- Prachi Singh |
Lands’ End, Inc. has raised its guidance for the fourth quarter ending January 30, 2021 and now expects net revenue to be between 528 million dollars and 533 million dollars, an increase from prior guidance of 500 million dollars to 520 million dollars. The company said, net income is expected to be between 17.5 million dollars and 19 million dollars and diluted earnings per share to be between 54 cents and 58 cents, an increase from prior guidance of net income between 13.5 million dollars and 17.5 million dollars and diluted earnings per share between 41 cents and 53 cents and adjusted EBITDA to be between 43 million dollars and 45 million dollars, an increase from prior guidance of 38 million dollars to 43 million dollars.
Commenting on the outlook, Jerome Griffith, Lands’ End’s Chief Executive Officer and President, said in a statement: “We are pleased with the performance of our global ecommerce channel throughout the holiday season. 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.”
The company’s long-term financial targets include revenue of 1.9 billion dollars to 2.1 billion dollars, representing a CAGR of 10 percent to 14 percent over the next three years, assuming and driven by organic growth in both U.S. and international ecommerce businesses, extended recovery in Outfitters business post-pandemic, third-party channel expansion, adjusted EBITDA margin in high-single-digit range as a result of stable to slightly higher gross margin Improved SG&A rate.
“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,”added Griffith.
Picture:Land's End newsroom