Vera Bradley Drops to Record as Brand Struggles for Buyers
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Vera Bradley Inc. fell 14 percent after a sales shortfall eroded first-quarter earnings and the company cut its full-year profit target.
The Fort Wayne, Indiana-based retailer reported break-even results in the first quarter, excluding restructuring charges. That fell short of the average analyst estimate for a profit of 2 cents a share, according to data compiled by Bloomberg. Sales in the three months ended May 2 dropped 9.9 percent to $101.1 million from a year ago. The patterned bag maker also lowered its fiscal-year 2016 profit and revenue forecasts.