Vera Bradley, Inc. consolidated net revenues totalled 149.6 million dollars for the current year fourth quarter, an increase of 5.1 percent. For the full year, net revenues totalled 540.5 million dollars, an increase of 15.4 percent over fiscal 2021.
Net income for the quarter totalled 5.2 million dollars or 15 cents per diluted share. On a non-GAAP basis, net income totaled 5.7 million dollars or 17 cents per diluted share. For the current fiscal year, net income totalled 17.8 million dollars or 52 cents per diluted share. On a non-GAAP basis, net income totalled 19.7 million dollars or 57 cents per diluted share.
Commenting on the results, Rob Wallstrom, chief executive officer of the company, said: “We remain in a strong position to continue to invest in our two lifestyle brands, take advantage of additional growth opportunities over time, and return capital to shareholders through continued share repurchases or future dividends.”
Highlights of Vera Bradley’s results
Current year fourth quarter Vera Bradley direct segment revenues totalled 104.4 million dollars, a 12.2 percent increase over the prior year fourth quarter. Comparable sales increased 8.3 percent over the prior year and decreased 3.2 percent compared to fiscal 2020. The company permanently closed five full-line stores and opened six factory outlet stores in the last twelve months.
Vera Bradley indirect segment revenues totalled 13 million dollars, a 14.6 percent decrease from the prior year fourth quarter, reflecting a reduction in orders. Pura Vida segment revenues totalled 32.2 million dollars, a 5.6 percent decrease from the prior year fourth quarter.
Vera Bradley direct segment revenues for the current fiscal year totalled 354.9 million dollars, a 22.7 percent increase from the prior year. Vera Bradley indirect segment revenues totalled 66 million dollars, essentially flat compared to the prior year.
Pura Vida segment revenues totalled 119.6 million dollars, a 6.3 percent increase over the prior year.
Vera Bradley expects FY23 revenues between 555 to 575 million dollars
For fiscal 2023, the company expects consolidated net revenues of 555 to 575 million dollars. Net revenues totalled 540.5 million dollars in fiscal 2022.
Year-over-year Vera Bradley revenues are expected to grow in the low-to mid-single digit range, and Pura Vida revenues are expected to be flat to up by low-single digits.
The company forecasts consolidated operating income of 29.5 to 35.5 million dollars compared to 30.1 million dollars in fiscal 2022.
Consolidated diluted EPS is expected to be 57 cents to 67 cents based on diluted weighted-average shares outstanding of 33.3 million and an effective tax rate of between 23 percent and 24 percent. Diluted EPS totalled 57 cents last year.