Why Vera Bradley Shares Are Nosediving

Vera Bradley, Inc. VRA shares are trading lower by 10.34% to $3.99 Wednesday afternoon after the company reported worse-than-expected second-quarter sales.

What Happened?

Vera Bradley reported quarterly earnings of 8 cents per share. The company also reported quarterly sales of $130.40 million which missed the analyst consensus estimate of $132.51 million by 2% This is an 11.3% decrease over sales of $147.05 million in the same period last year.

Vera Bradley also sees FY23 net revenues as low as $480 million or as high as $490 million, which is lower than the analyst consensus estimate of $497.56 million. The company sees FY23 EPS in the range of $0.20-$0.28.

See Also: Why Pinterest Shares Are On The Move Today

According to data from Benzinga Pro, Vera Bradley has a 52-week high of $11.98 and a 52-week low of $3.98.