UPDATE: Vera Bradley Posts In-Line Q2 Earnings, Revenue Beats View

Vera Bradley (NASDAQ: VRA) reported in-line earnings for the fiscal second quarter. The company also lifted the low end of its revenue forecast.The Fort Wayne, Indiana-based company posted a quarterly profit of $7.6 million, or $0.19 per share, versus a year-ago profit of $15 million, or $0.37 per share. Its revenue dropped 4% to $120.1 million. Vera Bradley had earlier expected earnings of $0.18 to $0.20 per share on revenue of $113 million to $120 million. However, analysts were expecting earnings of $0.19 per share on revenue of $116.78 million.Its operating income fell to $12.8 million, from $24.1 million.Vera Bradley's gross margin narrowed to 53.3% from 57.2%. Its comparable sales declined 5.3% for the quarter. Its store sales fell 14.2%, while e-commerce sales rose 9.3%. Indirect segment sales dipped 18.2% to $41.2 million in the quarter.The company also announced a new $40 million buyback plan.Robert Wallstrom, Chief Executive Officer said, "Even though the short-term continues to be challenging, I am very pleased with the progress we are making against our long-term product, distribution, and marketing strategies. We are evolving and modernizing our product assortments, expanding our reach through opening new full-line and factory outlet stores, transitioning to a 'made-for-outlet' format in our factory outlet stores, enhancing our online presence, and intensifying and focusing our marketing efforts.”For the current quarter, Vera Bradley expects earnings from continuing operations of $0.18 to $0.20 per share on revenue of $123 million to $128 million. Analysts expected earnings of $0.26 per share on revenue of $126.7 million.For the year, Vera Bradley now expects revenue of $520 million to $530 million. Vera Bradley reconfirmed its earnings forecast of $1.00 to $1.10 per share.Vera Bradley shares gained 1.60% to $23.45 in pre-market trading.