Consolidated net revenues at Vera Bradley totalled 109.1 million dollars for the first quarter, an increase of 57.5 percent over prior year first quarter.
Net loss was 2.1 million dollars or 6 cents loss per diluted share, while on a non-GAAP basis, net loss totalled 1.7 million dollars or 5 cents loss per diluted share. For the prior year first quarter, the company posted a net loss of 15.3 million dollars or 66 cents per diluted share.
“We outperformed our revenue and earnings expectations in the first quarter,” noted Rob Wallstrom, chief executive officer of the company, adding, “We will also continue to expand our reach by adding adjacent product categories and geographies.”
Highlights of Vera Bradley’s first quarter results
Vera Bradley direct segment revenues for the quarter were 66.7 million dollars, an 81.2 percent increase over the prior year first quarter. The company permanently closed 10 full-line stores and opened seven factory outlet stores in the last twelve months.
Vera Bradley indirect segment revenues totalled 15.3 million dollars, a 35.9 percent increase over prior year first quarter. Pura Vida segment revenues totalled 27.1 million dollars, a 27.7 percent increase over the prior year first quarter.
First quarter consolidated gross profit totalled 59.2 million dollars or 54.2 percent of net revenues compared to 34.2 million dollars or 49.3 percent of net revenues, in the prior year first quarter. On a non-GAAP basis, prior year first quarter gross profit totalled 35.5 million dollars or 51.2 percent of net revenues.
The company’s consolidated operating loss was 2 million dollars or 1.8 percent of net revenues compared to 25.6 million dollars or 36.9 percent of net revenues, in the prior year first quarter. On a non-GAAP basis, the consolidated operating loss totalled 1.2 million dollars or 1.1 percent of net revenues compared to 16.1 million dollars or 23.2 percent of net revenues, in the prior year.
Vera Bradley announces updated outlook for FY22
For fiscal 2022, the company’s updated expectations include consolidated net revenues of 555 to 575 million dollars compared to 468.3 million dollars in fiscal 2021. Year-over-year Pura Vida revenues are expected to grow between 20 percent and 30 percent and Vera Bradley revenues are expected to grow between 15 percent and 20 percent.
The company expects a consolidated gross profit percentage of 56 percent to 57 percent compared to 57 percent in fiscal 2021 and consolidated operating income of 46 to 53 million dollars compared to 34 million dollars in fiscal 2021.
Consolidated diluted EPS is expected to be in the range of 85 cents to 1 dollars compared to 63 cents last year.