Press release
Lands’ End Announces First Quarter Fiscal 2023 Results
Net Revenue grew 1.9% compared to the same period last yearNet Loss of $1.7 million, compared to a Net loss of $2.4 million in the same period last
About this update from Lands' End Inc
[{"type":"text","content":"Net Revenue grew 1.9% compared to the same period last yearNet Loss of $1.7 million, compared to a Net loss of $2.4 million in the same period last yearAdjusted EBITDA increased by 41.3%, or $5.7 million, to $19.5 million compared to the same period last yearRaises Fiscal 2023 Outlook DODGEVILLE, Wis., June 01, 2023 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) today announced financial results for the first quarter ended April 28, 2023. Andrew McLean, Chief Executive Officer, stated, “Our team continued to successfully execute during the quarter and made strong progress against our strategic initiatives. As a result, we delivered year-over-year revenue and earnings growth, led primarily by our leading swim business and its natural vacation adjacencies, which collectively contributed to our strong margin performance and our 41% increase in Adjusted EBITDA. We continue to roll out our strategic initiatives and expect that the learnings from each successive quarter will enable further refinements and long-term value for our shareholders and other stakeholders.” McLean continued, “We also continue to make key hires to further round out our leadership team. In April, we welcomed Stuart Hogue as Senior Vice President, US eCommerce and starting in June, Jim O’Connor will join as the Senior Vice President and General Manager of Lands’ End Outfitters. Both Stuart and Jim are highly accomplished executives with skills and expertise that will be important as we continue our focus on executing against our business objectives. We look forward to their future contributions to Lands’ End.” First Quarter Financial Highlights For the first quarter, net revenue increased 1.9% to $309.6 million compared to $303.7 million in the first quarter of fiscal 2022. Global eCommerce net revenue was $203.1 million, a decrease of 7.3% from $219.1 million in the first quarter of fiscal 2022. Compared to first quarter of fiscal 2022, U.S. eCommerce net revenue increased 1.6% and International eCommerce net revenue decreased 42.5%. The increase in U.S. eCommerce was primarily driven by the targeted promotions within swim and adjacent product categories. The decrease in International eCommerce was due to lower consumer demand in Europe and the closing of Lands’ End Japan at the end of fiscal 2022. First quarter of fiscal 2022 includes Lands’ End Japan net r...