HomeMarket NewsVera Bradley Sees Increase in Value as Demand for Quilted Duffel Bags...

Vera Bradley Sees Increase in Value as Demand for Quilted Duffel Bags Persists Amid Economic Slowdown

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Ilya S. Savenok

Vera Bradley (NASDAQ:VRA) experienced an almost 11% increase in value on Wednesday as its projected profit surpassed expectations.

The company forecasts consolidated net revenue of $490M to $500M for fiscal 2024, compared to $500M in fiscal 2023. This is in line with the average analyst estimate of $498.09M. Additionally, consolidated diluted EPS is expected to range from $0.57 to $0.65, up from $0.24 in the previous year but consistent with the estimated $0.57.

In the second quarter, the company reported an EPS of $0.33, exceeding the average analyst estimate by $0.21. However, its revenue of $128.2M fell short by $2.75M.

The Chief Executive Officer, Jackie Ardrey, stated that the company strategically managed its debt-free balance sheet, increasing its cash position while improving its inventory position.

Ardrey added, β€œOne of our main goals this year is to stabilize revenues. We have made progress in that regard, with second quarter consolidated revenues of $128.2 million, only slightly lower than last year.”

Consumers have become more cautious in their discretionary spending due to the current economic conditions.

Over the past 12 months, the stock has seen a remarkable increase of 76%.

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