Shares of specialty luggage, handbag and accessories maker Vera Bradley (VRA - Get Report) jumped Wednesday after the company reported fiscal fourth-quarter earnings above consensus forecasts and its own guidance.
Vera Bradley stock rose 16.4% to $13.01 after the company reported fiscal fourth-quarter net income of $8.6 million, or 25 cents a share, 1 cent above the estimate of analysts and at the high end of the company's guidance range of 22 cents to 25 cents a share.
The company earned $8.5 million, or 24 cents a share, in the comparable year-earlier period.
For the full year, Vera Bradley earned $20.8 million, or 59 cents a share, above analysts' estimates of 58 cents a share and "meaningfully better than the 35-cent to 45- cent per share annual guidance we provided at this time last year," CEO Robert Wallstrom said in a statement.
This is our brightest and biggest Beach Collection yet ☀️ We have everything from our classic beach towels to a beach bag that fits 12 towels (YOU READ THAT RIGHT, 12 TOWELS!) Read everything you need know about the beach collection today on the blog: https://t.co/oku0uDglyv pic.twitter.com/sJfgTbrrC4— Vera Bradley (@verabradley) March 11, 2019
Lower overall customer traffic, which dropped into the mid-single-digit range for the fiscal year due to "the dramatic reduction in clearance promotions and lower-than-anticipated factory channel traffic" was offset by strong customer count in its full-line stores and on verabradley.com, the company said.
Net sales were $416.1 million for fiscal 2019, compared to $454.6 million in fiscal 2018, the company said, also at the upper end of guidance range.