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Vera Bradley profit beats consensus by 29.9% in fiscal Q1

Vera Bradley Inc. said its normalized net income for the fiscal first quarter ended May 3 was 16 cents per share, compared with the S&P Capital IQ consensus estimate of 13 cents per share.

EPS decreased 29.0% year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.7 million, a decrease of 28.8% from $9.4 million in the year-earlier period.

The normalized profit margin declined to 6.2% from 7.6% in the year-earlier period.

Total revenue decreased 7.8% on an annual basis to $113.5 million from $123.0 million, and total operating expenses decreased from the prior-year period to $102.7 million from $107.8 million.

Reported net income declined 30.3% year over year to $6.5 million, or 16 cents per share, from $9.3 million, or 23 cents per share.