Vera Bradley reported a mixed QQ2 2025 performance as the company advances its Project Restoration program but faces meaningful topline headwinds. Quarterly revenue totaled $110.8 million, a 13.5% year-over-year decline, driven by softer consumer demand and outlet channel weakness. Non-GAAP gross margins were solid at 50.9% (versus 56.2% in the year-ago quarter), with non-GAAP operating income of $4.3 million (3.9% of net revenues) and non-GAAP net income of $3.9 million, or $0.13 per diluted share. GAAP metrics show operating income of $2.9 million and net income of $5.7 million, reflecting standard GAAP-to-non-GAAP adjustments discussed in the press release. The company ended the quarter with $44 million in cash and no borrowings on its ABL facility, but with total debt of roughly $75.97 million and a net debt position of about $31.8 million. Management emphasized the brand restoration initiative, including the Zooey Deschanel creative campaign, expanded collaborations (notably Urban Outfitters) and a prioritized balance of full-price selling versus promotions, while remaining prudent about the pace of improvement in the second half of 2025. Full-year guidance remains anchored in a low-to-mid single-digit revenue decline for the Vera Bradley brand, a mid-teens decline for Pure Vida, a gross margin around 53%, and a 5% year-end inventory reduction, with an expected end-year cash balance near $50 million and $13 million of capex. The exec team highlighted cost discipline, inventory management improvements, and selective marketing investments as the levers to return Vera Bradley to sustainable, profitable growth over the next few years, albeit with a slower-than-anticipated ramp. This report synthesizes the QQ2 results with management commentary, benchmarks against peers, and an explicit investment thesis for investors.