Monday, December 11, 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.
3QFY24. Net revenue of $114.9 million, compared to $124.0 million in 3Q23, and below our estimate of $124 million. Gross margin improved to 54.8%, up 190 basis points y-o-y. Net income of $5.1 million, or $0.16/sh ($0.19/sh adjusted) compared to net income of $5.2 million, or $0.17/sh (adjusted of $0.20). We had forecasted net income of $4.5 million, or $0.14/sh.
Segments. VB Direct segment revenues totaled $72.3 million, a 9.7% decrease y-o-y. Comparable sales declined 8.2% in the third quarter, primarily driven by weakness in the outlet channel. VB Indirect segment revenues totaled $25.0 million, a 12.0% increase y-o-y, reflecting a significant one-time key account order in 3Q24. Pura Vida revenues totaled $17.7 million, an 18.3% decrease y-o-y, reflecting a decline in sales to wholesale accounts and a decline in ecommerce sales.
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