Vera Bradley Jumps 9% on Q1 Earnings Report
Women's apparel retailer Vera Bradley (NYSE: VRA) released its fiscal first-quarter earnings report on Thursday after the closing bell. The company reported net income of $12.6 million or $0.31 per share, compared to $11.2 million or $0.28 per share, in last year's corresponding quarter. This came in ahead of Wall Street analysts' consensus EPS estimates of $0.29.
Revenues in the quarter were $117.2 million, a 15.6% increase over the $101.4 million that the company reported a year ago. This also beat analysts' consensus revenue estimates of $116.86 million.
Vera Bradley also provided forward looking guidance. Looking ahead to the second-quarter, the company said that it expects EPS in a range of $0.34 to $0.36. This compares to current Street estimates of $0.38.
Revenues are expected to be between $121 million to $123 million versus analysts' consensus estimates of $122.72 million.
The company also reaffirmed its fiscal 2013 EPS guidance of $1.68 to $1.71. Currently, Wall Street analysts expect VRA to report EPS of $1.71 in fiscal 2013.
Vera Bradley also slightly lowered its expected 2013 revenue range to $535 million to $540 million from its previous forecast of $540 million to $545 million. Analysts currently expect that VRA will report revenue of $544.60 million in fiscal 2013.
In the after hours trading session, VRA shares have jumped more than 9% to $23.94 as investors seem to be relieved that the struggling company's quarter and guidance were not worse. Year-to-date, VRA shares have fallen 32%.
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