Vera Bradley Swings to Loss in 3Q, Cuts FY25 Outlook Further

Dow Jones12-11

By Denny Jacob

Vera Bradley swung to a loss in its latest quarter and once again reduced its outlook for the fiscal year, reflecting ongoing challenges as it looks to turn its business around.

Shares tumbled 11% to $4.80 in premarket trading. The stock is down 30% on the year.

The purveyor of quilted bags and accessories swung to a loss of $12.8 million, or 46 cents a share, for the third quarter ended Nov. 2, from net income of $5.1 million, or 16 cents a share, in the prior-year period. Vera said the results include impacts from impairment charges and severance charges, among others.

Stripping out one-time items, losses came in at 27 cents a share.

Revenue declined to $80.6 million from $115 million. Comparable sales declined 27% in the third quarter with weakness in all direct channels.

Chief Executive Jackie Ardrey said the third quarter was extremely challenging as its initiative to transform its business model remained in the early stages.

"With the current consumer mindset focused on value, we have more work ahead of us on our repositioning journey," said Ardrey.

Vera once again cut its forecast for fiscal 2025. The company now sees revenue around $385 million a loss per-share around 25 cents. The company in September previously forecast revenue around $410 million and earnings per-share of about 10 cents, which was a reduction from prior guidance of revenue between $460 million and $480 million and earnings per-share of 54 cents to 62 cents.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 11, 2024 08:40 ET (13:40 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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