Press release
Lands’ End Announces Third Quarter Fiscal 2023 Results
DODGEVILLE, Wis., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) today announced financial results for the third quarter ended October 27,
About this update from Lands' End Inc
[{"type":"text","content":"DODGEVILLE, Wis., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) today announced financial results for the third quarter ended October 27, 2023. Andrew McLean, Chief Executive Officer, stated, “Our third quarter results reflect the continued strong execution of our solutions-based strategy to deliver compelling product for our customers and value to our shareholders. Our deliberate efforts to generate more profitable sales resulted in increased gross profit dollars and gross margin expansion of approximately 700 basis points and drove Adjusted EBITDA above the high end of our guidance range. We continued to build on our positive momentum, injecting newness across our assortment and increasing inventory turns, resulting in a 25% reduction in year-over-year inventory. Looking ahead, by continuing to play to our strengths and delivering our customers the solutions they need, we’re confident in our ability to drive profitable sales through the holiday season to finish the year strong.” Third Quarter Financial Highlights For the third quarter, net revenue decreased 12.5% to $324.7 million compared to $371.0 million in the third quarter of fiscal 2022. Global eCommerce net revenue was $216.4 million, a decrease of 13.2% from $249.2 million in the third quarter of fiscal 2022. Third quarter of fiscal 2022 included Lands’ End Japan net revenue of $9.5 million. Lands’ End Japan closed at the end of fiscal 2022. Excluding Lands’ End Japan in the third quarter of fiscal 2022, Global eCommerce net revenue decreased 9.7%. Compared to third quarter of fiscal 2022, U.S. eCommerce net revenue decreased 10.0% primarily driven by a concerted effort to reduce promotional activity and improved inventory management compared to the prior year resulting in higher margins with lower clearance inventory sales.Compared to third quarter of fiscal 2022, which included the results of Lands’ End Japan, International eCommerce net revenue decreased 30.9%. Compared to third quarter of fiscal 2022, Europe eCommerce net revenue decreased 8.0% primarily driven by assortment editing with a focus on key categories, reduced clearance inventory sales and continued macroeconomic challenges. Outfitters Net revenue was $74.3 million for third quarter of fiscal 2023, a decrease of $6.5 million or 8.0% from $80.8 million during the third quarter of fiscal...