Press release
Lands’ End Announces Fourth Quarter and Full Year Fiscal 2024 Results
Fourth quarter Gross margin increased approximately 760 basis points compared to fiscal 2023All fourth quarter profitability measures improved when compared
About this update from Lands' End Inc
[{"type":"text","content":"Fourth quarter Gross margin increased approximately 760 basis points compared to fiscal 2023All fourth quarter profitability measures improved when compared to fiscal 2023Reduced inventory for the eighth consecutive quarter DODGEVILLE, Wis., March 20, 2025 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) (“Lands’ End” or the “Company”) today announced financial results for the fourth quarter and full year of fiscal 2024 ended January 31, 2025. Andrew McLean, Chief Executive Officer, stated, “Lands’ End had a strong finish to a year defined by continued positive momentum across the business. We increased gross profit dollars, expanded gross margins and grew GMV each quarter of fiscal 2024, excluding the 53rd week, resulting in a return to profitability for the full year. Through our amazing products, robust product franchises and our evolved marketing approach, it’s clear that our strategic evolution, including considerable growth from licensing, is driving strong progress and expanding the reach of our brand. Looking ahead, we are focused on further enhancing our digital business and operations, continuing to leverage our compelling asset-light licensing business, and growing our market-leading Outfitters business, all while delivering solutions that are ready for life’s every journey.” Fourth Quarter Financial Highlights In the fourth quarter of 2024, Gross Merchandise Value (“GMV”) decreased low-single digits compared to the fourth quarter of 2023. Excluding the 53rd week of fiscal 2023, GMV increased low-single digits. GMV is total order value of all Lands’ End branded merchandise sold to customers through business-to-consumer and business-to-business channels, as well as the retail value of the merchandise sold through third party distribution channels.In the fourth quarter of fiscal 2024, Net revenue was $441.7 million, a decrease of $73.2 million or 14.2% from $514.9 million in the fourth quarter of fiscal 2023. The decrease in Net revenue was driven by the transition of the kids and footwear product lines to licensing arrangements and optimizing promotional activity as the Company focused on higher quality sales resulting in higher gross margins and increased gross profit. The table below sets forth Net revenue by operating segment for the periods shown and prior period as adjusted for the extra week in fiscal 2023 and t...