Lands’ End Shares Rise on Upbeat Indications, Q2 Outperformed By Investing.com

NEW YORK – Shares of Lands’ End Inc. (NASDAQ:LE) gained 2.58% after the apparel retailer reported better-than-expected second-quarter results and raised its full-year profit outlook.

The company posted an adjusted loss of $0.02 per share for Q2, beating analysts’ estimates for a loss of $0.10 per share. Revenue was $317.2 million, beating expectations of $307.47 million.

Lands’ End said gross margin expanded 470 basis points year over year to 47.9% due to lower promotional activity and improved inventory management.

“Our strong second quarter results continue to demonstrate that our solutions-based strategy is working,” said CEO Andrew McLean. He noted that the company is attracting new customers and improving its supply chain and inventory position.

For fiscal 2024, Lands’ End now expects adjusted earnings per share of $0.29 to $0.48, up from previous guidance and ahead of the consensus estimate of $0.29. The company estimates annual revenue between $1.35 billion and $1.43 billion.

Elevated earnings prospects and the Q2 beat helped lift stocks in Thursday trading. Lands’ End said it saw single-digit growth in new customer acquisitions during the quarter as it develops its brand and product mix.

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