Vera Bradley Wednesday announced its financial results for the fiscal 2013 second quarter that ended July 28. The company reported net revenues of $123 million for the second quarter, compared to $103.8 million in the second quarter of fiscal 2012, an increase of $19.2 million, or 18.5 percent. However, diluted earnings per share for the quarter were 33 cents, a decrease of 3 percent from earnings per share in the second quarter of fiscal 2012.
“Although there were many accomplishments during the quarter, results fell short of our expectations,” said Michael C. Ray, Vera Bradley's chief executive officer, in a statement accompanying the release of earnings. “The second quarter was challenging in May and June as we managed a product portfolio that underperformed in the midst of an uncertain consumer environment. … We are also encouraged by our future product introductions; however, we remain cautious regarding the second half of the year.”