Press release
Lands' End Announces Fourth Quarter and Fiscal 2019 Results
Net Revenue Increased 9.4%Net Income Increased 57.4%Announces new partnership with Kohl’sContinues to Execute Strategic Initiatives to Deliver Long-Term
About this update from Lands' End Inc
[{"type":"text","content":"Net Revenue Increased 9.4%Net Income Increased 57.4%Announces new partnership with Kohl’sContinues to Execute Strategic Initiatives to Deliver Long-Term Revenue and EBITDA Growth\n DODGEVILLE, Wis., March 17, 2020 (GLOBE NEWSWIRE) -- Lands' End, Inc. (NASDAQ: LE) today announced financial results for the 13-week fourth quarter and 52-week fiscal year ended January 31, 2020, compared to the 13-week fourth quarter and 52-week fiscal year ended February 1, 2019. Fourth Quarter Fiscal 2019 Highlights: Net revenue for the fourth quarter increased 9.4% to $549.5 million, compared to $502.3 million in the fourth quarter last year, largely reflecting revenue from the American Airlines launch and eCommerce growth of 7.2%. This was partially offset by 49 fewer Lands’ End Shops at Sears, which resulted in a net revenue decline from Sears operations of $21.5 million. Excluding the impact from Sears operations, net revenue would have increased by 14.3%. U.S. eCommerce revenue growth of 7.4% was driven by increased demand for key items and a growth in new customer acquisition. Gross margin increased by approximately 90 basis points to 39.8% as compared to 38.9% in the fourth quarter last year primarily due to a more disciplined promotional strategy. Selling and administrative expenses decreased to 30.8% of total net revenue compared to 31.3% in the fourth quarter last year. Net income was $25.5 million or $0.78 earnings per diluted share, as compared to $16.2 million or $0.50 earnings per diluted share in the fourth quarter of fiscal 2018. Adjusted EBITDA(1) grew by 29.7% to $49.3 million compared to $38.0 million in the fourth quarter of fiscal 2018. The American Airlines shipments totaled approximately $40.0 million in the fourth quarter with the remainder of the launch expected to be delivered in the first quarter of fiscal 2020. The full launch is now anticipated to total between $45.0 million to $47.0 million. Subsequent to the fourth quarter, announced new partnership with Kohl’s to distribute the entire product assortment through Kohls.com and a seasonally focused product assortment to 150 stores starting in Fall 2020. Jerome Griffith, Chief Executive Officer and President, stated, “First and foremost, we are closely monitoring the Coronavirus situation and our thoughts are with all of those affected. In regard to Fiscal 2019, it was a...