Analyst Summary: Vera Bradley has reported Q4 revenues that exceeded guidance, albeit their gross margins remained under pressure. While e-commerce revenues improved, Full-Line and Factory store revenues lagged due to lower traffic levels. Pura Vida’s e-commerce trends improved over previous quarters due to strategic promotions, with Full-Line retail stores performing ahead of expectations. The company recorded goodwill and tradename impairments and necessary inventory write-offs to reset and appropriately position the Pura Vida business for the future. During the year, they began to see stabilization in supply chain and controlled expenses, while reducing year-end inventory levels. The company has announced a multi-year strategic plan to right-size their leadership team and cost structure, expand marketing and merchandising, and position themselves to deliver steady top- and bottom-line growth. The company has also focused on building a more diverse marketing program to drive Pura Vida e-commerce sales, and will restore brand relevancy targeting casual and feminine customers aged 35 to 54 years who value both fashion and function. Vera Bradley will focus on innovating and expanding their core products, elevating their colorful feminine heritage, and innovating into strategic adjacent lifestyle item introductions that make sense for their customers. The company is committed to returning to profitable growth and generating strong cash flow, and has identified several cost-reduction initiatives and efficiency processes.