We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in New Jersey and New York. We believe the company continues to focus on clearing goods and driving higher levels of working capital. That said, we are seeing newness beginning to flow for Spring, from new Beach driven items and the Ariel’s Pink Lagoon pattern in the outlets and the impending Stitch driven launch at the mainline locations. Further, we believe the full Spring launch at month end will see the return of key silhouettes, new patterns and vintage offerings. We believe every month there are shifts for the new management team; we await the full vision in 2H26. While we continue to look for visibility on a return to prominence for the brand, we reiterate our Hold rating for VRA.
