Net losses widened at Land’s End during Q2 on weaker sales. Credit: Melissamn Shutterstock.

CEO Andrew McLean says Land’s End is now focused on exceeding customer expectations, prioritising profitable demand and creating long-term shareholder value.

Land’s End Q2 in brief

Net revenue decreased 7.9% to $323.3m compared to $351.2m in the second quarter of fiscal 2022.

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Global eCommerce net revenue was $218.7m, a decrease of 8.7% from $239.7m in the second quarter of fiscal 2022.

Outfitters net revenue was $68.0m, a decrease of 3.8% from $70.7m in the second quarter of fiscal 2022, primarily driven by the conclusion of the Delta Air Lines contract in the first quarter 2023 partially offset by school uniform revenue increasing high single-digits year-over-year.

Third Party net revenue was $24.4m, a decrease of 10.6% from $27.3m in the second quarter of fiscal 2022, primarily attributed to weaker than expected online demand performance at Kohl’s partially offset by continued growth of marketplace sales through Target, Macy’s and Amazon.

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Adjusted EBITDA was $15.8m in both Q2 of fiscal 2023 and Q2 of fiscal 2022.

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Net loss was $8.0m, or $0.25 loss per diluted share. This compares to net loss of $2.2m or $0.07 loss per diluted share in the second quarter of fiscal 2022 and includes the one-time closing costs of Lands’ End Japan KK, a subsidiary of Lands’ End, Inc., (“Lands’ End Japan”).

Land’s End Q3 outlook

  • Net revenue to be between $340.0m and $355.0m.
  • Net loss to be between $6.5m and $4.0m and diluted loss per share to be between $0.20 and $0.13.
  • Adjusted EBITDA in the range of $13.0m to $16.0m.

Land’s End FY23 outlook

  • Net revenue to be between $1.50bn and $1.55bn.
  • Net (loss) income to be between $(4.5m) and $1.0m, and diluted (loss) earnings per share to be between $(0.14) and $0.03.
  • Adjusted EBITDA in the range of $77.0m to $84m.