Greetings! Welcome to Vera Bradley's Q4 Fiscal 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over to Mark Dely, Chief Administrative Officer. Thank you. You may begin. Good morning, and welcome, everyone. We'd like to thank you for joining us for today's call. Some of the statements made during our prepared remarks and in response to your questions may constitute forward-looking statements made pursuant to and within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from those that we expect. Please refer to today's press release and the company's most recent Form 10-K, filed with the SEC for a discussion of known risks and uncertainties. Investors should not assume that the statements made during the call will remain operative at a later time. We undertake no obligation to update any information discussed on today's call. I will now turn over the call to Vera Bradley CEO, Jackie Ardrey. Jackie? Thank you, Mark. Good morning, everyone, and thank you for joining us on today's call. I want to start with some comments on the quarter. We're pleased with the completion of the first full year of our turnaround story. We've successfully pivoted the organization towards a bright future and effectively managed both the existing business as well as the turnaround efforts through Project Restoration, which will begin to bear fruit in the coming year. Our teams continued to carefully manage both gross margin and expenses in Q4, consistent with efforts earlier in the year. We've improved discipline around gross margin management and cost control, a part of our go-forward DNA. In addition to this discipline, our strategic efforts are focused on stabilizing and growing our sales base. Our recent sales results demonstrate the need for change in our branding, product assortments, and store environments, the exact areas that Project Restoration is addressing to position Vera Bradley, Inc., for long-term profitable growth. After a year of foundational work, we're very excited about the customer-facing changes through Project Restoration that we will unveil this year. For Q4, Vera Bradley brand revenues fell 6.1%, with soft sales in all direct channels. Sales were also negatively impacted by store closures. Customers responded to some of our latest product collaborations and to our newer product offerings, like leather, but overall, they continued to be more discriminating with their discretionary spending in light of the macroeconomic environment. A bright spot was the November transformation of our online outlet from a flash sale model to an everyday extension of our outlet stores. This brought new customers to the brand and helped offset weakness in the outlet store channel. On the indirect side, our wholesale partners were cautious with inventory buys in Q4. Pura Vida year-over-year, Q4 sales declined 21.6%, primarily due to decreases in e-commerce and wholesale revenues, as external marketing costs continued to rise and marketing effectiveness remained challenging. Our holiday gifts, like our annual Advent box and engraving categories, performed best for the quarter. While we are actively addressing revenue stabilization and marketing effectiveness at Pura Vida, our key focus is managing the business for profitability. As a result, we drove meaningful year-over-year operating margin improvement for Q4 and full year. As I'm sure everyone listening understands, a strong balance sheet is incredibly important in retail and especially for Vera Bradley as Project Restoration enters an implementation stage. We continue to strengthen our already strong balance sheet, adding to our year-over-year cash position while strategically reducing our inventory levels. We ended the fiscal year with consolidated revenues of approximately $471 million. We generated GAAP net income of $7.8 million, or $0.25 per diluted share, a return to profitability from a sizable loss last year. Excluding charges on a non-GAAP basis, net income for the fiscal year totaled $17.2 million, or 55% to $0.55 per diluted share. This improved profitability was primarily driven by gross margin performance and disciplined expense control. Now let me turn to Project Restoration. A little over a year ago, we began a comprehensive review of the consumer, brand, product, and channel components for both of our brands. This work culminated in our long-term strategic plan, Project Restoration, which addresses each of these four pillars. Through Project Restoration, we are taking targeted and prudent actions to stabilize revenues while remaining focused on strong financial discipline. We believe execution of this company-wide comprehensive initiative will drive long-term profitable growth and deliver value to our shareholders. At Vera Bradley, Project New Day launches in mid-July and is the first manifestation of our Project Restoration work and a full pivot from where we are today. It includes, among other things, the reveal of our new and elevated full-line branding and marketing, product, store design, and website. Our work on this initiative was informed by consumer research and current perceptions of the brand from both buyers and non-buyers. We believe we have the ability to attract new customers while keeping our current fans through product innovations and new marketing campaigns designed to inspire joy and connection. Our new assortment has broad appeal and uses new, higher quality and softer fabrics and styles designed not only to look great, but feel great. I'd like to give you some more detail on the progress within each pillar. For the consumer, we're focusing on restoring brand relevance, targeting casual and feminine, 35 to 54-year-old women who value both fashion and function. Our focus on the 35 to 54-year-old led us in search of data to understand where and how she shops. We are using this data to inform product design and development, and we'll continue to use this data to target new customers and embark on new partnerships, licensing deals, and collaborations to extend our reach. We've created a multi-year customer file growth plan with a focus on this core consumer target, along with an appropriate level of marketing investment to acquire new customers as we launch new product and our refreshed brand vision mid-year. For the brand, we are strategically marketing our distinctive and unique position as a feminine, fashionable brand that connects with consumers on a deep emotional level. Vera Bradley is a strong brand with tremendous brand recognition, and we're going to make it even stronger by telling a new story about it. We are refocusing our marketing efforts and shifting more marketing dollars to increase reach in a more precise way through the right media mix. Our initiatives will include more creative campaigns, enhanced digital reach, increased public relations, and innovative store efforts to drive interest and gain new customers. We're also very excited about our new celebrity partner, or Chief Joy Officer, who we will announce this summer. We are continuing to shift our focus from channel-specific customer acquisition to an omni-channel perspective for increased media effectiveness. For product, we're refocusing our core categories in items we are best at by innovating and expanding within our core products. We are elevating our colorful, feminine heritage, keeping it distinctive, but more trend-right and modern through updated prints, colors, styles, and designs. We will continue to enter into strategic adjacent lifestyle item introductions that make sense for our customers. We have the benefit of a strong brand with high brand recognition, and we'll be offering something new in the full-line accessory space under a good, better, best halo model. These changes were derived carefully after extensive customer data analysis. There is more attention to key items like travel, bags, and these smaller items that fit inside bags, like wallets and pouches, that allow her to customize her look and personalize her organization. Products are curated to meet the needs of our customers, offering superior quality in fabrication, components, and overall craftsmanship. We've improved the quality of most of our fabrics while keeping our commitment to increased use of preferred fibers, and our retail price structure is unchanged. Although the assortment will look new, it is unmistakably Vera Bradley, and our existing customers will still recognize their favorite styles and our distinctive colors, patterns, and quilting. The reception from our wholesale customers who have seen our new products at the Dallas, Atlanta, and New York markets has been extremely positive. I just mentioned leather. Our revamped leather collection of bags, wallets, and wristlets and other accessories debuted last fall. Leather performed well, and the initial collection mostly sold out. We've built on this success and developed a major expansion as part of New Day. Our outlet stores and outlet website will get new made-for-outlet styles, prints, and collaborations, as well as the benefit of select merchandise transferred from full-line stores throughout the Q3. Product collaborations will always be an important part of our brand expression. We continue to see strong response from partnerships with Disney, Hello Kitty, and Peanuts, and those will continue in all channels. F inally, for the channel, we're building a balanced footprint that more clearly differentiates our full-line and outlet assortments and experience. We will accelerate our digital-first focus and online reach while maintaining brand right wholesale relationships and exploring partnerships that will help us acquire new customers. Delivering growth in our e-commerce channels is a key priority. We will accelerate this digital-first focus and elevate our online presence to include more consumer-focused features, storytelling, and personalized experiences. We are improving our online shopping experience and elevating creative, while offering our outlet assortment online on VeraBradleyOutlet.com for the first time ever. We are doing a deep dive into our real estate strategy. Our full-line fleet is 80% in malls, and not all of them are A malls. Traffic is declining in some locations, and we need to adjust our strategy to optimize the fleet of both full-line and outlet stores. We will explore opening new formats, entering new markets, relocating stores where needed, and increasing penetration in existing markets. We've already taken several expense discipline steps to improve the profitability of our full-line stores. We will update our entire existing full-line store fleet with new branding and an improved shopping experience. The stores will reflect a more modern, less cluttered, and easier-to-shop experience with new fixturing and lighting, allowing the product to shine. Our current year capital budget of $12 to 14 million is triple last year's spending, and much of this is attributable to these remodels. In addition, we plan to open 2 full-line stores this year and are in the process of identifying prudent, modest store expansion plans for the future. We are also exploring new full-line formats with a focus on lifestyle centers. We're also taking a comprehensive approach to addressing the trends in Vera Bradley's outlet channel. We are reviewing all aspects of the outlet operating model for changes and improvements. Keep in mind that the outlet channel remains highly profitable, and we will open one new outlet store this year. Maintaining brand-right wholesale relationships are important, and we are actively working with new specialty retailers where we know our customers are shopping. As you can see, there's a lot going on at Vera Bradley. Now, let me turn to Pura Vida, where we are shifting our focus to delivering profitability and balancing the e-commerce business with wholesale and retail stores. Pura Vida's revenues have declined the last two quarters, largely as a result of increased digital media costs that led to lower customer acquisition. We diversified our marketing spend and are making additional efforts to retain customers while continuing to work on each pillar of Project Restoration. For the consumer, we're sharpening our focus on the 18 to 24-year-old collegiate girl. We will shift our marketing strategy to increase appeal to Gen Z based on our most recent research. For the brand, we are recentering our brand ethos on living life to the fullest, sharing real moments, places, and faces in our marketing campaigns, and sharpening our focus on Gen Z. We are more analytical, using our newly implemented comprehensive customer data platform to more strategically target customers and potential customers with a focus on acquisition, but especially on repeat purchases and retention. This significantly enhanced customer reporting and increased analytics have made us smarter in analyzing challenges, and we are investing in new tools to A/B test and improve the site experience and conversion. For product, we are focused on delivering unique, fun, playful designs that are affordable and accessible, with a dominant emphasis on bracelets and jewelry, as well as other strategic adjacent categories. We will continue to innovate around string bracelets and our other jewelry and accessory categories. Our custom bracelets, from Harper Charms to engravable items to building your own bracelets, are popular and continue to be a big growth opportunity. We will continue to pursue high-profile collaborations like Hello Kitty, Shark Week, and Harry Potter, which are always fan favorites and bring new customers to the brand. Social responsibility is important to the Pura Vida customer, and we back this through our charity program, which supports dozens of causes. Finally, for channel, we continue to have strong focus on restoring e-commerce growth with a greater focus on repeat purchases as well as strategic growth of wholesale. Additionally, our success in retail stores has driven us to find new store locations for this year and beyond. We expect to open at least two new additional stores this year. Now, let me turn the call over to CFO Michael Schwindle to review the financial results. Michael? Thank you, Jackie. Good morning, everyone, and thank you for joining us. Before we open for questions, I have a few highlights for Q4 and the full year to cover. For the sake of clarity, the numbers I am discussing today are all non-GAAP in nature and exclude the charges outlined in today's press release. A complete detail of items excluded from the non-GAAP numbers, as well as a reconciliation of GAAP to non-GAAP, can also be found in the release. Beginning with our Q4, consolidated net revenues totaled $133.3 million, compared to $147.1 million in the prior year. Consolidated net income totaled $3.5 million, or $0.11 per diluted share, compared to a net loss of $1 million, or $0.03 per diluted share last year. The current year Q4 consisted of 14 weeks, compared to 13 weeks in the prior year Q4. The full year, fiscal 2024, consisted of 53 weeks, compared to 52 weeks in the prior fiscal year. Comparable sales discussed by Jackie and myself during this call were calculated based on 13 weeks in each of Q4 and 52 weeks in each of the fiscal years. The additional week contributed approximately $6 million in net revenues and increased earnings per share by approximately $0.01 for both the current year Q4 and the fiscal 2024 year. Current year Q4, Vera Bradley direct segment revenues totaled $93 million, a 6.6% decrease from $99.5 million in the prior year Q4. Comparable sales decreased 10% from the prior year, largely driven by weakness in the outlet and full-line channels. Total revenues were also impacted by store closures over the last 12 months, including eight full-line stores and one outlet store, while we also opened three outlet stores over the last 12 months. Vera Bradley indirect segment revenues totaled $16.1 million, a 3.7% decrease over $16.7 million in the prior year Q4. The decrease was primarily related to lower sales to certain specialty partners and key accounts. Pura Vida segment revenues totaled $24.2 million, a 21.6% decrease from $30.9 million in the prior year Q4, primarily a result of declines in e-commerce and wholesale sales. Q4 gross margin totaled $69.6 million, or 52.3% of net revenues, compared to $60.7 million, or 41.3% of net revenues. The current year gross margin rate compared to the prior year rate was favorably impacted by lower year-over-year inventory reserve charges, lower inbound and outbound freight expense, lower supply chain costs, and sell-through of previously reserved inventory, partially offset by increased promotional activity. Prior year gross margin was materially impacted by inventory reserve charges and high inbound and outbound freight expense, as well as overhead costs. SG&A expenses in Q4 totaled $65.7 million, or 49.3% of net revenues, compared to $64.4 million, or 43.8% of net revenues in the prior year Q4. Vera Bradley's current year non-GAAP SG&A expenses were higher than the prior year quarter, primarily due to incremental marketing expenses in the quarter, partially offset by savings from company-wide cost reduction initiatives. Q4 consolidated operating income totaled $4.1 million, or 3.1% of net revenues, compared to a consolidated net operating loss of $3.5 million, or 2.4% of net revenues in the prior year. Now turning to the full year results, our consolidated net revenues for the year totaled $470.8 million, compared to $500 million last year. Consolidated net income totaled $17.2 million, or $0.55 per diluted share, compared to a net loss of $3.2 million, or $0.10 per diluted share last year. Vera Bradley direct segment revenues for the current year, current fiscal year totaled $309.9 million, a 5.6% decrease from $328.2 million in the prior year. Comparable sales for the year declined by 7.1%. Vera Bradley indirect segment revenues for the fiscal year totaled $73.8 million, a 0.7% increase over $73.3 million in the prior year, primarily reflecting an increase in certain key account orders, partially offset by a decline in certain specialty partner revenues. Current year Pura Vida segment revenues totaled $87.1 million, an 11.5% decrease from $98.4 million in the prior year, reflecting declines in e-commerce and wholesale sales, partially offset by growth in retail store sales. Gross margin for the current fiscal year totaled $256.4 million, or 54.5% of net revenues, compared to $240.5 million, or 48.1% of net revenues last year. The current year gross profit rate, compared to the prior year, was favorably impacted again by year-over-year inventory reserve charges, lower year-over-year inbound and outbound freight expense, lower supply chain costs, and sell-through of previously reserved inventory, partially offset by an increase in promotional activity. For the fiscal year, SG&A expense totaled $234.7 million, or 49.9% of net revenues, compared to $245.3 million, or 49.1% of net revenues in the prior year. The decline in the current year expenses was driven by company-wide cost reduction initiatives. For the fiscal year, the company's consolidated operating income totaled $22.6 million, or 4.8% of net revenues, compared to consolidated operating loss of $4.4 million, or 0.9% of net revenues in the prior year. Now turning to the balance sheet. Our fiscal year-end cash and cash equivalents totaled $77.3 million, compared to $46.6 million at the end of the last fiscal year. We continued to have no borrowings on our $75 million ABL facility at year-end. Total fiscal year-end inventory was $118.3 million, compared to $142.3 million last year. We have taken strategic actions to reduce our inventory levels and believe we are appropriately positioned as we head into spring and prepare for our new product launches in July. In fiscal 2024, we purchased approximately 360,000 shares of common stock at an average price of $6.10 per share, for an aggregate of approximately $2.2 million. $25.5 million remains under our $50 million repurchase authorization, and that expires in December 2024. Now, looking forward to our guidance for fiscal 2025, our estimates for fiscal 2025 are based on current macroeconomic trends and expectations as we begin to unveil the results of Project Restoration and the launch of New Day mid-year. As a result of this timing, we expect to continue to experience some revenue challenges in the first half of the fiscal year and see improving sales and profitability trends in the second half of the year. We expect to continue to take advantage of gross margin improvement opportunities, and we'll manage our expense structure diligently. As a reminder, all forward-looking guidance numbers are on a Non-GAAP basis. For the full year fiscal 2025, we expect consolidated net revenues of $460 to 480 million. As a reminder, net revenues totaled $470.8 million in fiscal 2024. We expect Vera Bradley brand sales to grow by low single digits for the year, with accelerating sales in the second half as we launch new products, branding, and marketing. We anticipate Pura Vida brand sales will decline in the mid-teen range as we continue to manage the business for profitability by addressing marketing efficiencies impacting e-commerce sales, which will be partially offset by increased retail sales. We also expect consolidated gross margin of 54% to 55%, compared to 54.5% in fiscal 2024. The fiscal 2025 gross profit rate is expected to be relatively flat to last year due to product margin improvements and lower supply chain costs, offset by increased shipping costs. Consolidated SG&A expense is expected to range from $229 to 239 million, compared to $234.7 million last year. Year-over-year SG&A expenses are expected to be relatively flat to last year, driven by incremental marketing investments associated with the New Day launch, offset by company-wide expense reductions and lower Pura Vida expenses. This results in anticipated consolidated operating income of $21 to 24.5 million, compared to $22.6 million in Fiscal 2024, along with diluted earnings per share of $0.54 to 0.62, compared to $0.55 last year. We also expect net capital spending of approximately $12 to 14 million versus $3.8 million last year. This spend reflects investments associated with new and remodeled stores, as well as technology and logistics enhancements. As a result, our free cash flow is anticipated to be approximately $10 million in fiscal 2025, compared to $44.2 million in fiscal 2024. T hat concludes our formal remarks. Sherry, we'd like to open up the call for questions. Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Our first question is from Joe Gomes with Noble Capital Markets. Please proceed. Good morning. Morning, Joe. Just, Jackie, you've talked about a lot of changes coming on both of the brands in calendar year 2024. You know, you've, you've been there for 18 months. Michael, you've been there for about a year. You know, talked about Project Restoration for, you know, roughly a year. Is the, the challenge of turning around that, just that much bigger than you originally anticipated, or is there, you know, just things that are, are occurring that has taken you a relatively long period of time to get your hands around it in order to come up with the changes here that you've outlined today? That's a great question, Joe. T he short answer to that is no. We are absolutely on track in terms of our efforts to turn around the business. The first thing that we really had to deal with was a very long product life cycle. Y ou know, I've been here about 15 months, and our product life cycle is roughly 18 months. Y ou know, kind of getting in the seat and then hiring the team to be able to do this level of transformation, you know, we're really where we need to be in terms of launching all of this in the middle of the year. I would say further to that, it is, this is a, it's a big change, and it's the one thing, you know, over the years, many people have followed the brand, and there's been a lot of things at Vera Bradley, specifically, that we've done. This is a different effort. This is a very comprehensive effort that's really, you know, outlined by Project Restoration. It's not just one part of the pillar, it's the entire pillar. T his was a bigger effort, and then I, you know, expect to see that in the middle of the year when we launch New Day for Vera Bradley, that we'll see some really good results. On the Pura Vida side, a different, definitely different issues. We're, you know, seeing some other external issues that have really kind of caused us to say, "You know what? This is a business that we're going to manage for profitability." We did that this year. We did that for the year, we did that for the quarter. Y ou know, I feel our plans are really on track. Okay, thanks for that. Appreciate that. In the comments today, you talked about, you know, improving the quality of the fabrics with the unchanged retail price. Does that have any margin impact, or have you got to the point where, you know, margins that won't impact margins by improving the quality of your fabrics but maintaining price? That's a great question, too, and we kind of expected that one today. I t, it's definitely. The short answer to that is no. We are actually expecting our product margins to be about the same or a little bit better. T hat's because of mix shift, for sure, is one element, and then another element is just the designs that we've just been able to design into, you know, into styles that can highlight the fabrics, the new and improved fabrics that we're using with less make. Okay, thank you. Y ou also talked about, you know, the new full-line format with a focus on lifestyle centers. I was wondering if you could just kind of give us what you meant by that or what you mean by that. It's really just the alternative to our in-mall formats, which is currently the majority of our fleet. We would like to mix up that ratio and be in a little more lifestyle center. Y ou know, places that are shopping centers that are anchored with Whole Foods and places where she's going all the time. Y ou know, all of this is really centered around, for Vera Bradley, centered around the customer and understanding where she shops, not only from a specialty or a lifestyle retailer point of view, but where she's going every day, and how do we just get in more in the front of her mind and consideration set. Okay, one more, if I may. 2025, fiscal 2025 is, based on your guidance today, kind of going to be a replay of 2024 from a financial point of view. I was just wondering, you know, what do you think or what do you see could occur that might make 2025 a better outcome from a financial point of view than 2024? Michael, you want to take that? Let me jump in first. I think, you know, the first and the biggest of this would be, you know, customer reaction on the other side of New Day. You know, we are being you know, pretty diligent and judicious in our expectations, making sure that we've got an organization that's focused on delivering. T o the extent that consumer reaction is, obviously better than what we had planned, that would obviously be better results as well. I think additionally, as I mentioned in my forward-looking comments, we are anticipating some continued overhang, economic macroeconomic overhang. We saw over the course of 2024, and we talked about this on prior calls, we saw sequential declines in traffic patterns, across most of the year. That continued through into Q4 as well, and I think that's reflected in a lot of other retailer results that have been released over the last week or two. W e have continued to anticipate that some portion of that's gonna continue to hang over into 2025. So if that outlook gets better, then, of course, the rising tide lifts all boats on that as well. Great. I appreciate you guys taking my questions, and look forward to an interesting 2025. Thanks, Joe. Thanks, Joe. Our next question is from Eric Beder with SCC Research. Please proceed. Good morning. Morning. Morning, Eric. Good morning. Y ou've made tremendous progress in terms of reducing the inventory levels. I gather from what I'm hearing in your guide, that's gonna start to level off. How should we be thinking about the inventories going forward? Broadly, as we guided, broadly, we're expecting inventory to be relatively flat on a year-end, over year-end, basis in fiscal 2025. However, given what's going on underneath the surface of that, that will actually represent a bit of an improvement. We are doing a fairly substantial merchandise shift across our channels as part of launching New Day, which will happen mid-year. Additionally, there might be some additional unit turnover improvements that I think will be under the surface, beyond that as well. W e'll see as we go forward, broadly, you should start to see sales and inventory patterns run similarly, on the other side of that. But, you know, we think that it'll actually, year-end flat will be actually some structural improvement under the hood. Okay. You know, you talked about looking at the, while you're adding stores, you also talked about looking at the composition of the stores you have. What do you have in terms of lease expirations and flexibility to do that now and going forward? That's a great question. You know, we have. Oh, gosh, every year, we have a body of stores come up for renewal. As we are approaching landlords at this juncture, we are finding a lot of receptivity to renegotiating lease terms as we move forward. Broadly, there's a couple of closures that will happen this year on the full line side, but broadly, we're very happy with the fleet as it is and are looking to continue to extend our stays. That, as Jackie mentioned, there's a body of work that we will be doing in our stores this coming year, as part of New Day, so there'll be a lot of refreshing going on in our stores. T hat's part of the conversation as well. We've started to have initial conversations with landlords, and, you know, I think the landlords are excited about what we're doing and the outlook on both product and store refreshes. Great. Is the goal to have the refreshes done at the start of New Day, or is that gonna be an ongoing process? How should we be thinking about that? I think the short answer to your question is yes. You know, this is one of those that with all of the different refreshes across all of the different stores, it will not all exactly synchronize to the day of product arriving in the stores, but we're working very diligently as a team to make sure that everything is coordinated as tightly as possible. Okay. W hen we look at. You know, you've kind of hinted around this. What should we be thinking in terms of the categories that are gonna be in the stores? Are they you know, are we gonna see less categories and a deeper focus? I think you've kind of implied that, but I'd like to get kind of a confirmation, and beyond travel, what are the key core categories that you want to be in? That's a great question, Eric, and I think it's going to it'll vary a little bit from the outlet segment to the full-line segment. I n outlet, you'll largely see that the categories remain unchanged. Though we're looking, obviously, we have a lot of tests that are going on right now from marketing, store merchandising, price points, discounts, everything, a lot of tests around the outlet fleet now. Largely, you won't see a lot of difference in terms of product category breadth. You will likely see some difference in offer breadth, and reduction there. O n the full-line side, really in the stores, there will be more of a focus on travel and bags. Really, that's where, where we looked at the data, that is the place where we're really own the business, is, is bags. Not as much backpacks. B ackpacks, we've, we've kind of, maintained our, our business over the years. But, but true, you know, handbags, belt bags, some of those, those little, the little more fashionable items, we have not been as strong. Y ou'll definitely see our, our commitment to travel, which is really the core of our brand, but then some extension, into bags and, you know, potentially some, unproductive categories, moving out of the full-line stores. Okay. L ast one on Pura Vida. Y ou mentioned opening some more stores in Pura Vida. Obviously, the sales have been tough. You know, are you still seeing the strong results in the stores that you have opened to make, and I guess, the surrounding areas to justify more stores? W hat would be different on the stores you're opening now than the ones you did the first two or three? That's a great question. I'll take the first part, and then I'll let Michael add if there's anything. W e still see, I mean, the Pura Vida performance is largely, you know, it's almost three different businesses in terms of the category results or the channel results. R etail is still strong and very profitable. Y ou know, e-commerce really is because so much of the business is in e-commerce. Y ou know, the minute that we hit increased costs that affect our new customer acquisition rate, you definitely see challenges in the top line. W e still feel strongly about the stores. Some of the stores that we opened last year are really good, so we're kind of looking at how do we take that specific model and, you know, find the places that are going to produce those same results. T hat's really what we're doing right now. Anything to add? I would add that, you know, we've seen some really good success in tourist-oriented areas. As we look forward and are mapping out the next couple of stores, that's a bit where our focus is. I think the upside from that, from a broader branding and business perspective, is it gives you a much bigger footprint nationally than it does just in the local market, because you're tapping people who are coming into that area from all over the country. Okay. All right, guys, look forward to seeing this all in July. Thank you. Thanks, Eric. Thank you, Eric. As a reminder, just star one on your telephone keypad if you would like to ask a question. We will just pause for a brief moment to see if there's any final questions. With no further questions, I would like to hand the conference back over to Jackie for closing remarks. Thank you, Sherry. Our entire team is dedicated to returning the company to profitable growth and generating strong cash flow through Project Restoration, which should deliver value to our shareholders over the long term. We are on track with our Project Restoration initiatives. Thank you for joining us today, and we look forward to sharing our progress with you on our Q1 earnings call on 12 June. Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.