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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… View Article

FASHION

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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