We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in Connecticut, Long Island and New Jersey. Driven by new silhouettes (XL backpacks), a focus on core colors (black and navy) and strong demand for backpacks and lunch boxes, the back-to-school season was a positive, and demonstrated the brands continued relevance to a younger customer base. Post the season, in what is normally a period of a slight lull before the start of Holiday shopping, Vera Bradley focused on maintaining momentum in the outlets with an early launch of key Fall and Holiday patterns, while the main line stores reloaded and set up for the Holiday collection for October. While we view the back-to-school season as a key plus for the company and the overall relevance of the brand, we remain on the sidelines until we understand the wider implications of what new management is undertaking at Vera Bradley.