Lands' End (LE) Misses Q3 EPS by 6c
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Lands' End (NASDAQ: LE) reported Q3 EPS of ($0.11), ex-items, $0.06 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $311.5 million versus the consensus estimate of $303.61 million.
The company reported a 14.3% decrease in same store sales.
James Gooch, Co-Interim Chief Executive Officer and Chief Financial Officer stated, “While we are disappointed in our third quarter sales and gross margin results, we aggressively managed our costs and ended the quarter with clean inventory levels. Following an in-depth review of our recent performance, we have developed and begun to implement a number of initiatives that we believe will enable us to better execute our business strategies and drive improved financial performance. We were pleased to see some of these initiatives begin to take hold in the second half of the quarter, and look forward to building upon this momentum during the holiday season and beyond.”
Joseph Boitano, Co-Interim Chief Executive Officer commented, “We now have a more clearly defined and focused strategy in place, which we believe will enable us to better execute on our goal to deliver product that offers newness and innovation, as well as more readily address the lifestyle needs of the Lands’ End customer. Our first priority is to enhance our classic offering with a focus on key categories that reflect the Lands’ End brand heritage with great quality, fit and value. We have also refined our marketing strategy with enhancements to our catalog presentation and social media efforts. Taken together, we believe these initiatives will position us to better engage our customers, win back lapsed customers and attract new customers to Lands’ End.”
For earnings history and earnings-related data on Lands' End (LE) click here.
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