Press release
Lands' End Announces First Quarter Fiscal 2021 Results
Net Revenue grew 48.1%; Global eCommerce grew revenue 44.4%, compared to the same period last yearNet Income of $2.6 million, compared to a Net loss of $20.6
About this update from Lands' End Inc
[{"type":"text","content":"Net Revenue grew 48.1%; Global eCommerce grew revenue 44.4%, compared to the same period last yearNet Income of $2.6 million, compared to a Net loss of $20.6 million in the same period last yearAdjusted EBITDA increases $34.1 million to $22.5 million compared to the same period last yearRaises Fiscal 2021 Outlook DODGEVILLE, Wis., June 02, 2021 (GLOBE NEWSWIRE) -- Lands' End, Inc. (NASDAQ: LE) today announced financial results for the first quarter ended April 30, 2021. Fiscal First Quarter Financial Highlights: For the first quarter, net revenue was $321.3 million, an increase of 48.1% from $217.0 million in the first quarter of fiscal 2020 and an increase of 22.4% from $262.4 million in the first quarter of fiscal 2019. Global eCommerce net revenue was $260.0 million, an increase of 44.4% from $180.0 million in the first quarter of fiscal 2020 and an increase of 25.5% from $207.2 million in the first quarter of fiscal 2019. Compared to the first quarter of last year, U.S. eCommerce increased 46.6% and International eCommerce grew 37.0%.Outfitters net revenue was $40.7 million, an increase of 27.9% from $31.8 million in the first quarter of fiscal 2020 and a decrease of 5.6% from $43.1 million in the first quarter of fiscal 2019. Compared to the first quarter last year, the increase was driven by stronger demand within the Company’s travel-related national accounts and school uniform customers.Third Party net revenue, which includes sales on third-party marketplaces and U.S. wholesale revenues, was $11.8 million in the first quarter compared to $1.5 million in the first quarter last year. The $10.3 million increase was attributed to the launch of Lands’ End product on Kohls.com and at 150 Kohl’s retail locations in third quarter 2020. Gross margin was 46.0%, expanding approximately 260 basis points compared to 43.4% in the first quarter of fiscal 2020 and approximately 30 basis points compared to 45.7% in the first quarter of fiscal 2019. The Gross margin increase was primarily due to merchandise margin expansion in the U.S. eCommerce channel driven by improved promotional strategies and continued use of analytics, offset by increased shipping costs and surcharges as well as higher sales mix from the lower-margin Third Party channel.Selling and administrative expenses increased $19.7 million to $125.5 million or 39.1% of net re...