Lands' End's stock gains after company posts narrower-than-expected loss
By Ciara Linnane
Maker of outerwear, footwear and uniforms' first-quarter revenue topped estimates
Lands' End Inc.'s stock rose 3.5% early Wednesday, after the maker of outerwear, accessories, footwear and uniforms posted a narrower-than-expected first-quarter loss and revenue that topped estimates.
Dodgeville, Wis.-based Lands' End (LE) had a net loss of $6.4 million, or 20 cents a share, for the quarter, wider than the loss of $1.7 million, or 5 cents a share, posted in the year-earlier period. The company's adjusted per-share loss also came to 20 cents, narrower than the 25-cent loss FactSet consensus.
Revenue fell 7.8% to $285.5 million, ahead of the $270.0 million FactSet consensus.
"Our performance in the first quarter continued the considerable momentum we generated in 2023 and resulted in an increase in our Gross Merchandise Value, an increase in gross profit dollars and significant gross margin expansion," Chief Executive Andrew McLean said in prepared remarks.
Gross merchandise value is the total order value of all merchandisesold to customers through business-to-consumer and business-to-business channels, as well as the retail value of the merchandise sold through third-party distribution channels.
By segment, global e-commerce revenue fell 3.7% to $195.5 million Outfitters revenue fell 42.3% to $42.7 million, mostly due to the conclusion of a Delta Air Lines (DAL) contract in the first quarter of fiscal 2023.
Third-party revenue rose 62.9% to $37.5 million, mostly due to a licensing arrangement.
The company is now expecting second-quarter revenue of $290.0 million to $320.0 million, while FactSet is expecting $309.0 million.
It expects its adjusted loss-per-share to range from 14 cents to 6 cents while FactSet is expecting a loss of 15 cents.
The stock has gained 45% in the year to date, while the S&P 500 has gained 11%.
-Ciara Linnane
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06-05-24 1037ET
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