Vera Bradley sees 2024 EPS 56c-62c vs. 24c last year

Sees 2024 revenue $472M to $478M vs. $500M last year. Sees: A consolidated gross profit percentage of 54.0% to 54.5% compared to 51.4% in Fiscal 2023. The Fiscal 2024 gross profit rate is expected to be favorably impacted by lower year-over-year freight expense, cost reduction initiatives, and the sell-through of previously-reserved inventory, partially offset by an increase in promotional activity. Consolidated SG&A expense of $232.5 to $235.5 million compared to $245.3 million in Fiscal 2023. An expected decline in SG&A expense is being driven by Company-wide cost reduction initiatives, partially offset by restoring short-term and long-term incentive compensation to more normalized levels and incremental marketing investment intended to accelerate customer file growth. Consolidated operating income of $23.3 to $25.9 million compared to $12.3 million in Fiscal 2023. Free cash flow of between $40 and $43 million compared to a cash usage of $21.7 million in Fiscal 2023. Net capital spending of approximately $4 million compared to $8.2 million in the prior year, reflecting investments associated with new Vera Bradley outlet stores and technology and logistics enhancements.