Lands’ End posts first quarter revenue decline
Lands’ End saw its net revenue decrease by 5.5% to $303.7 million year-on-year in its first quarter after it was hit by global supply chain issues and the impact of inflation on the consumer.
While global online sales declined by 15.7% in the period, US ecommerce sales fell by 14.1%. International online sales were also down, decreasing by 21.7% driven by delayed receipts of key products due to global supply chain and macroeconomic challenges.
The results meant that the company posted a net loss for the quarter of $2.4 million, or $0.07 loss per diluted share. This compares to net income of $2.6 million, or $0.08 earnings per diluted share, in the first quarter of the prior year.
Meanwhile, its Outfitters business saw its net revenue increase by 32.6% in the period.
Jerome Griffith, chief executive of Lands’ End, said: “We continued to successfully execute on our strategic initiatives and are encouraged by the performance of our Outfitters business, which increased 33%, and by our expanding third party business, which increased 83%. I am very proud of our team, whose performance, in light of these headwinds, has reinforced my confidence in our long-term strategy, as we continue to capitalise on our digitally-led business model to advance our four strategic pillars of growth.”
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