Vera Bradley, Inc.

Previous wording

The following discussion summarizes the significant factors affecting the condensed consolidated operating results, financial condition, liquidity, and cash flows of the Company as of and for the thirteen and twenty-six weeks ended August 2, 2025 and August 3, 2024. The following discussion should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended February 1, 2025, and our unaudited condensed consolidated financial statements and the related notes included in Item 1 of this Quarterly Report. The results of operations for the thirteen and twenty-six weeks ended August 2, 2025, are not necessarily indicative of the results to be expected for the full fiscal year.

Current wording

The following discussion summarizes the significant factors affecting the condensed consolidated operating results, financial condition, liquidity, and cash flows of the Company as of and for the thirteen and thirty-nine weeks ended November 1, 2025 and November 2, 2024. The following discussion should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended February 1, 2025, and our unaudited condensed consolidated financial statements and the related notes included in Item 1 of this Quarterly Report. The results of operations for the thirteen and thirty-nine weeks ended November 1, 2025, are not necessarily indicative of the results to be expected for the full fiscal year.

Previous wording

Sharpening Brand Focus: We are refining our brand strategy to ensure consistent, resonant messaging across all consumer touchpoints. Led by new merchandising leadership, we are revisiting product assortment and style, reintroducing innovation to our core DNA, and emphasizing our heritage in occasion-based bags.

Current wording

Sharpening Brand Focus: We are refining our brand strategy to ensure consistent, resonant messaging across all consumer touchpoints. We are revisiting product assortment and style, reintroducing innovation to our core DNA, and emphasizing our heritage in occasion-based bags.

Previous wording

Optimizing the Operating Model: We are scrutinizing every aspect of our operating processes including product development, store labor, promotional strategies, and more to improve efficiency. This holistic review will sharpen focus on high-impact initiatives and retail KPIs across all channels.

Current wording

Resetting our go-to-market: We are scrutinizing every aspect of our operating processes including product development, store labor, promotional strategies, and more to improve efficiency. This holistic review will sharpen focus on high-impact initiatives and retail KPIs across all channels.

Previous wording

Macroeconomic and Other Factors. We continue to closely monitor the dynamic economic landscape and are actively managing the impact of elevated tariff costs. Ongoing inflationary pressures and related macroeconomic factors have continued to affect consumer discretionary spending. As a result, our Vera Bradley outlet and full-line stores continue to experience softer performance through the first six months of fiscal 2026. We remain focused on executing our strategic initiatives and adapting to current market conditions to position the business for long-term growth.

Current wording

Macroeconomic and Other Factors. We continue to closely monitor the dynamic economic landscape and are actively managing the impact of elevated tariff costs. Ongoing inflationary pressures and related macroeconomic factors have continued to affect consumer discretionary spending. As a result, our Vera Bradley outlet and full-line stores continue to experience softer performance through the first nine months of fiscal 2026 with an uptick in the later months. We remain focused on executing our strategic initiatives and adapting to current market conditions to position the business for long-term growth.

Previous wording

17.3%, which includes a 27.4% decrease in comparable store sales, partially offset by an increase in e-commerce sales of 1.3%. In addition, non-comparable revenue increased $0.3 million. The decrease in comparable sales and comparable store sales was primarily due to reduced conversion in the full-line, outlet, and e-commerce channels.

Current wording

VB Direct. For the thirteen weeks ended November 1, 2025, net revenues in the VB Direct segment decreased $2.8 million, or 5.3%, to $49.7 million, from $52.5 million in the comparable prior-year period. Vera Bradley comparable sales decreased 5.8%, which includes a 11.4% decrease in comparable store sales, partially offset by an increase in e-commerce sales of 2.0%. In addition, non-comparable revenue increased $0.2 million. The decrease in comparable sales and comparable store sales was primarily due to reduced traffic and conversion in the outlet channels.

Previous wording

VB Indirect. For the thirteen weeks ended August 2, 2025, net revenues in the VB Indirect segment decreased $11.5 million, or 52.5%, to $10.3 million, from $21.8 million in the comparable prior-year period. The decrease was primarily due to a decrease in key account orders and liquidation sales.

Current wording

VB Indirect. For the thirteen weeks ended November 1, 2025, net revenues in the VB Indirect segment decreased $5.4 million, or 30.2%, to $12.6 million, from $18.0 million in the comparable prior-year period. The decrease was primarily due to a decrease in specialty and key account orders, partially offset by increased liquidation sales.

Previous wording

For the thirteen weeks ended August 2, 2025, gross profit decreased $11.2 million, or 24.0%, to $35.5 million, from $46.7 million in the comparable prior-year period. As a percentage of net revenues, gross profit increased to 50.1% for the thirteen weeks ended August 2, 2025 from 49.7% in the comparable prior-year period. Current year gross margin was positively impacted by a decrease in liquidation sales, partially offset by channel shifts that resulted in increased incremental shipping costs.

Current wording

For the thirteen weeks ended November 1, 2025, gross profit decreased $12.2 million, or 31.8%, to $26.2 million, from $38.4 million in the comparable prior-year period. As a percentage of net revenues, gross profit decreased to 42.1% for the thirteen weeks ended November 1, 2025 from 54.5% in the comparable prior-year period. Current year gross margin was negatively impacted by a $5.9 million inventory reserve charge as well as additional duty expenses, partially offset by pricing improvements.

Previous wording

For the thirteen weeks ended August 2, 2025, SG&A expenses decreased $4.0 million, or 9.0%, to $40.4 million, from $44.4 million in the comparable prior-year period. As a percentage of net revenues, SG&A expenses increased to 57.1% for the thirteen weeks ended August 2, 2025, from 47.3% in the comparable prior-year period. For the thirteen weeks ended August 2, 2025, consolidated SG&A expenses decreased primarily due to a $2.5 million reduction in advertising costs and selling expenses resulting from sales decreases as described above; a $1.0 million decrease in employee-related costs attributable to reduced headcount; and $0.5 million reduction in net other expenses.

Current wording

For the thirteen weeks ended November 1, 2025, SG&A expenses decreased $8.0 million, or 17.2%, to $38.7 million, from $46.7 million in the comparable prior-year period. As a percentage of net revenues, SG&A expenses decreased to 62.1% for the thirteen weeks ended November 1, 2025, from 66.3% in the comparable prior-year period. For the thirteen weeks ended November 1, 2025, consolidated SG&A expenses decreased primarily due to a a $3.5 million decrease in employee-related costs attributable to reduced headcount and reduced variable compensation expense, $2.1 million reduction in property, plant and equipment impairment charge that occurred in the prior year, a $0.8 million reduction in advertising costs and selling expenses resulting from sales decreases as described above, net of the media credit write off; and a $1.6 million reduction in net other expenses.

Previous wording

For the thirteen weeks ended August 2, 2025, net other income increased $0.3 million to $0.4 million, from $0.1 million in the comparable prior-year period. The increase in net other income was primarily due to income from the Transition Services Agreement ("TSA") resulting from the sale of Creative Genius.

Current wording

For the thirteen weeks ended November 1, 2025, net other income increased $0.2 million to $0.3 million, from $0.1 million in the comparable prior-year period. The increase in net other income was primarily due to income from the Transition Services Agreement ("TSA") resulting from the sale of Creative Genius.

Previous wording

For the thirteen weeks ended August 2, 2025, there was an operating loss from continuing operations of $(4.6) million, a $7.0 million increase, or 291.9%, from operating income from continuing operations of $2.4 million in the comparable prior-year period. As a percentage of net revenues, operating (loss) income from continuing operations was (6.5)% and 2.5% for the thirteen weeks ended August 2, 2025 and August 3, 2024, respectively. Operating (loss) income from continuing operations increased due to the factors described in the captions above.

Current wording

For the thirteen weeks ended November 1, 2025, there was an operating loss from continuing operations of $(12.2) million, a $4.0 million increase, or 49.3%, from operating loss from continuing operations of $(8.2) million in the comparable prior-year period. As a percentage of net revenues, operating (loss) income from continuing operations was (19.6)% and (11.6)% for the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively. Operating (loss) income from continuing operations increased due to the factors described in the captions above.

Previous wording

VB Indirect. For the thirteen weeks ended August 2, 2025, operating income in the VB Indirect segment decreased $2.5 million, or 53.8%, to $2.2 million from $4.7 million in the comparable prior-year period. As a percentage of VB Indirect segment net revenues, operating income in the VB Indirect segment was 21.2% and 21.8% for the thirteen weeks ended August 2, 2025 and August 3, 2024, respectively. The decrease in operating income as a percentage of VB Indirect segment net revenues was due to SG&A expense deleverage associated with decreased sales.

Current wording

VB Indirect. For the thirteen weeks ended November 1, 2025, operating income in the VB Indirect segment decreased $5.2 million, or 85.4%, to $0.9 million from $6.1 million in the comparable prior-year period. As a percentage of VB Indirect segment net revenues, operating income in the VB Indirect segment was 7.0% and 33.7% for the thirteen weeks ended November 1, 2025 and November 2, 2024, respectively. The decrease in operating income as a percentage of VB Indirect segment net revenues was due to a decrease in gross margin as a percentage of revenue and SG&A expense deleverage associated with decreased sales.

Previous wording

Corporate Unallocated. For the thirteen weeks ended August 2, 2025, unallocated expenses increased $0.3 million, or 2.1%, to $16.1 million from $15.8 million in the comparable prior-year period. The increase in unallocated expenses was primarily due to $2.0 million for severance charges for former CEO; partially offset by a $0.6 million reduction in advertising spend; $0.5 million reduction in employee-related costs, including reduced headcount and lower variable compensation; $0.4 million reduction in net other expenses; and an increase in other income of $0.2 million from the TSA resulting from the sale of Creative Genius.

Current wording

Corporate Unallocated. For the thirteen weeks ended November 1, 2025, unallocated expenses decreased $0.6 million, or 3.6%, to $15.7 million from $16.3 million in the comparable prior-year period. The decrease in unallocated expenses was primarily due to reduced headcount and variable compensation expense, partially offset by an increase in other income of $0.2 million from the TSA resulting from the sale of Creative Genius.

Previous wording

For the thirteen weeks ended August 2, 2025, interest expense was $(0.1) million, a $0.3 million increase, from interest income of $0.2 million, in the comparable prior-year period.

Current wording

For the thirteen weeks ended November 1, 2025, interest expense was $(0.1) million, a $0.1 million increase, from interest income of $15 thousand, in the comparable prior-year period.

Previous wording

The effective tax rate for the thirteen weeks ended August 2, 2025, was 0.4%, compared to (188.2)% for the thirteen weeks ended August 3, 2024. The change in year-over-year effective tax rate was primarily attributable to a full valuation allowance recorded against the Company's net deferred tax assets. See Note 7 "Income Taxes" of the Notes to the Condensed Consolidated Financial Statements for additional information about the Company's interim provision for income taxes.

Current wording

The effective tax rate for the thirteen weeks ended November 1, 2025, was (0.5)%, compared to (63.8)% for the thirteen weeks ended November 2, 2024. The change in year-over-year effective tax rate was primarily attributable to a full valuation allowance recorded against the Company's net deferred tax assets. See Note 7 "Income Taxes" of the Notes to the Condensed Consolidated Financial Statements for additional information about the Company's interim provision for income taxes.

Previous wording

VB Direct. For the twenty-six weeks ended August 2, 2025, net revenues in the VB Direct segment decreased $25.1 million, or 19.5%, to $103.6 million, from $128.7 million in the comparable prior-year period. Vera Bradley comparable sales decreased 20.5%, which includes a 30.2% decrease in comparable store sales as well as a decrease in e-commerce sales of 4.8%. In addition, non-comparable revenue increased $0.3 million. The decrease in comparable sales and comparable store sales was primarily due to reduced traffic, conversion, and units sold in the full-line, outlet, and e-commerce channels.

Current wording

VB Direct. For the thirty-nine weeks ended November 1, 2025, net revenues in the VB Direct segment decreased $27.9 million, or 15.4%, to $153.3 million, from $181.1 million in the comparable prior-year period. Vera Bradley comparable sales decreased 16.1%, which includes a 24.9% decrease in comparable store sales as well as a decrease in e-commerce sales of 2.4%. In addition, non-comparable revenue increased $0.1 million. The decrease in comparable sales and comparable store sales was primarily due to reduced traffic, conversion, and units sold in the full-line, outlet, and e-commerce channels.

Previous wording

VB Indirect. For the twenty-six weeks ended August 2, 2025, net revenues in the VB Indirect segment decreased $14.4 million, or 43.2%, to $18.9 million, from $33.3 million in the comparable prior-year period. The decrease was primarily due to a decrease in key account orders and liquidation sales.

Current wording

VB Indirect. For the thirty-nine weeks ended November 1, 2025, net revenues in the VB Indirect segment decreased $19.8 million, or 38.6%, to $31.5 million, from $51.3 million in the comparable prior-year period. The decrease was primarily due to a decrease in specialty and key account orders coupled with a decline in liquidation sales.

Previous wording

For the twenty-six weeks ended August 2, 2025, gross profit decreased $22.4 million, or 27.8%, to $58.3 million, from $80.7 million in the comparable prior-year period. As a percentage of net revenues, gross profit decreased to 47.6% for the twenty-six weeks ended August 2, 2025, from 49.9% in the comparable prior-year period. Current year gross margin was negatively impacted by channel shifts that resulted in increased incremental shipping costs.

Current wording

For the thirty-nine weeks ended November 1, 2025, gross profit decreased $34.7 million, or 29.1%, to $84.5 million, from $119.2 million in the comparable prior-year period. As a percentage of net revenues, gross profit decreased to 45.7% for the thirty-nine weeks ended November 1, 2025, from 51.3% in the comparable prior-year period. Current year gross margin was negatively impacted by a $5.9 million inventory reserve charge, additional duty expenses and channel shifts that resulted in increased incremental shipping costs.

Previous wording

For the twenty-six weeks ended August 2, 2025, SG&A expenses decreased $8.3 million, or 9.3%, to $81.2 million, from $89.5 million in the comparable prior-year period. As a percentage of net revenues, SG&A expenses increased to 66.3% for the twenty-six weeks ended August 2, 2025, from 55.3% in the comparable prior-year period. For the twenty-six weeks ended August 2, 2025, consolidated SG&A expenses decreased primarily due to a $4.7 million reduction in employee-related costs, including reduced headcount and lower variable compensation; a $4.2 million reduction in advertising costs and selling expenses resulting from sales decreases as described above; and $0.4 million reduction in net other expenses. These decreases were partially offset by $1.0 million of property, plant, and equipment impairment charges in the current year period.

Current wording

For the thirty-nine weeks ended November 1, 2025, SG&A expenses decreased $16.3 million, or 12.0%, to $119.9 million, from $136.2 million in the comparable prior-year period. As a percentage of net revenues, SG&A expenses increased to 64.9% for the thirty-nine weeks ended November 1, 2025, from 58.6% in the comparable prior-year period. For the thirty-nine weeks ended November 1, 2025, consolidated SG&A expenses decreased primarily due to a $8.5 million reduction in employee-related costs, including reduced headcount and lower variable compensation; a $5.1 million reduction in advertising costs and selling expenses resulting from sales decreases as described above, net of the media credit write off; $1.0 million reduction in property, plant and equipment impairment charges and $1.7 million reduction in net other expenses.

Previous wording

For the twenty-six weeks ended August 2, 2025, net other income decreased $0.1 million to $0.5 million, from $0.6 million in the comparable prior-year period. The decrease in net other income was primarily due to a legal settlement that occurred in the prior year period, partially offset by income from the TSA resulting from the sale of Creative Genius.

Current wording

For the thirty-nine weeks ended November 1, 2025, net other income increased $0.1 million to $0.8 million, from $0.7 million in the comparable prior-year period. The increase in net other income was primarily due to income from the TSA resulting from the sale of Creative Genius, partially offset by a legal settlement that occurred in the prior year period.

Previous wording

For the twenty-six weeks ended August 2, 2025, operating loss from continuing operations increased $14.2 million, or 173.0%, to $(22.4) million, from $(8.2) million in the comparable prior-year period. As a percentage of net revenues, operating loss from continuing operations was (18.4)% and (5.0)% for the twenty-six weeks ended August 2, 2025 and August 3, 2024, respectively. Operating loss from continuing operations increased due to the factors described in the captions above.

Current wording

For the thirty-nine weeks ended November 1, 2025, operating loss from continuing operations increased $18.2 million, or 111.4%, to $(34.6) million, from $(16.4) million in the comparable prior-year period. As a percentage of net revenues, operating loss from continuing operations was (18.9)% and (6.9)% for the thirty-nine weeks ended November 1, 2025 and November 2, 2024, respectively. Operating loss from continuing operations increased due to the factors described in the captions above.

Previous wording

VB Direct. For the thirteen weeks ended August 2, 2025, operating income in the VB Direct segment decreased $4.1 million, 30.5%, to $9.3 million, from $13.4 million in the comparable prior-year period. As a percentage of VB Direct segment net revenues, operating income in the VB Direct segment was 15.4% and 18.6% for the thirteen weeks ended August 2, 2025 and August 3, 2024, respectively. The decrease in operating income as a percentage of VB Direct segment net revenues was primarily due to a decrease in gross margin as a percentage of net revenues and SG&A expense deleverage associated with decreased sales.

Current wording

VB Direct. For the thirty-nine weeks ended November 1, 2025, operating income in the VB Direct segment decreased $13.0 million, or 66.8%, to $6.5 million, from $19.5 million in the comparable prior-year period. As a percentage of VB Direct segment net revenues, operating income in the VB Direct segment was 4.2% and 10.8% for the thirty-nine weeks ended November 1, 2025 and November 2, 2024, respectively. The decrease in operating income as a percentage of VB Direct segment net revenues was primarily due to a decrease in gross margin as a percentage of net revenues as described above, SG&A expense deleverage associated with decreased sales.

Previous wording

VB Indirect. For the twenty-six weeks ended August 2, 2025, operating income in the VB Indirect segment decreased $4.4 million, or 51.3%, to $4.2 million from $8.6 million in the comparable prior-year period. As a percentage of VB Indirect segment net revenues, operating income in the VB Indirect segment was 22.0% and 25.7% for the twenty-six weeks ended August 2, 2025 and August 3, 2024, respectively. The decrease in operating income as a percentage of VB Indirect segment net revenues was due to a decrease in gross margin as a percentage of net revenues as well as SG&A expense deleverage associated with decreased sales.

Current wording

VB Indirect. For the thirty-nine weeks ended November 1, 2025, operating income in the VB Indirect segment decreased $9.6 million, or 65.5%, to $5.1 million from $14.6 million in the comparable prior-year period. As a percentage of VB Indirect segment net revenues, operating income in the VB Indirect segment was 16.1% and 28.5% for the thirty-nine weeks ended November 1, 2025 and November 2, 2024, respectively. The decrease in operating income as a percentage of VB Indirect segment net revenues was due to a decrease in gross margin as a percentage of net revenues as well as SG&A expense deleverage associated with decreased sales.

Previous wording

Corporate Unallocated. For the twenty-six weeks ended August 2, 2025, unallocated expenses decreased $3.8 million, or 11.1%, to $30.4 million from $34.2 million in the comparable prior-year period. The decrease in unallocated expenses was primarily due to a $2.5 million reduction in employee-related costs, including reduced headcount and lower variable compensation; $2.4 million reduction in advertising spend; $0.5 million reduction in building expenses; and $0.4 million reduction in net other expenses. These expense reductions were partially offset by $2.0 million for severance charges for former CEO in the current year period.

Current wording

Corporate Unallocated. For the thirty-nine weeks ended November 1, 2025, unallocated expenses decreased $4.4 million, or 8.7%, to $46.2 million from $50.5 million in the comparable prior-year period. The decrease in unallocated expenses was primarily due to a $4.8 million reduction in employee-related costs, including reduced headcount and lower variable compensation and $1.6 million reduction in net other expenses. These expense reductions were partially offset by $2.0 million for severance charges for former CEO in the current year period.

Previous wording

For the twenty-six weeks ended August 2, 2025, interest expense increased $0.8 million, to $(0.1) million from interest income of $0.7 million in the comparable prior-year period.

Current wording

For the thirty-nine weeks ended November 1, 2025, interest expense increased $1.0 million, to $(0.3) million from interest income of $0.7 million in the comparable prior-year period.

Previous wording

The effective tax rate for the twenty-six weeks ended August 2, 2025, was (1.7)%, compared to 99.0% for the twenty-six weeks ended August 3, 2024. The change in year-over-year effective tax rate was primarily attributable to a full valuation allowance recorded against the Company's net deferred tax assets. See Note 7 "Income Taxes" of the Notes to the Condensed Consolidated Financial Statements for additional information about the Company's interim provision for income taxes.

Current wording

The effective tax rate for the thirty-nine weeks ended November 1, 2025, was (1.3)%, compared to 14.4% for the thirty-nine weeks ended November 2, 2024. The change in year-over-year effective tax rate was primarily attributable to a full valuation allowance recorded against the Company's net deferred tax assets. See Note 7 "Income Taxes" of the Notes to the Condensed Consolidated Financial Statements for additional information about the Company's interim provision for income taxes.

Previous wording

Our primary sources of liquidity are cash on hand and cash equivalents, as well as cash flow from operations. We also have access to additional liquidity, if needed, through borrowings under our $75.0 million asset-based revolving credit agreement (the “Credit Agreement”). Borrowings under the credit agreement totaled $10.0 million and $15.0 million during the thirteen and twenty-six weeks ended August 2, 2025. There was $10.0 million in debt outstanding as of August 2, 2025. Historically, our primary cash needs have been for merchandise inventories; payroll; store rent; capital expenditures associated with operational equipment, buildings, information technology, and opening new stores; and share repurchases. The most significant components of our working capital are cash and cash equivalents, merchandise inventories, accounts receivable, accounts payable, and other current liabilities.

Current wording

Our primary sources of liquidity are cash on hand and cash equivalents, as well as cash flow from operations. We also have access to additional liquidity, if needed, through borrowings under our $75.0 million asset-based revolving credit agreement (the “Credit Agreement”). New borrowings under the credit agreement totaled $0.0 million and $15.0 million during the thirteen and thirty-nine weeks ended November 1, 2025. We had no borrowings under the credit agreement during the thirteen weeks ended November 2, 2024. There was $10.0 million in debt outstanding as of November 1, 2025. There was no debt outstanding as of November 2, 2024. Historically, our primary cash needs have been for merchandise inventories; payroll; store rent; capital expenditures associated with operational equipment, buildings, information technology, and opening new stores; and share repurchases. The most significant components of our working capital are cash and cash equivalents, merchandise inventories, accounts receivable, accounts payable, and other current liabilities.

Previous wording

Net cash used in operating activities for the twenty-six weeks ended August 2, 2025 was $23.3 million compared to $13.2 million for the twenty-six weeks ended August 3, 2024. The increase in cash used in operating activities was primarily related to a net loss of $(38.1) million, a $35.7 million increase, from the comparable prior-year period, partially offset by a loss on sale of business of $15.2 million, as well as the change in inventories and accounts payable primarily resulting from decreased purchasing in the current year period.

Current wording

Net cash used in operating activities for the thirty-nine weeks ended November 1, 2025 was $27.3 million compared to $35.8 million for the thirty-nine weeks ended November 2, 2024. The decrease in cash used in operating activities was primarily related to a net loss of $(50.5) million, a $35.7 million increase, from the comparable prior-year period, partially offset by a loss on sale of business of $15.2 million, as well as the the change in inventories resulting from decreased purchasing in the current year and the inventory reserve charge of $5.9 million and a write off of media credits of $4.0 million.

Previous wording

Net cash used in investing activities was $1.6 million for the twenty-six weeks ended August 2, 2025 compared to $3.6 million for the twenty-six weeks ended August 3, 2024. The decrease in cash used in investing activities was primarily due to $1.0 million proceeds from the sale of Pura Vida as well as a decrease in property, plant, and equipment spending of $1.0 million.

Current wording

Net cash used in investing activities was $2.0 million for the thirty-nine weeks ended November 1, 2025 compared to $6.1 million for the thirty-nine weeks ended November 2, 2024. The decrease in cash used in investing activities was primarily due to $1.0 million proceeds from the sale of Pura Vida as well as a decrease in property, plant, and equipment spending of $3.0 million.

Previous wording

Net cash provided by financing activities was $9.8 million for the twenty-six weeks ended August 2, 2025 compared to net cash used in financing activities of $16.4 million for the twenty-six weeks ended August 3, 2024. The increase in cash provided by financing activities was primarily due to $15.9 million of common stock repurchases in the prior-year period compared to no common stock repurchases in the current-year period, and net borrowings of $10.0 million from the credit facility in the current-year period.

Current wording

Net cash provided by financing activities was $9.8 million for the thirty-nine weeks ended November 1, 2025 compared to net cash used in financing activities of $21.9 million for the thirty-nine weeks ended November 2, 2024. The increase in cash provided by financing activities was primarily due to $21.2 million of common stock repurchases in the prior-year period compared to no common stock repurchases in the current-year period, and net borrowings of $10.0 million from the credit facility in the current-year period.