Land's End Q1 revenues drop, same-store sales rise 2.1 percent

Lands' End net revenues for the first quarter ended April 28, 2017 were 268.4 million dollars compared to 273.4 million dollars in the first quarter last year. Direct segment net revenue decreased 1.7 percent to 228.3 million dollars, while retail segment net revenue decreased 2.8 percent to 40 million dollars, which the company said were primarily due to fewer Lands' End Shops at Sears. Same store sales for the quarter increased 2.1 percent.

Commenting on the first quarter trading, Jerome S. Griffith, the company’s CEO said in a press statement, "First quarter results were in line with our expectations, as we continued to make progress across a number of key areas. Looking ahead, we are focused on building on this momentum and leveraging our strong brand and loyal customer base, as we concentrate on several key initiatives over the remainder of the year.”

Gross margin for the quarter was 45.7 percent compared to 47.4 percent in the first quarter last year. Net loss was 7.8 million dollars or 0.24 dollar per diluted share compared to 5.8 million dollars or 0.18 dollar per diluted share, in the first quarter of fiscal 2016. Adjusted EBITDA was 1.3 million dollars compared to 0.6 million dollars in the first quarter of fiscal 2016.

Picture:Land's End website