- Prachi Singh |
Lands' End, Inc. reported net revenue for the third quarter increased by 4.9 percent to 341.6 million dollars from 325.5 million dollars in the third quarter last year. Same store sales increased by 11.8 percent overall, with US company operated stores increasing by 15.1 percent and same store sales in Lands’ End Shops at Sears increasing by 11.7 percent. At the end of the third quarter, there were 63 fewer Lands' End Shops at Sears.
Commenting on the third quarter results, Jerome S. Griffith, Chief Executive Officer and President of Land’s End said in a statement: “Our third quarter results marked the sixth consecutive quarter of sales growth and the fifth consecutive quarter of adjusted EBITDA increases. We have continued the rollout of our own retail stores, and believe we have a viable, profitable and expandable store model, which complements our successful online presence.”
Direct segment net revenue increased 8.1 percent to 313.8 million dollars compared to the same period last year, while retail segment net revenue decreased 21 percent to 27.8 million dollars, due to the reduction in Lands’ End Shops at Sears locations.
The company added that gross margin for the period increased approximately 60 basis points to 44.2 percent from 43.6 percent in the third quarter last year. Net income was 3.3 million dollars or 10 cents earnings per diluted share, as compared to 0.2 million dollars or 01 cents earnings per diluted share, in the third quarter of fiscal 2017. Adjusted EBITDA grew 22.1 percent to 15.7 million dollars compared to 12.9 million dollars in the third quarter of fiscal 2017.
Picture:Land's End website