Press release
Lands' End Announces Preliminary First Quarter Fiscal 2020 Results
Strong revenue and profit trends disrupted by mid-quarter effects of COVID-19Global eCommerce revenue grew double digits in May compared to the same period
About this update from Lands' End Inc
[{"type":"text","content":"Strong revenue and profit trends disrupted by mid-quarter effects of COVID-19Global eCommerce revenue grew double digits in May compared to the same period last yearProvided second quarter fiscal 2020 net revenue outlook\n DODGEVILLE, Wis., June 02, 2020 (GLOBE NEWSWIRE) -- Lands' End, Inc. (NASDAQ: LE) today announced preliminary financial results for the first quarter ended May 1, 2020 and commented on its business trends. Finalization of the results is pending the completion of the Company’s quarterly procedures and preparation and filing of its Quarterly Report on Form 10-Q, which will require additional time this quarter due to COVID-19. First Quarter Fiscal 2020 Highlights: For the first quarter, net revenue decreased 17.3% to $217.0 million, compared to $262.4 million in the first quarter last year, due to decreased demand attributable to the COVID-19 pandemic. ° Net revenue grew 11.1% in February 2020 compared to prior year, reflecting strong performances across all business units.° U.S. eCommerce net revenue declined 16.5% for the first quarter due to decreased demand as a result of the COVID-19 pandemic while International eCommerce net revenue remained approximately flat.° Company operated stores achieved comparable store sales growth of 14.2% in February before closing mid-March.° Outfitters successfully completed the remainder of the American Airlines uniform launch totaling $4.0 million revenue during the first quarter with the total launch approximating $44.0 million. For the first quarter, Outfitters net revenue declined 26.2% driven by decreased demand due to the COVID-19 pandemic. Gross margin decreased by approximately 230 basis points to 43.4% as compared to 45.7% in the first quarter last year primarily in response to additional promotional activity throughout the industry and additional inventory reserves. Selling and administrative expenses decreased $11.0 million to $105.8 million compared to $116.8 million in the first quarter last year driven by the reduction of operating expenses and structural costs. Net loss was $20.6 million or $(0.64) per diluted share, as compared to $6.8 million or $(0.21) per diluted share in the first quarter of fiscal 2019. Adjusted EBITDA(1) decreased to a loss of $11.6 million compared to positive $3.0 million in the first quarter of fiscal 2019. COVID-19 Actions In response...