Thursday, August 31, 2023
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2QFY24. Net revenue of $128.2 million, compared to $130.4 million in 2Q23, below our and consensus estimates of $132 million and $130.90 million, respectively. Net income of $9.3 million, or $0.30/sh ($0.33/sh adjusted) compared to a loss of $29.8 million, or a loss of $0.95/sh (adjusted EPS of $0.08). We had forecasted net income of $3.4 million, or $0.11/sh.
Programs Impacting Bottom Line. While Vera Bradley has yet to see overall positive revenue increases, actions taken by management and the elimination of the post COVID operating environment are positively impacting margins and the bottom line. 2Q24 gross margin improved to 56.2% from an adjusted 52.0% last year, while SG&A as a percentage of revenue fell to 45.5% versus 49.1%, both adjusted for one-time items.
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