Land's End reports 11.7 percent increase in Q1 net revenue

Lands' End, Inc. reported net revenue for the first quarter ended May 4, 2018 of 299.8 million dollars, an increase of 11.7 percent compared to the first quarter last year. Direct segment net revenue increased 19.7 percent to 273.4 million dollars, while retail segment net revenue decreased 34 percent to 26.5 million dollars due to fewer Lands' End Shops at Sears. Same store sales declined 18.9 percent and same store sales in Lands' End Shops at Sears locations declined 20.4 percent, while same store sales in the company operated stores declined 9.9 percent.

Commenting on the company’s performance, Jerome S. Griffith, the company’s CEO and President, said in a statement: “We are pleased to be starting off the year on a strong note. We saw excellent growth in our uniform business with the successful launch of our Delta Airline business. Looking ahead, data analytics will remain the driving force behind everything we do as a customer-centric organization.”

Gross margin for the quarter was 44.4 percent compared to 45.7 percent in the first quarter last year. Net loss was 2.6 million dollars or 0.08 dollar per diluted share compared to 7.8 million dollars or 0.24 dollar per diluted share, in the first quarter of fiscal 2017. Adjusted EBITDA was 9 million dollars compared to 1.3 million dollars in the first quarter of fiscal 2017.

Picture:Land's End website