Press release
Lands’ End Announces Full Year and Fourth Quarter Fiscal 2021 Results
Net Revenue grew 14.7% compared to full year Fiscal 2020, delivering highest revenue since 2011Net Income of $33.4 million compared to Net Income of $10.8
About this update from Lands' End Inc
[{"type":"text","content":"Net Revenue grew 14.7% compared to full year Fiscal 2020, delivering highest revenue since 2011Net Income of $33.4 million compared to Net Income of $10.8 million for full year Fiscal 2020Adjusted EBITDA of $120.9 million compared to Adjusted EBITDA of $87.0 million for full year Fiscal 2020, delivering highest Adjusted EBITDA since 2014Initiates Fiscal 2022 Outlook DODGEVILLE, Wis., March 16, 2022 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) today announced financial results for the full year and fourth quarter of the fiscal year ended January 28, 2022 compared to the full year and fourth quarter of the fiscal year ended January 29, 2021, and provided first quarter and full year fiscal 2022 outlook. Jerome Griffith, Chief Executive Officer, stated, “Over the past year, we continued to demonstrate the strength of our business model and the resiliency of our teams. We generated the highest Revenue the Company has seen since 2011 and the highest Adjusted EBITDA since 2014, as we advanced our strategic growth pillars while taking steps to mitigate the macro headwinds. I’m incredibly proud of our team’s commitment and dedication to executing our strategies. Looking ahead, we remain confident in our long-term opportunity as we leverage the strength of our digital-first approach, brand and growing total addressable market.” Full Year Financial Highlights: For the fiscal year, net revenue increased 14.7% to $1.64 billion compared to $1.43 billion in the prior year. Global eCommerce net revenue increased 5.3% for the fiscal year, driven by U.S. eCommerce increasing 6.8%, partially offset by International eCommerce decreasing 0.8%.Outfitters net revenue increased 45.9%, driven by stronger demand within the Company’s travel-related national accounts and school uniform customers.Third Party net revenue increased 116.6% with the launch of the Kohl’s business in third quarter fiscal 2020 and the expansion from 150 to 300 locations in the third quarter fiscal 2021. Gross margin decreased approximately 10 basis points to 42.3%, compared to 42.4% in fiscal 2020. Gross margin declined due to increased shipping costs, largely offset by improved promotional strategies. Selling and administrative expenses increased $52.9 million to $571.8 million or 35.0% of net revenue, compared to $518.9 million or 36.4% of net revenue, in fiscal 2020. The 1...