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TheStreet Open House

Vera Bradley Announces Fiscal 2014 Second Quarter Financial Results

  • Net revenues increased 1.9% to $125.4 million.
  • Direct net revenues increased 14.2%, including a decrease of 3.7% in comparable-store sales; Indirect net revenues decreased 12.2%.
  • Diluted EPS were $0.37 compared to $0.33 in the second quarter of fiscal 2013.

FORT WAYNE, Ind., Sept. 11, 2013 (GLOBE NEWSWIRE) -- Vera Bradley, Inc. (Nasdaq:VRA) today announced its financial results for the fiscal 2014 second quarter ended August 3, 2013. The Company reported net revenues of $125.4 million for the second quarter, compared to $123.0 million in the second quarter of fiscal 2013, an increase of $2.3 million, or 1.9%. Diluted earnings per share for the quarter were $0.37, an increase of 11.6% over earnings per share in the second quarter of fiscal 2013.

"We managed through considerable headwinds in the second quarter, yet delivered results in line with our expectations," said Michael C. Ray, Vera Bradley's Chief Executive Officer. "Nonetheless, our product offering underperformed in the midst of an uncertain consumer environment, which affected traffic in our retail stores. While we are encouraged by our strategic progress and remain optimistic about our long-term prospects, we continue to have a cautious outlook for the remainder of the year."

In the Direct segment, revenues increased 14.2% to $75.0 million, as a result of growth across all channels. In stores, net revenues grew 23.7% during the quarter, primarily a result of opening 20 full-price and four outlet stores since the second quarter of fiscal 2013. Comparable store sales decreased 3.7% during the quarter due to underperformance of the product offering and reduced traffic. E-commerce revenue grew 1.4% due to continued growth in website traffic, offset by reduced conversion. Indirect revenues decreased 12.2% to $50.4 million, primarily due to cautious ordering from specialty retailers.

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