Vera Bradley Trims FY23 Outlook After Slipping To Loss In Q2
(RTTNews) - While reporting financial results for the second quarter on Wednesday, Vera Bradley, Inc. (VRA) trimmed its earnings and revenue guidance for the full-year 2023, as it expects the challenging macroeconomic environment to continue for the balance of the year.
For fiscal 2023, the company now projects consolidated earnings in a range of $0.20 to $0.28 per share on consolidated net revenues between $480 million and $490 million.
Previously, the company expected consolidated earnings in a range of $0.35 to $0.50 per share on consolidated net revenues between $490 million and $505 million.
On average, four analysts polled by Thomson Reuters expect the company to report revenues of $497.56 million for the year.
For the second quarter, the company reported a net loss attributable to Vera Bradley of $29.77 million or $0.95 per share, compared to net income of $9.05 million or $0.26 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $0.08 per share, compared to $0.28 per share in the year-ago quarter.
Net revenues for the quarter declined to $130.37 million from $147.05 million in the same quarter last year.
The Street was looking for revenues of $132.51 million for the quarter.
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