We are suspending our rating and price target for Vera Bradley and lowering our projections after a below expectations 1Q, and the announced departure of CEO Jacqueline Ardrey and Chief Financial Officer Michael Schwindle. Further, the company has already hired Martin Layding (x-Divisional CFO for the Coach brand) as CFO, with Board member Ian Bickley (Coach management) entering into a new role as Vera Bradley Executive Chairman until the CEO transition is completed. Given the shifts, the company suspended any formal financial guidance. As such, we are materially reducing our FY26 projections. While we continue to believe in the Vera Bradley brand and its relevance, we are suspending our rating and price target for VRA until there is a higher level of visibility and directionality under what will be new management for the second time in less than three years.
