Vera Bradley Revenue Up Almost One Third
GDA Staff -- Gifts and Dec, 12/7/2011 11:59:19 AM
Ft. Wayne, IN - Vera Bradley Inc. reported net revenues of $121.1 million for the third quarter of fiscal 2012 which ended October 29, 2011, compared to $91.6 million in the same period of the prior year, an increase of 32 percent. Diluted earnings per share for the quarter were $0.32, an increase of 45 percent over adjusted diluted earnings per share in the prior year period.
Indirect net revenues, which includes the wholesale gift business, increased 16 percent to $69.1 million. Direct net revenues increased 63 percent to $52 million, driven by the opening of 13 full-price and four outlet stores increased e-commerce traffic, improved conversion rates and a 7.4 percent increase in comparable-store sales.
Gross profit increased 27 percent to $66 million, though gross profit margin fell slightly to 54.2 percent, versus 56.4 percent in the prior year. Operating income increased 38.7 percent to $21.5 million, or 17.8 percent of net revenues, in the third quarter.
For the fourth quarter of fiscal 2012, the Company expects net revenues to be in the range of $125-$130 million and diluted earnings per share to be in the range of $0.44-$0.47. For fiscal 2012, the Company now expects net revenues to be in the range of $451-$456 million and diluted earnings per share to be in the range of $1.37-$1.40.
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