Vera Bradley stock Friday sank to its lowest price since the company went public in 2010. It closed at $19.81 per share, down 9.4 percent from its closing price Thursday and 62.2 percent lower than its peak price in 2011.
"Vera Bradley does not comment on the stock price," spokeswoman Melissa Schenkel said Friday.
The drop in stock price comes despite a first-quarter earnings report the company released Thursday that showed the company had net revenues of $117.2 million for the first quarter, compared to $101.4 million in the first quarter a year ago. That was an increase of $15.8 million, or 15.6 percent. Diluted earnings per share for the quarter were 31 cents, an increase of 11 percent over earnings per share in the first quarter of fiscal 2012.
Also Thursday, Vera Bradley announced a partnership with Von Maur. Beginning July 10, a “select assortment” of handbags and accessories will be available at Von Maur stores in the Midwest and Southeast. Today, the company introduced hardshell and silicone iPhone cases. The cell phone cases are now available at more than 1,000 Verizon stores across the country and online and at Vera Bradley stores, participating retail partners and www.verabradley.com.
The Fort Wayne-based maker of quilted handbags, luggage and accessories became a publicly traded company in October 2010. Vera Bradley stock was initially offered at $16 per share, but Its stock closed at $24.85 on its first day of trading.
The broader NASDAQ index closed down 2.8 percent.