On Wednesday, Vera Bradley, Inc. (NASDAQ: VRA) announced its financial results for the first quarter of fiscal 2019. Shares jumped 8.6% in premarket trading on Wednesday after the company announced narrower loss for the quarter.
According to the company, total revenue for the first quarter dropped from $96.1 million for the same period last year to $86.6 million, beating analysts’ estimates of $86.2 million. The results were also in line with the company’s guidance of $84 million to $89 million.
The company reported a net loss of around $1.4 million, or 4 cents per share, for the fourth quarter, which was narrower than a loss of around $4.0 million, or 11 cents per share, for the first quarter of last year. Adjusted loss per share was 9 cents per share. The result was better than analysts’ estimates of a loss of 10 cents per share.
“We are pleased that our first quarter results exceeded both expectations and prior year performance, primarily driven by a higher-than-planned gross margin rate, largely due to reduced clearance and improved full-price selling, as well as better-than-expected expense leverage,” Robert Wallstrom, the Chief Executive Officer of the company, said in the statement on Wednesday.
“A primary goal for fiscal 2019 is to drive brand desirability through product and marketing innovation, and we made substantial progress on these fronts as well. By executing Vision 20/20, we expect that our business and brand will become healthier, operating performance will improve, and cash flows will remain strong over the next three years. We are laying the foundation of the future growth of the business,” Wallstrom said.