Lands’ End, a leading uni-channel retailer of casual clothing, announced financial results for the first quarter ended 29 April 2022.
Total revenues, reportedly, for the first quarter totalled US $303.7 million, down by 5.5 per cent compared to the same quarter last year.
Global e-commerce net revenue decreased by 15.7 per cent for the first quarter. Gross margin declined by an incremental US $13.6 million of transportation costs, compared to the first quarter of fiscal 2021.
According to the company, the loss was, reportedly, caused by delayed receipts of critical products as a result of industry-wide global supply chain and macroeconomic issues.
The company’s outfitters sales climbed by 32.6 per cent, owing to increased demand from small and medium-sized corporate customers, national accounts and school uniform homes.
Third Party net revenue for the classic American lifestyle brand increased by 83.3 per cent, primarily attributed to expanding the number of Kohl’s stores to a total of 300 retail locations.
Commenting on the performance, Jerome Griffith, Chief Executive Officer, stated “Despite revenue pressure from global supply chain issues and the impact of inflation on the consumer, we achieved our profit expectations. I am very proud of our team, whose performance, in light of these headwinds, has reinforced my confidence in our long-term strategy.”
For the second quarter of fiscal 2022, the company expects the net revenue to be between US $335 million and US $350 million.
