We are reiterating our Hold rating and projections for Vera Bradley with the company announcing 3QFY26 (October) results before the open on Thursday, December 11th. Given the continuing initial shifts under new management (who joined in July) and the limited ability to change product offerings until 1Q2026 (at the earliest), we believe overall financial results are not as important as are customer responses to the shift back to heritage looks, the return of key silhouettes, the launch of Outlet 2.0 at the end of the quarter and what further changes are in store going forward. We continue to view the changes as a positive, but await clarification on the overall implications for the company (and returns) before becoming more aggressive in VRA.