $40 million compared to a cash usage of $21.7 million in Fiscal 2023.
- Consolidated diluted EPS of $0.57 to $0.67 based on diluted weighted-average shares outstanding of 30.7 million and an effective tax rate of approximately 28%. Diluted EPS totaled $0.24 last year.
- Net capital spending of approximately $5 million compared to $8.2 million in the prior year, reflecting investments associated with new Vera Bradley Factory stores and technology and logistics enhancements.
For further details see:
Vera Bradley Non-GAAP EPS of -$0.09 beats by $0.11, revenue of $94.36M misses by $5.32M