NEW YORK (TheStreet) -- Shares of Vera Bradley Inc (VRA) were plummeting, sharply down 10.4% to $12.67 in early market trading Wednesday, after the handbag maker posted a quarterly loss and said it was not attracting enough new customers.
For the period, the company reported a break-even first quarter while analysts polled by Thomson Reuters expected the company to report a profit of 2 cents per share.
Revenue came in at $101.1 million for the period, compared to the $105.48 million analysts had expected for the first quarter.
In the same quarter of last year, Vera Bradley posted a profit of 17 cents per share on revenue of $112.2 million.
Looking ahead, the company forecasts second quarter fiscal 2016 earnings of between 10 cents to 13 cents per share on revenue of between $116 million to $120 million. Analysts expect the company to report second-quarter earnings of 17 cents per share on revenue of $121.21 million.
For fiscal 2016, Vera Bradley revised its guidance and now sees earnings of between 64 cents to 74 cents per share on revenue of between $480 million to $495 million. Analysts expect the company to report fiscal 2016 earnings of 84 cents per share on revenue of $512.67 million.
Roanoke, Ind.-based Vera Bradley is a designer, producer, marketer, and retailer of functional accessories for women.
The company's products include a range of offering of handbags, accessories, and travel and leisure items.
Separately, TheStreet Ratings team rates VERA BRADLEY INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: