We are reiterating our Hold rating and projections for Vera Bradley, with the company reporting 1QFY27 (April) results before the open on Thursday. We believe 1Q was another quarter of progress in cleaning up inventory levels, shifting to more of management’s vision for “Operation Sunshine,” focusing on key winners in Heritage and licensing to elevate the store shopping experience, and partnering with industry leaders to expand the Vera Bradley brand reach. We remain encouraged by the company’s recovery and look forward to the full fruition of “Operation Sunshine” in 2HFY27.