Vera Bradley Q2 net loss $29.8M; cuts FY23 revenue guidance to $480-490M

Vera Bradley, Inc.

2023-Q2 EPS reported -$1.15 revenue$228,830,000

Q2 consolidated net revenues $130.4M (down 11.3% YoY); net loss ($29.8M) or ($0.95)/diluted share; non-GAAP net income $2.4M ($0.08)/share.
Pura Vida segment revenue fell 21.3% to $26.0M; recorded $18.2M goodwill and intangible impairment, driving overall net loss.
Initiated $25M annual cost reduction program; FY2023 guidance cut: revenues $480-$490M (vs $540.5M prior year), diluted EPS $0.20-$0.28 (vs $0.57 prior).
Q2 comparable sales at Vera Bradley Direct declined 13.8%; gross margin compressed to 46.4% (52.0% non-GAAP) due to freight and overhead.
Cash and equivalents $38.3M, no debt; completed $6.0M share repurchases in Q2, $29.3M remaining under authorization.

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