Press release
Lands’ End Announces Second Quarter Fiscal 2023 Results
DODGEVILLE, Wis., Aug. 31, 2023 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) today announced financial results for the second quarter ended July 28,
About this update from Lands' End Inc
[{"type":"text","content":"DODGEVILLE, Wis., Aug. 31, 2023 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) today announced financial results for the second quarter ended July 28, 2023. Andrew McLean, Chief Executive Officer, stated, “Our strong second quarter was characterized by a return to operating disciplines with a solutions focus on the customer. That resulted in a significant 220 basis point year-over-year improvement in gross margin, a 30% year-over-year reduction in our inventory position and Adjusted EBITDA in line with the prior year and guidance. Significantly, our cash provided by operations turned positive with a favorable $172 million improvement over the prior year. Newness, customer acceptance and results all benefit from our more disciplined inventory management approach which is continuing into the second half of 2023. Going forward, our brand is focused on exceeding customer expectations, prioritizing profitable demand and creating long-term shareholder value.” Second Quarter Financial Highlights For the second quarter, net revenue decreased 7.9% to $323.3 million compared to $351.2 million in the second quarter of fiscal 2022. Global eCommerce net revenue was $218.7 million, a decrease of 8.7% from $239.7 million in the second quarter of fiscal 2022. Second quarter of fiscal 2022 included Lands’ End Japan net revenue of $7.6 million. Lands’ End Japan closed at the end of fiscal 2022. Excluding Lands’ End Japan in the second quarter of fiscal 2022, Global eCommerce net revenue decreased 5.8%. Compared to second quarter of fiscal 2022, U.S. eCommerce net revenue decreased 3.6% primarily driven by continued promotional productivity within swim and adjacent product categories more than offset by lower markdown inventory sales.Compared to second quarter of fiscal 2022, which included the results of Lands’ End Japan, International eCommerce net revenue decreased 37.3%. Compared to second quarter of fiscal 2022, Europe eCommerce net revenue decreased 20.8% primarily driven by assortment editing with a focus on key categories, reduced markdown inventory sales and continued macroeconomic challenges. Outfitters net revenue was $68.0 million, a decrease of 3.8% from $70.7 million in the second quarter of fiscal 2022, primarily driven by the conclusion of the Delta Air Lines contract in the first quarter 2023 partially offset by school uniform ...