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Land’s End Q2 revenue up, Ebitda increases 17.5 million dollars

By Prachi Singh

2 Sep 2021

Business

Image: Land's End newsroom

For the second quarter, Lands’ End, Inc. net revenue was 384.1 million dollars, an increase of 23.1 percent from the second quarter of fiscal 2020 and an increase of 28.8 percent from the second quarter of fiscal 2019.

Commenting on the results, Jerome Griffith, the company’s chief executive officer, stated: “We are very pleased with our performance this quarter, delivering record second quarter revenue and strength across all of our financial metrics. Our improved product assortment and increased digital marketing spend drove the strength in our global ecommerce business.”

Highlights of Land’s End’s Q2 performance

The company’s global ecommerce net revenue was 285.4 million dollars, an increase of 7.7 percent compared to the second quarter of fiscal 2020 and an increase of 32.5 percent against the second quarter of fiscal 2019. Compared to the second quarter of last year, the company said, U.S. ecommerce increased 7.6 percent and international ecommerce grew 8.2 percent.

Outfitters net revenue was 65.6 million dollars, an increase of 75.4 percent from the second quarter of fiscal 2020 and approximately flat compared to the second quarter of fiscal 2019.

Third party net revenue, which includes sales on third-party marketplaces and U.S. wholesale revenues, was 19.1 million dollars compared to the second quarter last year. The company added that the 14 million dollars increase was attributed to the launch of Lands’ End product on Kohls.com and at 150 retail locations in third quarter 2020.

Gross margin for the quarter was 46.3 percent, expanding approximately 290 basis points compared to 43.4 percent in the second quarter of fiscal 2020. Net income was 16.2 million dollars or 48 cents per diluted share compared to 4.4 million dollars or 13 cents per diluted share in the second quarter of fiscal 2020.

Adjusted Ebitda was 41.4 million dollars, an increase of 17.5 million dollars compared to the second quarter of fiscal 2020.

Land’s End forecasts full year revenue to reach between 1.67 to 1.71 billion dollars

For the third quarter of fiscal 2021 the company now expects net revenue to be between 390 million dollars and 405 million dollars, net income to be between 6.5 million dollars and 9 million dollars, diluted earnings per share to be between 19 cents and 27 cents and adjusted EBITDA in the range of 27 million to 30 million dollars.

For fiscal 2021 the company now expects net revenue to be between 1.67 billion dollars and 1.71 billion dollars, net income to be between 45.5 million and 51 million dollars, diluted earnings per share to be between 1.35 dollars and 1.51 dollars and adjusted EBITDA in the range of 136 million to 143 million dollars.