Usually the second verse furthers the story line, which if the verse says the same thing as the first verse, it does not further tell the story. If that is all the song is trying to say, then it is OK.

The reason I was asking is because I've written a verse and a chorus and a bridge which says all I want to say. If I repeat it several time, would that constitute a complete song? It worked in NEVER ENDING SONG OF LOVE, I know of a local hit that it worked well in, are there others?