Shares of Vera Bradley (VRA – Snapshot Report) skyrocketed nearly 45% Wednesday following the company's Q3 earnings report. The women's accessory maker reported earnings of 27 cents per share on quarterly revenues of $126.7 million.

While revenues were basically in line with our expectations, Vera Bradley's earnings smashed the Zacks Consensus Estimate of 20 cents per share. The company credits a reduction in promotional activity for its improved margins. Vera Bradley eliminated super-sales where prices were cut by 60%-70% and reduced the number of promotional days by 50%.

The cut in promotions devastated e-commerce sales, which plunged 19.1% on a year-over-year basis. However, it was a much better quarter for comparable store sales, which slumped just 2% year-over-year. By comparison, comps fell 15.2% in the second quarter.

Here is a look at Vera Bradley's recent earnings surprise history:

Vera Bradley Inc. (VRA – Snapshot Report) – BNRI EPS & Surprise Percent – Last 5 Quarters | FindTheCompany

For the fourth quarter, Vera Bradley guided for revenue to be between $151 million and $155 million, which would be roughly flat compared to last year. Gross margin is expected to grow by about six points to a range of 58.3%-58.7%. However, an increase in SG&A costs puts the company's EPS expectations between 40 and 43 cents, compared to an EPS of 43 cents during Q4 last year.

Vera Bradley has been in decline for much of the past five years as the company has struggled to turn a profit on falling revenue. For investors, an improved third quarter will hopefully mark a turning point for the company.