** charts after earnings **
Vera Bradley beats by $0.07, beats on revs; guides Q4 above consensus; announces $50 mln buyback after completing previous $40 mln program :
- Reports Q3 (Oct) earnings of $0.27 per share, excluding non-recurring items,$0.07 better than the Capital IQ Consensus of $0.20 and $0.19-0.21 guidance; revenues rose 1.2% year/year to $126.7 mln vs the $121.14 mln Capital IQ Consensus and $120-123 mln guidance.
- Current year third quarter Direct segment revenues totaled $84.1 million, a 7.9% increase from $77.9 million in the prior year third quarter.
- Comparable sales (including e-commerce) decreased 9.5% for the quarter (reflecting a 2.0% decline in comparable store sales and a 19.1% decrease in e-commerce sales), which was offset by new store growth (the Company opened 17 full-line and 13 factory outlet stores during the past 12 months). Third quarter comparable sales were negatively impacted by year-over-year declines in store and e-commerce traffic, largely resulting from reduced promotional activity.
- Indirect segment revenues decreased 10.0% to $42.5 million from $47.3 million in the prior year third quarter, primarily due to lower average order size from the Company's specialty retail accounts and a modest year-over-year reduction in the total number of specialty retail accounts.
- Co issues upside guidance for Q4, sees EPS of $0.40-0.43 vs. $0.39 Capital IQ Consensus Estimate; sees Q4 revs of $151-155 mln vs. $149.19 mln Capital IQ Consensus Estimate.
- Q3 repurchases completed the balance of the Company's $40 mln share repurchase program (~2.82 million shares at an average repurchase price of $14.19 over the life of the plan).
- Company's board of directors approved another share repurchase program authorizing up to $50 million in common stock repurchases. The new share repurchase program expires in Dece 2017.
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