Why Vera Bradley Stock Falling In Pre-market?

(RTTNews) - Vera Bradley, Inc. (VRA) reported a decline in profit for the third quarter that also missed Wall Street estimates. Consolidated third quarter net revenues increased 7.9% over last year. The company's updated guidance was also below market view.

Third-quarter adjusted profit per share was $0.18 compared to $0.30, prior year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.26, for the quarter. Analysts' estimates typically exclude special items.

Net profit was $5.78 million or $0.17 per share compared to $8.87 million or $0.26 per share, a year ago.

Consolidated net revenues were $134.7 million, an increase of 7.9% from $124.8 million, a year ago. Analysts on average had estimated $138.01 million in revenue.

For the fourth quarter, the company's updated expectations include: consolidated net revenues of $155 to $160 million; and EPS of $0.24 to $0.29. Analysts expect the company to report profit per share of $0.40 on revenue of $165.62 million.

Based on fourth quarter expectations, the company's updated expectations for fiscal 2022 include: consolidated net revenues of $546 to $551 million; and EPS of $0.65 to $0.70. Analysts expect the company to report profit per share of $0.90 on revenue of $559.29 million.

Shares of Vera Bradley were down 15% in pre-market trade on Wednesday.