Shares of Vera Bradley (VRA) lost some 14% of their value over the past trading week. The designer, producer and marketer of handbags and accessories issued a disappointing fourth quarter guidance on Wednesday after the close.
Third Quarter Results
Vera Bradley reported third quarter revenues of $138.3 million, up 14.2% on the year before. Growth was driven by a 7.1% increase in comparable store sales, and new store openings. Revenues came in ahead of consensus estimates of $135.3 million.
Direct sales rose 23.6% to $64.3 million. Outlet stores reported a 44% increase in sales, driven by 17 new store openings and another threeopenings of outlet stores. E-commerce sales grew merely 1.2% due to reduced levels of discounting, which negatively impacted sales.
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