FORT WAYNE, Ind. (WANE/AP) Vera Bradley Inc. (VRA) on Wednesday reported earnings of $9.3 million in its fiscal second quarter.
The Roanoke, Indiana-based company said it had net income of 30 cents per share. Earnings, adjusted for non-recurring costs, were 33 cents per share.
The handbag and accessories company posted revenue of $128.2 million in the period.
Vera Bradley expects full-year earnings to be 57 cents to 65 cents per share, with revenue in the range of $490 million to $500 million.
“We continue to make meaningful progress on Project Restoration, focusing on four key pillars of the business for each brand – Consumer, Brand, Product, and Channel. Through the first half of Fiscal 2024, we have progressed as expected. We anticipate execution of Project Restoration will drive this long-term profitable growth and deliver value to our shareholders,” noted Jackie Ardrey, Chief Executive Officer of Vera Bradley regarding the earnings report.
“Total second quarter revenues for the Vera Bradley brand were down 1.2% from last year,” Ardrey commented. “Vera Bradley Direct revenue declines resulted from store closures over the last year, while we saw a small comparable store gain in our full line stores. The successful return of the Vera Bradley Annual Outlet Sale offset weakness we experienced in our factory outlet stores in addition to compensating for the elimination of one online outlet sale during the quarter. The remainder of our e-commerce sales continued to perform well. Lastly, Vera Bradley Indirect revenues were up slightly to last year.”
The Associated Press contributed to this story