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Vera Bradley Announces Fiscal 2014 First Quarter Financial Results

  • Net revenues increased 5% to $123.0 million.
  • Direct net revenues increased 24%, including an increase of 0.9% in comparable-store sales; Indirect net revenues decreased 15%.
  • Diluted EPS were $0.23 compared to $0.31 in the first quarter of fiscal 2013.

FORT WAYNE, Ind., June 5, 2013 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq:VRA) today announced its financial results for the fiscal 2014 first quarter ended May 4, 2013. The Company reported net revenues of $123.0 million for the first quarter, compared to $117.2 million in the first quarter of fiscal 2013, an increase of $5.8 million, or 5.0%. Diluted earnings per share for the quarter were $0.23, a decrease of 26% over diluted earnings per share in the first quarter of fiscal 2013.

Mike Ray, Chief Executive Officer commented, "We delivered on our expectations for the first quarter. Net revenue slightly exceeded our guidance, with comparable store sales growth of 0.9%, and indirect performance in line with expectations, while gross margin was slightly ahead. We also continue to be pleased with our new store performance as well as the growth in our e-commerce channel. Looking forward, in light of our outlook, we have narrowed our focus to ensure that we can execute our strategies as quickly as possible, both to address our challenges and to achieve our longer-term vision for the brand."

In the Direct segment, revenues increased 24% to $73.7 million, as a result of growth across all of our channels. In our stores, net revenues grew 34% during the quarter, due to the opening of 19 full-price and four outlet stores since the first quarter of fiscal 2013. Comparable store sales increased 0.9%. E-commerce revenue grew 23% primarily due to continued growth in website traffic.  Indirect revenues decreased 15% to $49.3 million, primarily due to cautious ordering from our specialty retailers in this challenging retail environment.

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