Vera Bradley (VRA) – Results Top Estimates; Environment Remains Challenging

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Thursday, December 08, 2022

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3QFY23 Results. Net revenues totaled $124 million compared to $134.7 million in the prior year third quarter ended October 30, 2021. Vera Bradley reported consolidated net income of $5.17 million, or EPS of $0.17 per share versus net income of $5.78 million, or EPS of $0.17 per diluted share, last year. Non-GAAP net income was $6.3 million, or $0.20 per diluted share, compared to $6.2 million, or $0.18 per diluted share in 3Q22.

Bifurcation Continues. The fiscal third quarter was a replay of the second fiscal quarter in many ways, in our view. Vera Bradley continued to see a bifurcation of its customer base, with higher household incomes continuing to spend, while inflationary pressures continued to negatively affect the purchases of customers with lower household incomes.

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