Lands' End reports Q1 FY20 revenue of $217 mn

Lands' End, a leading uni-channel retailer of casual clothing, footwear and home products, reported 17.3 per cent revenue decrease to $217.0 million in first quarter (Q1) FY20 ended on May 1, 2020 compared to revenue of $262.4 million in same period prior year. Net loss for the reported quarter were $20.6 million (Q1 FY19: $6.8 million). 

 

Lands' End, a leading uni-channel retailer of casual clothing, footwear and home products, reported 17.3 per cent revenue decrease to $217.0 million in first quarter (Q1) FY20 ended on May 1, 2020 compared to revenue of $262.4 million in same period prior year. Net loss for the reported quarter were $20.6 million (Q1 FY19: $6.8 million). #

“Following strong trends early in the first quarter, we saw the impact of Covid-19 in mid-March. Beginning in mid-April, we were pleased to see a rebound in our global e-commerce channel, which accelerated to double digit growth in May,” Jerome Griffith, chief executive officer and president at Land’s End, said in a press release.

 

Lands' End, a leading uni-channel retailer of casual clothing, footwear and home products, reported 17.3 per cent revenue decrease to $217.0 million in first quarter (Q1) FY20 ended on May 1, 2020 compared to revenue of $262.4 million in same period prior year. Net loss for the reported quarter were $20.6 million (Q1 FY19: $6.8 million). #

Gross profit for Q1 FY20 were $94.1 million ($119.8 million). Selling and administrative expenses were $105.7 million ($116.8 million). Operating loss were $24.7 million ($4.7 million).

 

Lands' End, a leading uni-channel retailer of casual clothing, footwear and home products, reported 17.3 per cent revenue decrease to $217.0 million in first quarter (Q1) FY20 ended on May 1, 2020 compared to revenue of $262.4 million in same period prior year. Net loss for the reported quarter were $20.6 million (Q1 FY19: $6.8 million). #

Company reported that the US e-commerce net revenue declined 16.5 per cent for the first quarter due to decreased demand as a result of the Covid-19 pandemic while International e-commerce net revenue remained approximately flat. Company operated stores achieved store sales growth of 14.2 per cent in February before closing mid-March.

 

Lands' End, a leading uni-channel retailer of casual clothing, footwear and home products, reported 17.3 per cent revenue decrease to $217.0 million in first quarter (Q1) FY20 ended on May 1, 2020 compared to revenue of $262.4 million in same period prior year. Net loss for the reported quarter were $20.6 million (Q1 FY19: $6.8 million). #

“We believe these trends demonstrate the resiliency of our business and we are no less optimistic about our future for several reasons,” Griffith said.

 

Lands' End, a leading uni-channel retailer of casual clothing, footwear and home products, reported 17.3 per cent revenue decrease to $217.0 million in first quarter (Q1) FY20 ended on May 1, 2020 compared to revenue of $262.4 million in same period prior year. Net loss for the reported quarter were $20.6 million (Q1 FY19: $6.8 million). #

First, we are a digitally driven company with approximately 80 per cent of our business in direct-to-consumer e-commerce. Second, we provide key item basics at great value with great service, at a time when we are seeing growing demand for our offerings. Third, we have demonstrated the adeptness and agility to appropriately adjust our cost structure as we reset for the new normal.  And finally, we see opportunities to expand our customer base through more recent strategies, including the planned launch of Lands’ End on kohls.com and in 150 Kohl’s retail stores this coming fall.”