FX.co ★ Lands' End Q3 Loss Sharply Narrows; FY24 Outlook Range Narrowed

Lands' End, Inc. (LE), a uni-channel retailer, announced on Thursday a substantial reduction in their third-quarter net loss to $0.59 million, or $0.02 per share, compared to a loss of $112.394 million or $3.52 per share during the same period last year.

When excluding special items, the company's adjusted earnings for the quarter stood at $0.06 per share, a significant improvement from the adjusted net loss of $0.11 per share reported in the corresponding quarter the previous year.

However, net revenue for the third quarter experienced a slight decline, dropping to $318.63 million from $324.74 million year-over-year.

Market analysts, surveyed by Thomson Reuters, had anticipated the company would post earnings of $0.03 per share on revenues totaling $315.21 million for the quarter. These forecasts typically exclude special items.

Looking forward to the fourth quarter, Lands' End expects net income to range between $0.58 and $0.67 per share, with adjusted income projections between $0.51 and $0.61 per share, based on anticipated net revenue between $440 million and $480 million.

For fiscal year 2024, the company has updated its projections for net earnings to a range of $0.19 to $0.29 per share, and adjusted net earnings from $0.35 to $0.45 per share, with net revenue estimated between $1.36 billion and $1.40 billion. These estimates have been slightly adjusted from prior expectations of net earnings ranging from $0.16 to $0.35 per share and adjusted net earnings of $0.29 to $0.48 per share with revenue forecasts between $1.35 billion and $1.43 billion.

For the fiscal year, analysts are projecting earnings of $0.37 per share on revenue of $1.40 billion.