We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in Long Island and New Jersey. We believe, as we move into the crucial back-to-school/Fall period (the first time Vera Bradley will 100% reflect current management’s vision), the stores have played both offense, with continued new collections and great wins with Summer and Heritage collections, and defence, clearing out older inventory and reducing focus on non-core looks (i.e. leather). As such, we remain encouraged by the multiple changes we are seeing at the stores and with product offerings and look forward to the next steps in the evolution of “Project Sunshine” and Vera Bradley.
