Press release
Lands' End Raises Fourth Quarter Fiscal 2020 Guidance and Updates Long-term Financial Targets
DODGEVILLE, Wis., Jan. 12, 2021 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) today raised its guidance for the fourth quarter ending January 30, 2021. In
About this update from Lands' End Inc
[{"type":"text","content":"DODGEVILLE, Wis., Jan. 12, 2021 (GLOBE NEWSWIRE) -- Lands’ End, Inc. (NASDAQ: LE) today raised its guidance for the fourth quarter ending January 30, 2021. In addition, the Company provided an update on its long-term financial targets. Jerome Griffith, Lands’ End’s Chief Executive Officer and President, stated, \"We are pleased with the performance of our global eCommerce channel throughout the holiday season. We continued to emphasize our Let’s Get Comfy initiative in our product and marketing to address the work-from-home lifestyle and casual apparel demand. Our focus on delivering high quality product with compelling values, combined with our commitment to operating as a digitally focused company has enabled us to navigate the pandemic with resiliency and drive strong results in our consumer business, and as a result we are increasing our guidance for the fourth quarter.” Mr. Griffith continued, “Over the last three years we have made great strides in executing across our strategic pillars of getting the product right, being a digitally-led organization, operating a uni-channel strategy and driving enhancements in our business processes and infrastructure, and we continue to see ample growth opportunity in front of us. Although the COVID pandemic has impacted our business, we are encouraged by our performance and based on the progress we have made across our strategies and our strong competitive positioning, we are increasing our long-term financial targets and are confident we can achieve them in 2023.” For the Fourth Quarter of Fiscal 2020 the Company Expects: Net revenue to be between $528 million and $533 million, an increase from prior guidance of $500 million to $520 million.Net income to be between $17.5 million and $19.0 million and diluted earnings per share to be between $0.54 and $0.58, an increase from prior guidance of Net income between $13.5 million and $17.5 million and diluted earnings per share between $0.41 and $0.53.Adjusted EBITDA to be between $43 million and $45 million, an increase from prior guidance of $38 million to $43 million. Long-Term Financial Targets: Revenue of $1.9 billion to $2.1 billion, representing a CAGR of 10% to 14% over the next three years, assuming and driven by: Organic growth in both U.S. and international eCommerce businessesExtended recovery in Outfitters business post-pandemic...