Press release
Lands’ End Announces Fourth Quarter and Full Year Fiscal 2023 Results
Increases Gross Profit by 13.5% and Gross Margin by 550 basis points compared to the Fourth Quarter Fiscal 2022Provides Fiscal 2024 Outlook DODGEVILLE, Wis.,
About this update from Lands' End Inc
[{"type":"text","content":"Increases Gross Profit by 13.5% and Gross Margin by 550 basis points compared to the Fourth Quarter Fiscal 2022Provides Fiscal 2024 Outlook DODGEVILLE, Wis., March 27, 2024 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) today announced financial results for the fourth quarter and full year of the fiscal year ended February 2, 2024. The Company also provided the first quarter and full year fiscal 2024 outlook. Andrew McLean, Chief Executive Officer, stated, “I am proud of the Lands’ End team’s focus and execution throughout fiscal 2023 as we pursued our solutions-based strategy to introduce newness across the product assortment, generated higher quality sales, significantly enhanced our inventory position and improved our profitability. As a result of these efforts, in the fourth quarter we increased gross profit by 13.5%, improved gross margin by 550 basis points and reduced inventory 29% compared to last year.” McLean continued, “We ended the fiscal year with a strengthened balance sheet, supported by our recent term loan refinancing, positioning us to continue investing in the strategic growth and evolution of our iconic brand. We have entered fiscal 2024 with strong momentum and I am confident that we will build on our progress and drive meaningful value creation for Lands’ End’s shareholders and other stakeholders over the long term.” Fourth Quarter Financial Highlights For the fourth quarter, Net revenue decreased 2.8% to $514.9 million compared to $529.6 million in the fourth quarter of fiscal 2022. Global eCommerce Net revenue was $404.9 million, a decrease of 2.3% from $414.5 million in the fourth quarter of fiscal 2022. Fourth quarter of fiscal 2022 included Lands’ End Japan Net revenue of $7.2 million. Lands’ End Japan closed at the end of fiscal 2022. Excluding Lands’ End Japan in the fourth quarter of fiscal 2022, Global eCommerce net revenue decreased 0.6%. Compared to fourth quarter of fiscal 2022, U.S. eCommerce Net revenue increased 0.1% largely driven by a concerted effort to reduce promotional activity and improved inventory management compared to the prior year resulting in higher margins with lower clearance inventory sales.Compared to fourth quarter of fiscal 2022, which included the results of Lands’ End Japan, International eCommerce Net revenue decreased 20.2%. Compared to fourth quarter of fiscal 2022...