Vera Bradley Q3 2023 Earnings Report
Key Takeaways
Vera Bradley, Inc. announced its third quarter fiscal year 2023 results. The company reported consolidated net revenues of $124.0 million. Net income totaled $5.2 million, or $0.17 per diluted share. Non-GAAP net income totaled $6.3 million, or $0.20 per diluted share.
Consolidated third quarter net revenues totaled $124.0 million.
Third quarter net income totaled $5.2 million, or $0.17 per diluted share.
Non-GAAP net income totaled $6.3 million, or $0.20 per diluted share.
Cash and cash equivalents of $25.2 million with no debt.
Vera Bradley
Vera Bradley
Vera Bradley Revenue by Segment
Forward Guidance
The company expects an unpredictable macroeconomic environment, continued challenges for Pura Vida, inflationary pressures impacting Vera Bradley customers, and continued pressure on gross margin.
Positive Outlook
- Reduction in SG&A expense driven by cost reduction initiatives.
- Lower year-over-year freight expense.
- Price increases to offset some negative impacts.
- Focus on merchandising and marketing opportunities.
- Solid cash position and balance sheet.
Challenges Ahead
- Unpredictable macroeconomic environment is expected to continue.
- Pura Vida business will continue to be challenging.
- Inflationary pressures will continue to impact Vera Bradley customers with lower household incomes, particularly in the Factory Channel.
- Continued pressure on gross margin.
- Expected sales decline from the prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income