Vera Bradley posts rise in Q3 revenues and earnings
11 Dec 2019
Consolidated net revenues at Vera Bradley Inc. totalled 127.5 million dollars for the current year third quarter, which included 25 million dollars of net revenues from Pura Vida. Excluding Pura Vida, Vera Bradley net revenues totalled 102.5 million dollars, a 4.9 percent increase, while comparable sales increased 4.7 percent for the quarter, at the high end of the company’s low-to-mid single digit expectations. Consolidated net income was 0.1 million dollars or 0 cents per diluted share. On a non-GAAP basis, consolidated third quarter net income totalled 6.9 million dollars or 20 cents per diluted share compared to 4.2 million dollars or 12 cents per diluted share in the previous year.
Commenting on the third quarter trading, Rob Wallstrom, Chief Executive Officer of Vera Bradley, said in a statement: “Both of our brands – Vera Bradley and Pura Vida – had a strong third quarter performance. As a result, our consolidated non-GAAP diluted EPS of 20 cents was at the top of our guidance range and nearly 70 percent higher than last year’s third quarter diluted EPS of 12 cents.”
Vera Bradley’s same-store sales for the nine months improve 3.8 percent
Consolidated net revenues totalled 338.3 million dollars for the current year nine months ended November 2, 2019, which included 30.4 million dollars of net revenues from Pura Vida. Excluding Pura Vida, Vera Bradley net revenues were 307.9 million dollars, while comparable sales increased 3.8 percent for the nine months. Consolidated net income totalled 3.6 million dollars or 10 cents per diluted share, while on a non-GAAP basis, consolidated net income was 13.8 million dollars or 40 cents per diluted share compared to 12.1 million dollars or 34 cents per diluted share in the previous year.
For the fourth quarter of fiscal 2020, the company expects consolidated net revenues of 155 to 162 million dollars, which includes estimated Pura Vida revenues of 36 to 40 million dollars compared to prior year fourth quarter revenues of 118.2 million dollars, a consolidated gross profit percentage of 57.5 percent to 57.8 percent compared to a gross profit percentage of 56.8 percent in the prior year fourth quarter. The company expects consolidated diluted earnings per share of 49 cents to 53 cents, reflecting accretion of approximately 14 cents to 16 cents from Pura Vida.
For fiscal 2020, the company expects consolidated net revenues of 492 to 500 million dollars, which includes estimated Pura Vida revenues of 66 to 70 million dollars compared to 416.1 million dollars in fiscal 2019, a consolidated gross profit percentage of 57.3 percent to 57.4 percent compared to 57.3 percent in fiscal 2019. The company expects consolidated diluted earnings per share of 90 cents to 94 cents, which includes 22 cents to 24 cents of accretion from the Pura Vida acquisition.