We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in Connecticut, Long Island and New Jersey. With newness somewhat limited (with one material exception), both the outlet and main line stores are focused on clearing older goods and moving into 2026 with clean stores and ready for the first key season with new management, a period where we expect “Project Sunshine’ to drive even higher levels of cotton goods, the return of key silhouettes and more patterns and collaborations. While early, we believe there are key signs the shifts are, at minimum, returning the OG Vera shopper and positioning the company to expand the buyer pool. We remain focused on what could be the financial impact of these shifts as we reiterate our Hold rating.
