- Prachi Singh |
Lands' End net revenue for the third quarter increased 4.5 percent to 325.5 million dollars. The company’s direct segment net revenue increased 6.7 percent to 290.3 million dollars, while retail segment net revenue decreased 10.8 percent to 35.1 million dollars, which the company said was due to fewer Lands' End Shops at Sears. Same store sales for the quarter decreased 1.3 percent.
Commenting on the third quarter trading, Jerome S. Griffith, the company’s Chief Executive Officer, stated in a statement: “We were pleased with the continued momentum in our business in the third quarter, which carried through the Thanksgiving to Cyber Monday period. For the third quarter, we grew revenue, expanded gross margin, and significantly increased profitability. We also saw growth in our buyer files for the third consecutive quarter, with double digit growth in the last two quarters.”
Gross margin was 43.6 percent compared to 42.9 percent in the third quarter last year. Net income was 0.2 million dollars or 0.01 dollar per diluted share compared to net loss of 7.2 million dollars or 0.23 dollar per diluted share, in the third quarter of fiscal 2016. Adjusted EBITDA for the quarter was 12.9 million dollars compared to 1.3 million dollars in the same quarter last year.
Picture:Land's End website