Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Vera Bradley Inc. (Nasdaq: VRA) popped 14% in intraday trading today after earnings and guidance nicely beat consensus expectations.

So what: Non-GAAP EPS of $0.39 walloped the consensus estimate of $0.27, helped by revenue growth of 29%. Guidance for the coming year is for non-GAAP EPS of $1.25 to $1.28, well ahead of the $1.12 consensus.

Now what: Same-store sales growth of 22% supports positive management comments about brand strength and appealing products. However, increases in the tax rate and, to a much lesser extent, share count drove a 29% year-over-year drop in GAAP EPS. Those same factors are likely behind muted EPS improvement expectations for the coming year and make it hard to justify the stock's non-GAAP forward P/E ratio of about 30 times guidance.

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Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.