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Vera Bradley Announces Fiscal 2013 Second Quarter Financial Results

  • Net revenues increased 18.5% to $123.0 million.
  • Direct net revenues increased 37.2%, including an increase of 5.3% in comparable-store sales; Indirect net revenues increased 2.6%.
  • Net income decreased $0.2 million to $13.4 million versus $13.6 million in the second quarter of fiscal 2012, a decrease of 1.9%.
  • Diluted EPS were $0.33 compared to $0.34 in the second quarter of fiscal 2012.

FORT WAYNE, Ind., Aug. 29, 2012 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq:VRA) today announced its financial results for the fiscal 2013 second quarter ended July 28, 2012. The Company reported net revenues of $123.0 million for the second quarter, compared to $103.8 million in the second quarter of fiscal 2012, an increase of $19.2 million, or 18.5%. Diluted earnings per share for the quarter were $0.33, a decrease of 3% from earnings per share in the second quarter of fiscal 2012.

"Although there were many accomplishments during the quarter, results fell short of our expectations," said Michael C. Ray, Vera Bradley's Chief Executive Officer. "The second quarter was challenging in May and June as we managed a product portfolio that underperformed in the midst of an uncertain consumer environment. Sales trends improved in July, which benefited from the strong reception of our fall collections. We are also encouraged by our future product introductions; however, we remain cautious regarding the second half of the year. Overall, we continue to make progress executing our growth strategies and we remain optimistic about our long-term prospects."

By segment, Direct revenues increased 37.2% to $65.7 million, driven by the opening of 21 new stores since the second quarter of fiscal 2012, a comparable-store sales increase of 5.3%, and e-commerce revenue growth of 21.2%. Indirect revenues increased 2.6% to $57.3 million, in-line with our expectations.

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