Vera Bradley (VRA)
Challenging 2Q23; but Signs of Better Times to Come
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
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2QFY23 Results. Net revenues totaled $130.4 million compared to $147.0 million in the prior year second quarter ended July 31, 2021. Vera Bradley reported a consolidated net loss of $29.8 million, or a loss of $0.95 per share versus net income of $9.1 million, or $0.26 per diluted share, last year. Non-GAAP net income was $2.4 million, or $0.08 per diluted share, compared to $9.5 million, or $0.28 per diluted share in 2Q22.
Bifurcation Continues. Vera Bradley continued to see a bifurcation of its customer base, with higher household incomes remaining engaged and continuing to spend, while inflationary pressures, especially higher gas prices, continued to negatively affect the purchases of customers with lower household incomes, as well as traffic and spending….
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.