Vera Bradley reported a net loss of $2.4 million, or 7 cents a share, which the company said was in line its guidance of a loss ranging from 6 cents to 8 cents a share. The company recorded a loss of $1.4 million, or 4 cents a share, a year ago.
Comparable sales beat Wall Street's expectations, growing 5.2% for the quarter, reflecting a 4% increase in comparable store sales and a 9.2% increase in e-commerce sales.
Direct segment revenue totaled $71.1 million, up 8.6% from $65.5 million a year ago. The company closed eight full-line stores and opened seven factory outlet stores in the last twelve months.
"We once again improved the quality of sales in our full-line stores and on verabradley.com by increasing first quarter comparable full price selling in these two channels by approximately 20%," Robert Wallstron, president and CEO, said during a conference call with analysts. "In addition, we are removing another $3 million to $4 million of clearance sales from the second quarter of this year."
Indirect segment revenue decreased 5.7% to $19.9 million a year ago, the company said, reflecting a reduction in orders and the number of specialty accounts.
For the second quarter, the company said it expects net revenue of $115 million to $120 million, down from the year-ago total of $113.6 million. The company forecast diluted earnings of 25 cents to 28 cents a share.
For the year, Vera Bradley expects revenue of $425 million to $440 million compared with $416.1 million in fiscal 2019, and diluted earnings of 67 cents to 74 cents a share, compared with 59 cents a share.