Vera Bradley Trims FY23 Outlook After Slipping To Loss In Q2

While reporting financial results for the second quarter on Wednesday, Vera Bradley, Inc. (VRA) trimmed its earnings and revenue guidance for the full-year 2023, as it expects the challenging macroeconomic environment to continue for the balance of the year.

For fiscal 2023, the company now projects consolidated earnings in a range of $0.20 to $0.28 per share on consolidated net revenues between $480 million and $490 million.

Previously, the company expected consolidated earnings in a range of $0.35 to $0.50 per share on consolidated net revenues between $490 million and $505 million.

On average, four analysts polled by Thomson Reuters expect the company to report revenues of $497.56 million for the year.

For the second quarter, the company reported a net loss attributable to Vera Bradley of $29.77 million or $0.95 per share, compared to net income of $9.05 million or $0.26 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.08 per share, compared to $0.28 per share in the year-ago quarter.

Net revenues for the quarter declined to $130.37 million from $147.05 million in the same quarter last year.

The Street was looking for revenues of $132.51 million for the quarter.

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Walmart To Acquire Minority Stake In Sustainable Beef

Retail giant Walmart, Inc. (WMT) and Sustainable Beef LLC announced Wednesday that Walmart signed an agreement to acquire a minority stake in North Platte, Nebraska-based Sustainable Beef LLC, a rancher-owned company.

Walmart’s equity investment is part of a broader strategic partnership to source top-quality angus beef from Sustainable Beef LLC’s new beef processing facility. As part of the investment, Walmart will also have representation on Sustainable Beef’s board.

This partnership helps supplement the current beef industry and provides additional opportunities for ranchers to increase their business.

Walmart’s investment will help Sustainable Beef LLC open their beef processing facility in North Platte, Nebraska. The facility is expected to break ground next month and open by late 2024, creating more than 800 new jobs.

ChargePoint Holdings Gains On Growth In Q2 Revenues, Guidance

ChargePoint Holdings Inc. (CHPT) shares are spiking more than 12 percent on Wednesday morning trade after the company reported 93 percent surge in second-quarter revenues compared to the prior year. Further, the company reaffirmed its annual guidance.

Quarterly revenues increased to $108.29 million from $56.12 million in the previous year.

ChargePoint provided third-quarter revenue guidance in a range of $125-$135 million and confirmed full-year revenue guidance of $450 to $500 million.

European Economics Preview: Germany Unemployment Data Due

Unemployment from Germany and flash inflation data from euro area are due on Wednesday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany’s import prices and labor market statistics. Import price inflation is forecast to remain unchanged at 29.9 percent in July.

At 2.45 am ET, France’s statistical office Insee publishes revised GDP, flash inflation, household spending and producer price data. The statistical office is expected to confirm the economic growth at 0.5 percent for the second quarter. Flash consumer price inflation is seen at 6.1 percent in August, the same rate as in July.

At 3.00 am ET, consumer prices from Austria, producer prices from Hungary and GDP data from Turkey are due.

At 3.55 am ET, the Federal Labor Agency is slated to issue Germany’s unemployment data for August. The jobless rate is forecast to rise to 5.5 percent from 5.4 percent in July.

At 5.00 am ET, Eurostat is set to publish euro area flash inflation figures for August. Inflation is seen rising to 9.0 percent from 8.9 percent in July.

In the meantime, flash consumer and harmonized prices are due from Italy. Consumer price inflation is forecast to climb to 8.1 percent in August from 7.9 percent in July.

Chicago Business Barometer Inches Slightly Higher In August

A report released by MNI Indicators on Wednesday showed its reading on Chicago-area business activity was little changed in the month of August.

MNI Indicators said its Chicago business barometer inched up to 52.2 in August from 52.1 in July, with a reading above 50 indicating growth. Economists had expected the business barometer to edge down to 52.0.

The slight uptick came after the Chicago business barometer dropped to its lowest level since August 2020 in the previous month.

The modest increase by the headline index came as the production index jumped to 54.9 in August from 48.2 in July, while the new orders index climbed to 48.9 from 44.5.

On the other hand, MNI Indicators said the employment index edged down to 54.6 in August from 56.1 in July, implying little change in the tightness of the labor market.

The supplier deliveries index also slid to 62.1 in August from 67.1 in July, with MNI Indicators noting stockpiling in the first quarter of the year likely exasperated delivery issues.

With regard to inflation, the prices paid index was nearly unchanged at 81.8 in August, suggesting price pressures remain acute.