Press release
Lands’ End Announces Third Quarter Fiscal 2021 Results
Net Revenue grew 4.4% compared to the same period last yearNet Income of $7.4 million, compared to a Net Income of $7.2 million in the same period last
About this update from Lands' End Inc
[{"type":"text","content":"Net Revenue grew 4.4% compared to the same period last yearNet Income of $7.4 million, compared to a Net Income of $7.2 million in the same period last yearAdjusted EBITDA of $29.8 million at the high-end of outlookCyber Week Sales Increased High Single Digits over 2020 DODGEVILLE, Wis., Dec. 02, 2021 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) today announced financial results for the third quarter ended October 29, 2021 and sales results for Cyber Week, and provided fourth quarter and an updated full year outlook. Jerome Griffith, Chief Executive Officer, stated, “Our third quarter performance reflects the long-term strength and resiliency of our digitally led business model, as we navigated the dynamic global supply chain challenges while still delivering on our Adjusted EBITDA expectations. We achieved 4% topline growth in the third quarter, contributing to our 22% growth year-to-date. Our topline expansion drove Adjusted EBITDA at the high end of our outlook and growth of 129% year-to-date. For Cyber Week, which just concluded, our sales increased high single digits as a result of strong demand online and in store and our improved in-stock positions. We believe that the strong operating platform we have established combined with the ongoing progress across our four strategic growth pillars, including product, digital, uni-channel distribution and infrastructure, position us to drive growth over the next several years. We look forward to providing an update on our long-term goals in mid-January.” Fiscal Third Quarter Financial Highlights: For the third quarter, net revenue was $375.8 million, an increase of 4.4% from $360.0 million in the third quarter of fiscal 2020 and an increase of 10.5% from $340.0 million in the third quarter of fiscal 2019. Global eCommerce net revenue was $261.2 million, a decrease of 6.0% from $277.8 million in the third quarter of fiscal 2020 as a result of inventory constraints driven by supply chain challenges and an increase of 9.3% from $238.9 million in the third quarter of fiscal 2019. Compared to the third quarter of last year, U.S. eCommerce decreased 3.5% and International eCommerce decreased 15.7%. Compared to the third quarter of fiscal 2019, U.S. eCommerce increased 6.0% and International eCommerce increased 27.6%.Outfitters net revenue was $86.1 million, an increase of 38.9% from...