Vera Bradley Q4 Profit Down; Guides Q1, FY15 - Quick Facts

(RTTNews) - Vera Bradley Inc. (VRA) said that its net income fourth quarter of fiscal 2014 declined to $19.4 million or $0.48 per share, from $25.1 million, or $0.62 per share, in the prior year fourth quarter.

The latest-quarter results included a pre-tax inventory write-down of $4.8 million, equating to approximately $3.0 million after tax, or $0.07 per share. The inventory write-down primarily related to fabrics in certain retired patterns no longer considered salable and to certain merchandise in the baby gift category, which is being discontinued by the Company.

Quarterly net revenues dropped to $157.5 million, from $162.6 million in the prior year fourth quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.46 per share and revenues of $146.86 million for the quarter. Analysts' estimates typically exclude special items.

The fourth quarter ended February 1, 2014 represented 13-week period. The prior year fourth quarter ended February 2, 2013 represented 14-week period. The 53rd week of fiscal 2013 contributed $4.9 million of net revenues and approximately $0.02 of earnings per share to both the fourth quarter and full year of fiscal 2013.

For the first quarter of fiscal year ending January 31, 2015 or "fiscal 2015, the Company expects net revenues to be in the range of $116 million to $120 million. The Company expects earnings per share to be in the range of $0.11 to $0.13 in the first quarter of fiscal 2015. Analysts expect the company to report earnings of $0.22 per share and revenues of $123.08 million for the first-quarter.

For fiscal 2015, the company expects net revenues to be in the range of $545 million to $565 million. The company expects earnings per share to be in the range of $1.20 to $1.30 for fiscal 2015.

The Company expects net capital spending of approximately $40 million in fiscal 2015.

Street currently is looking for fiscal year 2015 earnings of $1.50 per share on annual revenues of $544.90 million.