NEW YORK (TheStreet) -- Shares of Vera Bradley (VRA) are down -5.47% to $23.87 after reporting that fiscal first quarter earnings decreased to $6.6 million from $9.2 million, down 29% from a year ago.
Earnings from continuing operations were 17 cents per share, compared to 23 cents per share last year.
On average, 10 analysts polled by Thomson Reuters expected the company to report profit of 13 cents per share.
Must Read: Warren Buffett's 25 Favorite Growth Stocks
Vera Bradley lowered its guidance for the second quarter of fiscal 2015, saying net revenue should be in the range of $113 million to $120 million. The prior year's second quarter revenue was $125.4 million.
The company also lowered its net revenue guidance for fiscal 2015, in the range of $510 million to $530 million. The previous outlook given last March, projected net revenue to be in the range of $545 million to $565 million.
Separately, TheStreet Ratings team rates VERA BRADLEY INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate VERA BRADLEY INC (VRA) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."