Vera Bradley revenues decline in Q3

Vera Bradley’s third quarter net revenues totalled 115 million dollars compared to 124 million dollars in the prior year third quarter. Consolidated net revenues declined to 337.5 million dollars for the nine month period.

Net income for the quarter totaled 5.1 million dollars or 16 cents per diluted share, while on a non-GAAP basis, net income totaled 6.1 million dollars or 19 cents per diluted share.

For the nine month period, net income totaled 9.7 million dollars or 31 cents per diluted share and on a non-GAAP basis, net income totaled 13.7 million dollars or 44 cents per diluted share.

Commenting on the trading update, Jackie Ardrey, chief executive officer of the company, stated in a release: “Our efforts continue on Project Restoration, and we are very pleased with our progress to date as our associates across the company work together to position Vera Bradley, Inc. for long-term, profitable growth.”

For Fiscal 2024, the company’s updated expectations include consolidated net revenues between 472 dollars to 478 million dollars, a consolidated gross profit percentage of 54 percent to 54.5 percent, operating income of 23.3 dollars to 25.9 million dollars and consolidated diluted EPS of 56 cents to 62 cents.