Lands’ End, headquartered in Dodgeville, Wisconsin, reported a 7.9 per cent drop in revenue to US $ 323.3 million.
Global e-commerce revenue fell by 8.7 per cent, with international sales plunging by 37.3 per cent, primarily attributed to a significant decrease in international e-commerce sales following the closure of their Japanese operations.
US e-commerce revenue also saw a 3.6 per cent decrease, mainly due to ongoing promotions in swimwear and related categories, though this was partially offset by reduced inventory markdown sales.
Net revenue for their Outfitters segment stood at US $ 68 million, down 3.8 per cent, while Third Party revenue recorded US $ 24.4 million, a 10.6 per cent decline. This sales downturn resulted in increased net losses, which widened to US $ 8 million.
Andrew McLean, CEO of Lands’ End commented, “Our strong second quarter was characterised by a return to operating disciplines with a solutions focus on the customer. That resulted in a significant 220 basis point year-over-year improvement in gross margin, a 30% Y-o-Y reduction in our inventory position and adjusted EBITDA in line with the prior year and guidance.”
