VRA:
Reports Q1 (Apr) earnings of $0.23 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.21; revenues rose 4.9% year/year to $123 mln vs the $120.98 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.31-0.33 vs. $0.39 Capital IQ Consensus Estimate; sees Q2 revs of $123-126 mln vs. $136.05 mln Capital IQ Consensus Estimate. Co issues downside guidance for FY14, lowers EPS to $1.74-1.78 from $1.83-1.88 vs. $1.81 Capital IQ Consensus; lowers FY14 revs to $570-575 mln from $585-590 mln vs. $590.70 mln Capital IQ Consensus Estimate. Vera Bradley also announced in a separate press release that Michael Ray has informed the Board of Directors that he plans to retire as CEO. The Board is conducting a search for his successor, and Mr. Ray will continue to serve as CEO until a successor is in place. "We delivered on our expectations for the first quarter. Net revenue slightly exceeded our guidance, with comparable store sales growth of 0.9%, and indirect performance in line with expectations, while gross margin was slightly ahead. We also continue to be pleased with our new store performance as well as the growth in our e-commerce channel. Looking forward, in light of our outlook, we have narrowed our focus to ensure that we can execute our strategies as quickly as possible, both to address our challenges and to achieve our longer-term vision for the brand."
