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Published
Dec 4, 2015
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Warm weather posed trouble for Lands’ End in Q3

Published
Dec 4, 2015

Lands’ End on Thursday announced its financial results for the third quarter of fiscal 2015 ended October 30, 2015. The company reported company wide decreases.


Lands' End


 
Net revenue for the quarter was $334.4 million compared to $373.1 million in the previous year’s third quarter. Revenue for the direct segment decreased 10.1% to $287.8 million and the retail segment revenue decreased 11.7% to $46.6 million.
 
Net income decreased to $10.7 million from $18 million and the adjusted EBITDA was $26.5 million compared to $39.9 million in the previous year. The company’s inventory also increased 8.1% to $436.7 million from $403.9 million due to lower revenues and an increase in inventory receipts.

Federica Marchionni, Lands' End's Chief Executive Officer, stated, "While our third quarter financial results did not meet our expectations, which we attribute to both external and internal factors, we made important progress on a number of initiatives that we believe will position the Company for the future.  Sales in the third quarter were impacted by the challenging retail environment, as well as unseasonably warm weather, which negatively affected the performance of our cold weather categories. Our sales performance was also the result of a pullback in promotions to focus on higher margin sales, reduced catalog circulation to lapsed and less profitable customers, and a lack of product acceptance.”
 
The company recently launched a new Lighthouse by Lands’ End retail concept at Willow Grove Park Mall in Willow Grove, Pennsylvania. The concept will open at several Sears locations in early 2016.
 
Marchionni continued, "Looking ahead, we remain intently focused on the continued execution of our strategic initiatives, particularly around marketing and branding, as well as in our ecommerce and catalog businesses. We remain committed to our brand strategy which is grounded in bringing the quality, value and service that Lands' End is known for, to a broader customer base."

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