Vera Bradley (NASDAQ:VRA) Issues Earnings Results, Misses Expectations By $0.03 EPS

Vera Bradley (NASDAQ:VRA – Get Rating) announced its quarterly earnings data on Wednesday. The textile maker reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.03), Briefing.com reports. Vera Bradley had a net margin of 3.30% and a return on equity of 6.10%. The firm had revenue of $98.50 million during the quarter, compared to the consensus estimate of $109.87 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. The company’s revenue was down 9.7% on a year-over-year basis. Vera Bradley updated its FY23 guidance to $0.35-0.50 EPS and its FY 2023 guidance to $0.35-$0.50 EPS.

Shares of VRA stock opened at $5.77 on Friday. Vera Bradley has a fifty-two week low of $5.56 and a fifty-two week high of $12.90. The stock has a 50 day moving average price of $6.51 and a two-hundred day moving average price of $7.64. The company has a market capitalization of $187.20 million, a P/E ratio of 11.10 and a beta of 1.78.

Several research analysts have recently commented on VRA shares. StockNews.com raised Vera Bradley from a “hold” rating to a “buy” rating in a report on Thursday. Telsey Advisory Group cut their price objective on Vera Bradley from $9.00 to $7.00 and set a “market perform” rating for the company in a report on Thursday. Finally, Zacks Investment Research raised Vera Bradley from a “sell” rating to a “hold” rating in a report on Wednesday, May 11th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $11.00.

Several institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its holdings in shares of Vera Bradley by 20.8% during the first quarter. Royal Bank of Canada now owns 153,558 shares of the textile maker’s stock valued at $1,177,000 after acquiring an additional 26,451 shares in the last quarter. Guggenheim Capital LLC raised its holdings in shares of Vera Bradley by 42.3% during the first quarter. Guggenheim Capital LLC now owns 42,572 shares of the textile maker’s stock valued at $326,000 after acquiring an additional 12,646 shares in the last quarter. State Street Corp raised its holdings in shares of Vera Bradley by 2.0% during the first quarter. State Street Corp now owns 869,226 shares of the textile maker’s stock valued at $6,667,000 after acquiring an additional 17,024 shares in the last quarter. Engineers Gate Manager LP raised its holdings in shares of Vera Bradley by 48.3% during the first quarter. Engineers Gate Manager LP now owns 18,369 shares of the textile maker’s stock valued at $141,000 after acquiring an additional 5,985 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Vera Bradley by 7.7% in the first quarter. Invesco Ltd. now owns 515,651 shares of the textile maker’s stock worth $3,955,000 after purchasing an additional 36,713 shares during the period. Institutional investors own 70.79% of the company’s stock.

About Vera Bradley (Get Rating)

Vera Bradley, Inc, together with its subsidiaries, designs, manufactures, and sells women's handbags, luggage and travel items, fashion and home accessories, and gifts. It operates through three segments: Vera Bradley Direct, Vera Bradley Indirect, and Pura Vida. The company offers bag products, such as totes, crossbodies, satchels, clutches, backpacks, baby bags, and lunch bags; accessories, including wallets, wristlets, eyeglass cases, scarves, and various technology accessories; bracelets, rings, and necklaces under Pura Vida brand name; and travel products consisting of rolling luggage, cosmetics, and travel and packing accessories, as well as travel bags comprising duffel and weekend bags.

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