Earnings call transcript: Vera Bradley Q4 2025 misses forecasts, shares fall

Vera Bradley Inc. reported its fiscal fourth-quarter 2025 earnings, revealing a significant miss in both earnings per share (EPS) and revenue compared to analyst expectations. The company posted an EPS of -$0.30, falling short of the forecasted $0.055. Revenue reached $99.96 million, below the anticipated $110.86 million. Following the earnings release, the company’s stock price dropped 9% in pre-market trading, reflecting investor disappointment. According to InvestingPro data, the company has been struggling with profitability, showing negative earnings over the last twelve months and a concerning revenue decline of 16.37%.

Key Takeaways

• Vera Bradley reported a net loss of $8.3 million for Q4 2025.
• The company’s revenue decreased by 25% compared to the previous year.
• Gross margin declined from 52.3% to 45.7%.
• The stock price fell 9% following the earnings announcement.
• The company plans to target $20 million in cost savings for fiscal 2026.

Company Performance

Vera Bradley’s performance in Q4 2025 was marked by a decline in both revenue and profitability. The company’s consolidated revenues fell to $100 million from $133.3 million in the same quarter last year. The direct and indirect segments saw significant decreases, with the Pura Vida segment experiencing a 44% drop. The challenging macroeconomic environment, particularly affecting customers with household incomes under $75,000, contributed to the downturn.

Financial Highlights

• Revenue: $99.96 million (down from $133.3 million YoY)
• Earnings per share: -$0.30 (compared to $0.055 forecasted)
• Gross margin: 45.7% (down from 52.3% YoY)

Earnings vs. Forecast

Vera Bradley’s Q4 2025 earnings significantly missed market expectations. The actual EPS of -$0.30 was well below the forecasted $0.055, representing a substantial negative surprise. Revenue also fell short of the $110.86 million forecast, indicating challenges in meeting market demands and operational efficiency.

Market Reaction

Following the earnings announcement, Vera Bradley’s stock experienced a 9% decline in pre-market trading. This drop reflects investor concerns over the company’s ability to meet financial expectations and its ongoing operational challenges. The stock’s movement contrasts with its 52-week range, where it has fluctuated between $2.18 and $8.32. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with a high beta of 1.99 suggesting significant volatility. Despite challenges, the company maintains a strong current ratio of 3.09, indicating solid short-term liquidity. For deeper insights into Vera Bradley’s valuation and 14+ additional ProTips, consider exploring the comprehensive Pro Research Report available on InvestingPro.

Outlook & Guidance

For fiscal 2026, Vera Bradley projects consolidated net revenues of approximately $280 million and an expected gross margin of 52.5%. The company aims to reduce SG&A expenses to about $155 million and anticipates an operating loss of around $6 million. Vera Bradley plans to continue focusing on cost-saving measures, targeting $20 million in savings.

Executive Commentary

CEO Jackie Ardrey emphasized the company’s strategic focus, stating, "We see this as a year of stabilization requiring patience and continued optimization." Ardrey also highlighted the company’s commitment to long-term growth, noting, "Our leading indicators show we’re on the right path."

Risks and Challenges

• Economic pressures affecting consumer spending, particularly among lower-income households.
• Intense competition in the retail sector, impacting market share.
• Execution risks related to strategic transformation and cost-saving initiatives.
• Potential disruptions in supply chains affecting inventory management.
• The necessity for successful product innovation to attract new customers.

Q&A

During the earnings call, analysts inquired about the success of the Target marketplace, product modifications based on customer feedback, and challenges faced in outlet channels. The company reiterated its strategy of adapting to customer insights and emphasized the importance of collaborations and partnerships in driving future growth.

Full transcript - Vera Bradley Inc (VRA) Q4 2025:

Conference Operator: Greetings, and welcome to the Vera Bradley Fourth Quarter Fiscal twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mark Delai, Chief Administrative Officer.

Thank you, sir. You may begin.

Mark Delai, Chief Administrative Officer, Vera Bradley: 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 the call over to Vera Bradley’s CEO, Jackie Ardrey. Jackie?

Jackie Ardrey, CEO, Vera Bradley: Good morning, everyone, and thank you for joining us today for Vera Bradley’s fourth quarter and full year earnings call. The fourth quarter remained challenging as we continued to navigate the early stages of project restoration, our comprehensive strategic initiative to transform our business model and brand positioning. While we experienced sequential improvement, particularly in our Vera Bradley direct channel, which performed overall expectations, we acknowledge that our transformation is taking longer than initially anticipated. The migration of business from stores, particularly in our outlet locations to e commerce, represented an unexpected shift creating near term profitability challenges that we are actively addressing with targeted strategies. While we remain confident in our strategic direction, we continue to make refinements based on selling data and customer feedback.

Most of these shifts are occurring in our product and pricing strategy. We will be expanding our heritage products, reducing assortment in higher price points as well as bringing back regular deliveries of licensed product and some styles our customers are asking for. I’m also excited to share that we have a strong pipeline of new business development in our indirect channel that will begin to bear fruit later this year. Before we dive deeper into our results, I’d like to share an important development. In an effort to concentrate our resources on strengthening Vera Bradley’s position in the marketplace aligned with our long term transformation, yesterday, we signed a purchase agreement to sell the Pura Vida business.

The sale of Pura Vida represents a significant step in our strategic evolution. We expect to close this sale by the end of the first quarter. I’ll now provide more detail on our quarterly performance and our strategic initiatives before handing it over to Michael to discuss our financial results in greater depth. We registered fourth quarter revenues of $100,000,000 Our direct channel performance was mixed. E commerce revenues were roughly flat to last year, a significant sequential improvement from Q3, while our branded outlet stores experienced declines in both traffic and conversion.

During the quarter, we observed a significant divergence in customer behavior that provides valuable insights for strategic tactical adjustments as we move forward. While our outlet business faced challenges due to macroeconomic pressures and our concentration of customers with household incomes under $75,000 we’re seeing promising growth in higher income segments. Most notably, we achieved approximately 10% growth among customers aged 18 to 34 with household incomes above $100,000 This just highlights both our current challenges and future opportunities as we execute our transformation strategy. We’re also encouraged by accelerating new customer acquisition, a trend that has continued into this year. Our early cohort analysis reveals that new customers are making higher value initial purchases compared to historical averages and spending more on repeat purchases.

We remain committed to diversifying our customer base for the long term health of the Vera Bradley brand. Our Q4 gross margin was 45.7% below our expectations and down from 52.3% last year. This variance reflects a mix shift across our store and online channels in response to our strategic decision to adjust promotional and pricing strategies to strengthen our value position and address market conditions. Moving forward, we’re implementing a refined testing framework for both promotional cadence and pricing architecture to optimize the balance between customer engagement and margin protection across all channels. We introduced expanded price points across both branded and outlet channels, which successfully increased customer engagement.

This approach delivered particularly strong results in gifting items under $50 cosmetic cases and our Wicked collection product line. Inventory optimization remains a cornerstone of our strategic transformation. Building on our previous discussions, we’ve implemented comprehensive changes to our inventory approach across sourcing, procurement and management functions. Our merchandising and planning teams have established rigorous inventory controls across all channels by focusing on three key initiatives: curating payer assortments, implementing strategic key item management and enforcing more disciplined buying practices. Additionally, our enhanced material sourcing capabilities now enable us to rapidly adjust to evolving consumer preferences.

These efforts have already yielded measurable results with year end inventory 7% below prior year levels. Looking ahead to fiscal twenty twenty six, we’re targeting a further 10% reduction in overall inventory. This disciplined approach will increase our operational agility to respond to customer trends, while accelerating our product innovation cycle to deliver greater newness to market. Looking ahead, we’re steadily decreasing our business reliance on clearance and liquidation activities, a natural byproduct of our stronger inventory management practices. Over a multi year period, we anticipate several structural changes in the business, some of which have already begun.

While we may experience some reduced sales velocity, this will be partially offset by improved gross margins as clearance and liquidation become structurally smaller components within our business model. This shift will affect both our direct channel and our indirect channel, which has historically relied more heavily on high levels of discounting. Having said that, a particular Q4 highlight was our performance on target marketplace, which delivered exceptional results and is informing our new channel initiative to be where she shops. This digital marketplace success demonstrates the importance of engaging customers in their preferred shopping environments. We are developing a clear path forward for our business designed to diversify our distribution and strengthen our partnerships.

I look forward to updating you on our progress on future calls. Shifting briefly to our indirect channel. In Q4, the primary headwinds we faced stemmed from a reduction in specialty accounts and strategically reduced liquidation sales. Our Urban Outfitters collaboration was a standout performer in Q4 as we deepened our strategic partnership with more exciting things to come. The Urban Outfitters customer base aligns well with our more diverse and younger target demographic, creating mutual value for both Vera Bradley and Urban Outfitters.

I’d like to highlight our data driven product refinements based on sales analytics and customer insights. Our Q4 rollout of adjusted styles has showcased encouraging results outperforming the balance of our assortment. These targeted modifications, including longer and wider straps and zippered closures, directly address specific customer requests we’ve identified through our feedback channels. This successful initial response validates our agile adaptation strategy and we’re accelerating implementation throughout Q1 and Q2. This early market validation not only confirms our customer centric approach, but also demonstrates our ability to rapidly translate feedback into tangible product improvements that drive results.

Partnerships and collaborations continue to be a vital component of our strategic approach. Our Wicked collection was extremely successful, not only driving significant revenue, but also attracting new high value customers within our target demographic range. This success reinforces our belief that licensed properties remain an important customer acquisition tool for Vera Bradley, and we have several exciting properties in our pipeline for both our outlet and brand channels this year. As I mentioned, I’m excited about our partnership and collaboration pipeline that will begin to take shape later this year and next year. We are in advanced negotiations new customer acquisition and revenue growth.

We look forward to new customer acquisition and revenue growth. We look forward to sharing more details about these exciting developments in the coming months as these partnerships are finalized. Operational improvements continue to be a core focus as we strengthen the fundamentals of our business. As discussed in prior calls, we’re making great progress on enhancing our operational acumen across the organization. We’ve sharpened our attention on cost structure through targeted improvements in store operations, distribution center efficiency, marketing effectiveness and overall cost management.

As Michael will discuss, we met our internal SG and A expectation and we anticipate further improvements this year. I’m also pleased to report that our previously announced efficiency initiative for fiscal twenty twenty six remains on track and we expect to deliver cost savings at a minimum of $20,000,000 this year. Importantly and in light of the uncertain macro and consumer environment, we will continue to manage severe Bradley business prudently. Our capital spending will be down significantly in fiscal twenty twenty six, and we anticipate improved working capital and other operational efficiencies to result in a higher cash position at year end compared to last year. We entered the new fiscal year at a strong financial position with no debt, dollars 30,000,000 in cash and liquidity of $75,000,000 providing flexibility to operate our business transformation while maintaining a solid financial foundation.

As we look ahead to fiscal twenty twenty six, we see this as a year of stabilization requiring patients and continued optimization. Vera Bradley is on a journey to long term health and the steps we are taking today are critical to our successful path forward. This year, we will focus on stabilizing our customer file and beginning to grow from a healthier place with marketing spend diversification and optimization serving as critical inputs to our success. Generating brand heat and relevancy is a key focus for fiscal twenty twenty six. We recognized that when our business was at its peak, placements in thousands of doors across the country drove brand awareness.

Today, our approach has evolved to leverage social media, strategic collaborations and targeted wholesale door expansion. Exposure on mass retailers where people shop with modernized and relevant product will be a critical part of our brand revitalization. I want to emphasize that our leading indicators show we’re on the right path. Although lagging indicators are developing more slowly than we’d like, we have confidence that the adjustments we’re making are the right ones for long term health. The green shoots we’ve discussed today all validate our strategic direction.

We remain committed to returning Vera Bradley to long term profitable growth and creating value for our shareholders. I want to thank our teams across the organization for their continued agility and flexibility as we march forward on the Vera Bradley transformation journey. With that, I will pass it to Michael to provide a financial review of our fourth quarter results and our outlook for fiscal twenty twenty six. Michael?

Michael, CFO, Vera Bradley: Thanks, Jackie. Good morning, everyone, and thank you for joining us. I’ll open this up for questions in a few minutes, but first, I want to cover the results for the quarter as well as briefly discuss our guidance for fiscal twenty twenty six. For the sake of clarity, all the numbers I am discussing today are non GAAP and exclude the charges outlined today 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 be found in that release.

Additionally, our prior year was a fifty three week year versus a normal fifty two week year. This extra week in the prior year fourth quarter and full year contributed approximately $6,000,000 in net revenues and increased earnings diluted earnings per share by approximately $0.01 Where appropriate, I will be highlighting our performance on a fifty two week basis on this call. So for the fourth quarter of fiscal twenty twenty five, our consolidated revenues totaled $100,000,000 compared to $133,300,000 in the prior year fourth quarter. Our net loss for fourth quarter totaled $8,300,000 or $0.3 per diluted share compared to a net income of $3,500,000 last year or $0.11 per diluted share. In terms of segment performance, Vera Bradley direct segment revenues for the current year fourth quarter totaled $76,500,000 a 17.8% decrease from $93,000,000 in the prior year fourth quarter.

On a fifty two week basis, however, of the fourth quarter direct revenue decreased approximately 15%. Comparable sales similarly declined 17.5% with the largest impact in the outlet channel, which continue to experience similar challenges to prior quarters. Total revenues year over year were also impacted by eight new store openings and six store closures since the prior year fourth quarter. Vera Bradley indirect segment revenues for the fourth quarter totaled $9,900,000 a 39% decrease from $16,100,000 in the prior year fourth quarter. The decrease was related primarily to a decline in specialty and key account orders and a decrease in liquidation sales, as well as end of quarter third party shipping delays, which caused some shipments to slip into the first quarter of our fiscal twenty twenty six.

Pura Vida segment revenues for fourth quarter totaled $13,600,000 a 44% decrease from $24,200,000 in the prior year fourth quarter, primarily related to declines in e commerce and wholesale revenues, partially offset by retail store growth associated with two new stores. In response to rising digital marketing costs that began in late third quarter last year, the Pura Vida team has been focused on marketing efficiency as well as digital marketing diversification. Non GAAP fourth quarter gross margin totaled $45,700,000 or 45.7% of net revenues compared to $69,600,000 or 52.3% of net revenues in the prior year. The year over year margin rate decrease was driven by sales channel mix, which also contributed to increased outbound freight cost along with excess inventory reserve adjustments in the Pura Vida segment. Non GAAP SG and A expense totaled $57,900,000 or 57.9% of net revenues compared to $65,700,000 or 49.3% of net revenues in the prior year fourth quarter.

The $7,800,000 decrease in expenses was primarily due to cost reduction initiatives along with lower variable expenses. We have discussed in prior updates our focus on strong operating discipline and we’re pleased with the progress of the organization is in building this discipline. We continue to closely examine areas of our organization for process and cost opportunities and our teams are increasingly diligent and attentive to cost management. Our fourth quarter non GAAP consolidated operating loss totaled $12,000,000 compared to operating income of $4,100,000 in the prior year. Now turning to the balance sheet.

Our year end cash and cash equivalents totaled $30,400,000 We continue to have no borrowings on our $75,000,000 ABL facility at quarter end. Total year inventory declined 7% to $110,000,000 compared to $118,300,000 at the prior year fiscal year end. We have been intensely focused on redefining how we approach inventory acquisition and management, as Jack even noted earlier, and continue to take strategic actions in our merchandising and sourcing processes to improve both product flow and quality. These efforts have already impacted meaningfully our ability to navigate this fiscal year and will continue to drive improvements as well as reduced inventory levels into the future. During the fourth quarter, we repurchased approximately $600,000 of common stock or approximately 113,000 shares bringing the total repurchase for the fiscal year to approximately $21,800,000 In December 2024, our Board of Directors approved an additional $30,000,000 repurchase authorization, which commenced in December 2025 and extends for three years.

The company does not currently have plans to purchase under the 2024 share repurchase agreement, but anticipates utilizing it in the future depending on the company’s cash position. Finally, I’d like to go through our guidance for fiscal twenty twenty six. As a reminder, all forward looking guidance is on a non GAAP basis. This guidance also excludes results for Pura Vida pursuant to our sale announcement this morning and for all period and will exclude Pura Vida for all periods where except where I note otherwise. As Jackie noted in her comments, we continue to make progress in our transformation journey.

In light of economic trends and consumer uncertainty, however, we expect continued business headwinds for this coming year. Similar to what other retailers have noted in their business updates, our customer continues to experience wide ranging economic concerns, which has caused shifts across our channels that we are actively addressing with targeted strategies. For the full year of fiscal twenty twenty six, we expect consolidated net revenues of approximately $280,000,000 This broadly reflects continued consumer challenges, especially in the first half of this year. As a result, we expect to see sequential improvement as we move through the year. We expect consolidated gross margin for the year of approximately 52.5% compared to 50.3% in fiscal twenty twenty five.

The gross margin change is the result of product margin improvements along with lower supply chain costs from continued structural cost reductions. Consolidated SG and A expense is expected to be approximately $155,000,000 compared to $178,200,000 in fiscal twenty twenty five. Year over year SG and A expense reductions are the result of continued structural cost reductions across many aspects of our business along with decreased variable costs. We remain very dedicated to sound business discipline and we are pleased to see the financial and operational improvements that have come with organizational simplification and focus. All of this is expected to result in a consolidated operating loss of approximately $6,000,000 compared to an operating loss of $16,900,000 in fiscal twenty twenty five.

Consolidated diluted earnings per share expected to be approximately $0.15 loss. Fiscal twenty twenty five non GAAP diluted earnings per share totaled $0.64 on a total company basis, which does include Pura Vida. In terms of capital spend, we expect approximately $4,000,000 this year versus $10,000,000 last year. This reflects a much tighter focus on our business, in particular around technology and infrastructure investments. In terms of inventory management, we continue to sharpen our focus around disciplined buying and open to buy management, as we mentioned earlier.

And this heightened focus will help drive our improvements from last year and will enable us to make further inventory reductions of approximately 10% in fiscal twenty twenty six, our third year in a row of structural inventory reductions. As a result, we expect an end of year cash balance of approximately $40,000,000 And that concludes our formal remarks. Christine, can you open up the line for questions?

Conference Operator: Thank you. We will now be conducting a question and answer session. Thank you. Our first question comes from the line of Eric Beder with SCC Research. Please proceed with your question.

Michael, CFO, Vera Bradley: Good morning, Eric. We can barely hear you.

Eric Beder, Analyst, SCC Research: That’s better.

Michael, CFO, Vera Bradley: Thank you. That’s much

Eric Beder, Analyst, SCC Research: better. Okay. So I want to talk a little bit about some of the unpack some of these screenshots here a little bit. In terms of the digital marketplaces, you mentioned Target. Is the focus here A, to add more of those?

And B, what are you seeing in the differences in terms of purchasing and customer base from those items?

Jackie Ardrey, CEO, Vera Bradley: So Eric, it’s a great question. We’re definitely seeing on target marketplace that the customer doesn’t look very different and what we’re selling is pretty similar to what we’re selling. I think it’s again, as I mentioned, it’s around being where the customer wants to shop and meeting her where she is. And that has been it’s been a really great development. Target marketplace has been extremely successful and much better than our expectations.

So it’s again, it’s really kind of helped us pivot into an indirect strategy that we think is going to bear fruit later this year.

Eric Beder, Analyst, SCC Research: And in terms of okay. And so in terms of collaborations and other pieces, I know last year with all the project restoration and other pieces going on, it was a little bit tougher to plan that. But as you saw with Wicked, Wicked was a very strong collaboration. How should we be thinking here this year in terms of the flows of those collaborations both in store and as you mentioned like with Urban Outfitters as a collaboration out store?

Jackie Ardrey, CEO, Vera Bradley: Yes. So the Wicked as we think about it internally, Wicked is more kind of the what we call IP or intellectual property. And so a little bit more under our control in terms of just going out and negotiating with those properties and being able to launch them on our floor. We’ll see we did pull back a little bit during New Day with the IP collections, but we obviously are seeing that IP can bring us a new a very desirable customer. And And also our existing customer loves our IP group.

So we’ll definitely see a more robust IP assortment to come through this year and next year. But then the collaborations and partnerships, some like Urban, for example, Urban Outfitters, there’s those have really just come since New Day. So again, we got a couple of quarters of difficult results. But all those things that we started with New Day are actually behind the scenes really starting to bear fruit in terms of brands and other companies who want to collaborate with us. So it’s we’ve got a really nice pipeline even through next year now that will really help us bring new customers to the brand.

Eric Beder, Analyst, SCC Research: Okay. And the final question here. So I know that you have done changes in terms of kind of how you’ve shown the product and tweaked it. They came out in February like more straps and zippers and pockets. What has been the response to that?

And how do you balance and I know this is kind of a thing it’s kind of the whole point. How do you balance the old customer, new customer to make kind of both of them happy? Thank you.

Jackie Ardrey, CEO, Vera Bradley: So first, I would say that we watch our selling very closely in terms of age ranges and new versus existing just to really understand her better and understand how what she’s buying, what each customer is interested in. And so we take cues from that analysis to ensure that we’re going forward in the right direction. But the going back to your question about the straps and zippers, we don’t even there’s the product is still flowing in, but we clearly I mean, have to own it. We made a mistake. This some of the styling that we replaced, it was just not something that she wanted.

So as we see those styles come in, they are actually outselling at this point, what the previous styles were. So we’re really encouraged by that. And as the different styles and colors continue to flow in, we’re very hopeful that this customer is resilient and she sees that we’re listening. She’s definitely told us that, that she hears that, hey, they spoke up and said, we need these things and we gave them to her as quickly as we could. So I’m very happy about that.

Eric Beder, Analyst, SCC Research: Okay. Good luck. The rest of the year.

Jackie Ardrey, CEO, Vera Bradley: Thank you.

Michael, CFO, Vera Bradley: Thank you, Eric.

Conference Operator: Our next question comes from the line of Daniel Harriman with Sidoti. Please proceed with your question.

Daniel Harriman, Analyst, Sidoti: Thank you, Michael, good morning. Thank you for taking my call and questions. Just a quick one for me today. And obviously, I know that the company has had to pivot many times now and I know that’s frustrating. But as we look to fiscal twenty twenty six and beyond, just curious how you feel about your ability to pivot again if something else should come up.

And then with the revenue guide for fiscal twenty twenty six of February versus what it was in fiscal twenty twenty five without PERAVEVA, Do we look at that simply as the company continuing to manage the business through a conservative lens and also obviously the macroeconomic headwinds that the consumer is facing right now? Thank you so much and best of luck in the beginning of the year.

Jackie Ardrey, CEO, Vera Bradley: Yes. Thanks, Daniel. First, I’d like to say that the pivots that we’ve had to make, I think that they are to be expected given the amount of change that we drove. I mean, we would have expected that there were going to be things that she didn’t like and things that we needed to change. So I think that pivoting is not necessarily a bad thing.

It’s definitely when you kind of shake up a big promo strategy and shake up some styling, there’s going to be things that you have to go back and adjust. And so we’re doing that and the team is excited and embracing it. I do think though our consumer in particular is just stressed right now and that is reflected in our guidance this year. We know that, especially in our outlet channels, we have a greater proportion of customers who are under $75,000 household income. And they’re just not coming to the outlet stores right now.

And so we’re working on a lot of different strategies to improve performance within the four walls as well as marketing programs to drive people to the store. So but we expect that this year is going to continue to be tough and we are just making all the adjustments that we need to based on customer feedback and our selling results.

Daniel Harriman, Analyst, Sidoti: Okay, Jackie, that’s really helpful. Thank you so much.

Jackie Ardrey, CEO, Vera Bradley: Thank you.

Conference Operator: Thank you. We have reached the end of the question and answer session. Ms. Audrey, I’d like to turn the floor back over to you for closing comments.

Jackie Ardrey, CEO, Vera Bradley: Thank you all for joining today. We look forward to talking to you next time on our next call. This concludes our remarks today. Thank you.

Conference Operator: Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

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