Lands' End Q2 net loss widens, same-store sales drop 5.8 percent

Net revenue for the second quarter at Lands' End, Inc. increased 1.9 percent to 307.9 million dollars. The company said in a statement that direct segment net revenue increased 6.4 percent to 276.6 million dollars, while retail segment net revenue decreased 25.8 percent to 31.3 million dollars, primarily attributable to the reduction of 57 of our Lands' End shops at Sears locations combined with a same store sales decline of 5.8 percent. Same store sales in Lands' End shops at Sears locations declined 6.7 percent for the quarter while same store sales in the company-operated stores declined 0.6 percent.

“Our second quarter results reflect our fifth consecutive quarter of revenue growth and our fourth straight quarter of adjusted EBITDA growth. Looking ahead, we will remain intently focused on our four key focus areas of product, digitization, uni-channel distribution and infrastructure," said Jerome S. Griffith, the company’s Chief Executive Officer and President in a statement.

Gross margin for the quarter of 44.4 percent was up slightly compared to the second quarter last year. The company reported net loss of 5.3 million dollars or 0.16 dollar per diluted share compared to 3.9 million dollars or 0.12 dollar per diluted share, in the second quarter of fiscal 2017. Adjusted EBITDA, the company added, grew 13.1 percent to 7.7 million dollars compared to 6.8 million dollars in the second quarter of fiscal 2017.

Picture:Lands' End website