Vera Bradley Falls 6% After Q2 Report
Retailer Vera Bradley (NYSE: VRA) released its second quarter earnings results after the closing bell on Wednesday. Ahead of the report, the stock had been under significant pressure for most of 2012, although shares had staged a small rally from the beginning of August into the middle of the month. Nevertheless, Vera Bradley has lost almost 32 percent year-to-date, and has fallen more than 6 percent in the wake of the company's second quarter results.
The company reported net income for the quarter of $13.4 million or $0.33 per share, compared to $13.6 million or $0.34 per share in the year ago period. This missed analysts' consensus Earnings Per Share (EPS) estimates of $0.35.
Revenues in the second quarter were up 18.5 percent to $123.0 million from $103.8 million last year. This came in slightly ahead of Wall Street consensus revenue estimates of $122.15 million.
Looking ahead to the third quarter, Vera Bradley sees earnings of $0.37 to $0.39 per share, on revenues of $134 million to $136 million. This compares to analysts' consensus estimates of $0.39 per share on revenues of $134.26 million.
The company lowered its guidance for the full year. Vera Bradley now predicts earnings of $1.60 to $1.63 per share on revenues of $531 million to $536 million.
Previously the company had provided full-year guidance of $1.68 to $1.71 per share on revenues of $535 million to $540 million. Currently analysts expect Vera Bradley to report earnings of $1.69 per share on revenues of $536.97 million.
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