Quarterly financials are in at Lands’ End, and company officials are pleased with their results.
Lands’ End Inc. announced their second quarter fiscal results Sept. 01, 2022. When discussing quarterly operations, financial aspects and company performance, Lands’ End President and Chief Financial Officer Jim Gooch said company officials were pleased to have delivered profitability ahead of expectations.
“[This] …despite continued supply chain challenges and macroeconomic factors impacting our customer,” Gooch said. “Despite these ongoing industry-wide challenges, we remain confident in our digitally led business model and our ability to execute on our strategic initiatives.”
Although they faced few challenges this quarter, both Gooch and Chief Executive Officer Jerome Griffith agreed the company’s revenue and profit performance exceeded their expectations. Net revenue for the second quarter decreased 8.6% to $351.2 million compared to $384.1 million in 2Q of fiscal 2021. Total net loss was $2.2 million, or $0.07 loss per diluted share, which is $14 million or $0.41 earnings per diluted share down from 2Q of fiscal 2021.
With continued expansion of its third-party business — a new online marketplace — along with the outfitter’s strong demand for school uniform households and national accounts, the company expects to see an incline of net revenue for third quarter expectations to reach over a billion dollars, with net income between $16.5 and $23.5 million. Diluted earnings per share are expected to be between $0.49 and $0.70. Lands’ End Inc. will now focus on margin growth and meeting expectations for third quarter fiscal 2022.
Lands’ End, Inc. (NASDAQ:LE) is a leading uni-channel retailer of casual clothing, accessories, footwear and home products for women, men and children. Shop products online at www.landsend.com.