Lands’ End, Inc ( (LE) ) has released its Q3 earnings. Here is a breakdown of the information Lands’ End, Inc presented to its investors.
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Lands’ End, Inc. is a renowned digital retailer specializing in apparel, swimwear, outerwear, accessories, footwear, home products, and uniforms, operating in the e-commerce sector with a focus on providing solutions for life’s various journeys.
In its third-quarter financial results for fiscal 2024, Lands’ End reported an increase in gross margin by 360 basis points and a reduction in inventory for the seventh consecutive quarter, showcasing a strategic focus on efficient inventory management. The company also highlighted a significant increase in new customer acquisition, strengthening its customer base.
Key financial metrics from the report include a gross profit increase to $161.1 million, a net revenue of $318.6 million, and a net loss reduction to $0.6 million compared to a loss of $112.4 million in the same quarter last year. Despite a slight decrease in net revenue, primarily due to transitioning certain product lines to licensing arrangements, the company achieved a 5.6% increase in gross profit and a notable improvement in adjusted net income and adjusted EBITDA.
Lands’ End continued to improve its inventory management, achieving a 20% year-over-year reduction. This, combined with increased marketing efforts, resulted in a more robust customer acquisition rate, with global new customer acquisition rising by over 20%.
Looking forward, Lands’ End anticipates continued growth in gross merchandise value and profitability, with expectations for net revenue to range between $440 million and $480 million in the fourth quarter of fiscal 2024. The company remains focused on enhancing its product offerings and operational efficiencies to drive sustained growth.
