Lands' End Inc said earnings for its fiscal year ending January 26, 2001, will be "flat to somewhat below" last year's, revising downward an earlier guidance that earnings would be "somewhat positive."

But the statement had little effect on the retail catalogue company's stock price, as its shares rose $2.14, or 8.6 per cent, to $26.95 at 4 pm in New York Stock Exchange composite trading.

Kevin Silverman, an ABN Amro analyst, said that is because "this is their first year of giving guidance, and they have been below their guidance all year."

He said he was already sceptical that the company could meet the projection of "somewhat positive" earnings. "It looked pretty difficult to achieve in the first place," he said.

A Lands' End spokeswoman, Charlotte LaComb, said: "That's probably true. We have been falling short of the guidance and have had to knock it down."