UPDATE: Vera Bradley Posts 1.9% Drop In FQ2 Earnings, Lowers Full-Year Forecast
Vera Bradley (NASDAQ: VRA) reported a 1.9% drop in its fiscal second-quarter earnings and cut its full-year forecast.
For the year, the company now expects earnings of $1.60 to $1.63 per share on revenue of $531 million to $536 million. The company earlier expected earnings of $1.68 to $1.71 per share on revenue of $535 million to $540 million.
Vera Bradley expects FQ3 earnings of $0.37 to $0.39 per share on revenue of $134 million to $136 million. However, analysts were expecting a profit of $0.39 per share on revenue of $134 million.
Vera Bradley's quarterly earnings fell to $13.4 million, or $0.33 per share, from $13.6 million, or $0.34 per share, in the year-ago period.
Its revenue climbed 19% to $123 million. The company in May expected earnings of $0.34 to $0.36 per share on revenue of $121 million to $123 million.
Its gross margin declined to 55.8% from 57.5%, while same-store sales rose 5.3%.
Vera Bradley shares tumbled 10.58% to $21.12 in after-hours trading.
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