Lands' End, Inc. (NASDAQ:LE) today announced financial results for
the fourth quarter and fiscal year ended January 27, 2017.
Fourth Quarter Fiscal 2016 Highlights:
- Net revenue for fourth quarter 2016 was $458.8 million as
compared to $473.5 million in the fourth quarter last year. Direct
segment net revenue decreased 2.6% to $398.5 million, as compared
to the same period last year. Retail segment net revenue decreased
6.3% to $60.3 million, as compared to the same period last year,
primarily due to fewer Lands' End Shops at Sears and a 1.7%
decrease in same store sales.
- Gross margin for fourth quarter 2016 was 38.6% as compared to
42.0% in the fourth quarter last year. During the quarter, the
Company wrote down $2.3 million of prior-season inventory from the
Company's Canvas by Lands' End brand, which had a 50 basis point
negative impact on gross margin.
- Net loss for fourth quarter 2016 was $94.8 million, or $2.96
per share, compared to a net loss of $39.5 million, or $1.23 per
share in the fourth quarter of fiscal 2015.
- Adjusted net income(1) for fourth quarter 2016, excluding a
$173.0 million ($107.8 million after-tax) non-cash impairment
charge related to the write-down of the Lands’ End trade name, an
indefinite-lived intangible asset, was $13.0 million, or $0.41 per
share. For the fourth quarter of fiscal 2015, Adjusted net
income(1), excluding a $98.3 million ($62.0 million after-tax)
non-cash impairment charge related to the write-down of the Lands'
End trade name was $22.6 million, or $0.71 per share.
- Adjusted EBITDA(2) was $30.7 million for fourth quarter 2016
compared to $48.1 million for fourth quarter fiscal 2015.
Full Year Fiscal 2016 Highlights:
- Net revenue for fiscal 2016 was $1.34 billion as compared to
$1.42 billion in fiscal 2015. Direct segment net revenue decreased
5.4% to $1.15 billion. Retail segment net revenue decreased 8.9% to
$186.4 million due to a 6.0% decrease in same store sales and a
reduction in the number of Lands' End Shops at Sears.
- Gross margin for fiscal 2016 was 43.2% this year as compared to
46.0% last year. During the third and fourth quarters of fiscal
2016, the Company wrote down a total of $6.7 million of
prior-season inventory from the Company's Canvas by Lands' End
brand, which had a 50 basis point negative impact on gross
margin.
- Net loss for fiscal 2016 was $109.8 million, or $3.43 per
share, as compared to net loss of $19.5 million, or $0.61 per
share, for the same period last year. Net loss for fiscal 2016 also
included $1.2 million in non-recurring personnel costs, net of
reversals, primarily related to the departure of the Company's
former Chief Executive Officer.
- Adjusted net loss(1) for fiscal 2016, excluding a $173.0
million ($107.8 million after-tax) non-cash impairment charge
related to the Lands’ End trade name and the final reversal of the
product recall accrual ($0.2 million), was $2.1 million, or $0.06
per share. Adjusted net income(1), excluding a $98.3 million ($62.0
million after-tax) non-cash impairment charge related to the
write-down of the Lands' End trade name and the $3.4 million ($2.1
million after-tax) benefit from the reversal of a product recall
accrual, was $40.4 million, or $1.26 per share for fiscal
2015.
- Adjusted EBITDA(2) for fiscal 2016 was $39.8 million compared
to $107.3 million in fiscal 2015.
Jerome Griffith, Chief Executive Officer, stated, "We saw
sequential improvement in our fourth quarter results, attributable
to recent initiatives across merchandising, marketing and
e-commerce. In order to drive long-term success, we need to
strengthen our competitive position and develop and execute a
strategic plan that leverages our iconic brand heritage, as well as
our well-established e-commerce platform. To that end, we will
create enhanced product assortments, develop and communicate a
clear and consistent brand identity across channels, and better
leverage our distribution channels. Overall, we will be focused on
enhancing the business in ways that will drive growth,
profitability and shareholder value over the long-term."
Balance Sheet and Cash Flow Highlights
Cash and cash equivalents were $213.1 million as of
January 27, 2017, compared to $228.4 million as of
January 29, 2016. Net cash provided by operations was $23.7
million for fiscal 2016, compared to net cash provided by
operations of $35.9 million for the same period last year.
Inventory decreased 1.2% to $325.3 million as of
January 27, 2017, from $329.2 million as of January 29,
2016.
The Company had $155.3 million of availability under its
asset-based senior secured credit facility and had $490.0 million
of Long-term debt, net as of January 27, 2017.
Conference Call
The company will host a conference call on Tuesday,
March 21, 2017 at 8:00 a.m. ET to review its fourth quarter
and fiscal year financial results and related matters. The call may
be accessed through the Investor Relations section of the Company's
website at http://investors.landsend.com.
About Lands’ End, Inc.
Lands' End, Inc. (NASDAQ:LE) is a leading
multi-channel retailer of clothing, accessories, footwear and home
products. We offer products through catalogs, online at
www.landsend.com and affiliated specialty and international
websites, and through retail locations, primarily at Lands' End
Shops at Sears® and standalone Lands' End Stores. We are a classic
American lifestyle brand with a passion for quality, legendary
service and real value, and seek to deliver timeless style for men,
women, kids and the home.
Forward-Looking Statements
Results are unaudited. This press release contains
forward-looking statements, including statements about our
strategies and our opportunities for growth. Forward-looking
statements are based upon the current beliefs and expectations of
our management and are subject to assumptions, uncertainties and
significant risks that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by these
forward-looking statements. Forward-looking statements include,
without limitation, information concerning our future financial
performance, business strategy, plans, goals and objectives. There
can be no assurance that any of our initiatives will be successful.
The following additional factors, among others, could cause our
actual results, performance, and achievements to differ from those
described in the forward-looking statements: our ability to offer
merchandise and services that customers want to purchase, including
a product assortment with improved fit and quality, changes in
customer preference from our branded merchandise; customers' use of
our digital platform, including customer acceptance of our efforts
to enhance our e-commerce websites; customer response to direct
mail catalogs and digital/social media marketing efforts; the
success of our efforts to improve catalog quality and optimize
catalog productivity; the success of our overall marketing
strategies, some of which, if successful, may not produce positive
results in the short term; the success of our efforts to optimize
promotions to drive sales and maximize gross margin dollars; our
maintenance of a robust customer list; our dependence on
information technology and a failure of information technology
systems, including with respect to our e-commerce operations, or an
inability to upgrade or adapt our systems; the success of our ERP
implementation; the success of our efforts to grow and expand into
new markets and channels; fluctuations and increases in costs of
raw materials; impairment of our relationships with our vendors;
our failure to maintain the security of customer, employee or
company information; our failure to compete effectively in the
apparel industry; the performance of our "store within a store"
business; if Sears Holdings Corporation ("Sears Holdings") sells or
disposes of its retail stores, including pursuant to the recapture
rights granted to Seritage Growth Properties and other parties or
if its retail business does not attract customers or does not
adequately provide services to the Lands' End Shops at Sears;
legal, regulatory, economic and political risks associated with
international trade and those markets in which we conduct business
and source our merchandise; our failure to protect or preserve the
image of our brands and our intellectual property rights; increases
in postage, paper and printing costs; failure by third parties who
provide us with services in connection with certain aspects of our
business to perform their obligations; our failure to timely and
effectively obtain shipments of products from our vendors and
deliver merchandise to our customers; reliance on promotions and
markdowns to encourage customer purchases; our failure to
efficiently manage inventory levels; unseasonal or severe weather
conditions; the seasonal nature of our business; the adverse effect
on our reputation if our independent vendors do not use ethical
business practices or comply with applicable laws and regulations;
assessments for additional state taxes; our exposure to periodic
litigation and other regulatory proceedings, including with respect
to product liability claims; incurrence of charges due to
impairment of goodwill, other intangible assets and long-lived
assets; our failure to retain our executive management team and to
attract qualified new personnel; the impact on our business of
adverse worldwide economic and market conditions, including
economic factors that negatively impact consumer spending on
discretionary items; the inability of our past performance
generally, as reflected on our historical financial statements, to
be indicative of our future performance; the impact of increased
costs due to a decrease in our purchasing power following our
separation from Sears Holdings ("Separation") and other losses of
benefits associated with being a subsidiary of Sears Holdings; the
failure of Sears Holdings or its subsidiaries to perform under
various transaction agreements or our failure to have necessary
systems and services in place when certain of the transaction
agreements expire; potential indemnification liabilities to Sears
Holdings pursuant to the separation and distribution agreement; our
agreements related to the Separation and certain agreements related
to our continuing relationship with Sears Holdings were negotiated
while we were a subsidiary of Sears Holdings and we may have
received better terms from an unaffiliated third party; our
inability to engage in certain corporate transactions after the
Separation; the ability of our principal shareholders to exert
substantial influence over us; adverse effects of the Separation on
our business; potential liabilities under fraudulent conveyance and
transfer laws and legal capital requirements; declines in our stock
price due to the eligibility of a number of our shares of common
stock for future sale; our inability to pay dividends;
stockholders' percentage ownership in Lands' End may be diluted in
the future and other risks, uncertainties and factors discussed in
the "Risk Factors" section of our Annual Report on Form 10-K for
the fiscal year ended January 29, 2016 and other filings with the
SEC. We intend the forward-looking statements to speak only as of
the time made and do not undertake to update or revise them as more
information becomes available, except as required by law.
-Financial Tables Follow-
LANDS’ END, INC. |
Consolidated Balance Sheets |
(Unaudited) |
|
(in
thousands, except share data) |
|
January 27, 2017 |
|
January 29, 2016 |
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and
cash equivalents |
|
$ |
213,108 |
|
|
$ |
228,368 |
|
Restricted cash |
|
3,300 |
|
|
3,300 |
|
Accounts
receivable, net |
|
39,284 |
|
|
32,061 |
|
Inventories, net |
|
325,314 |
|
|
329,203 |
|
Prepaid
expenses and other current assets |
|
26,394 |
|
|
23,618 |
|
Total current assets |
|
607,400 |
|
|
616,550 |
|
Property and equipment,
net |
|
122,836 |
|
|
109,831 |
|
Goodwill |
|
110,000 |
|
|
110,000 |
|
Intangible asset,
net |
|
257,000 |
|
|
430,000 |
|
Other assets |
|
17,155 |
|
|
15,145 |
|
Total assets |
|
$ |
1,114,391 |
|
|
$ |
1,281,526 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
Current
liabilities |
|
|
|
|
Accounts
payable |
|
$ |
162,408 |
|
|
$ |
146,097 |
|
Other
current liabilities |
|
86,446 |
|
|
83,992 |
|
Total current liabilities |
|
248,854 |
|
|
230,089 |
|
Long-term debt,
net |
|
490,043 |
|
|
493,838 |
|
Long-term deferred tax
liabilities |
|
90,467 |
|
|
157,252 |
|
Other liabilities |
|
13,615 |
|
|
15,838 |
|
Total liabilities |
|
842,979 |
|
|
897,017 |
|
Commitments and
contingencies |
|
|
|
|
Stockholders’
equity |
|
|
|
|
Common
stock, par value $0.01- authorized: 480,000,000 shares; issued and
outstanding: 32,029,359, 31,991,668, respectively |
|
320 |
|
|
320 |
|
Additional paid-in capital |
|
343,971 |
|
|
344,244 |
|
Retained
earnings |
|
(60,453 |
) |
|
49,329 |
|
Accumulated other comprehensive loss |
|
(12,426 |
) |
|
(9,384 |
) |
Total stockholders’ equity |
|
271,412 |
|
|
384,509 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
1,114,391 |
|
|
$ |
1,281,526 |
|
|
|
|
|
|
|
|
|
|
LANDS’ END, INC. |
Consolidated Statements of Operations |
(Unaudited) |
|
|
|
13 Weeks Ended |
|
52 Weeks Ended |
(in
thousands except per share data) |
|
January 27,2017 |
|
January 29,2016 |
|
January 27,2017 |
|
January 29,2016 |
REVENUES |
|
|
|
|
|
|
|
|
Net revenue |
|
$ |
458,841 |
|
|
$ |
473,543 |
|
|
$ |
1,335,760 |
|
|
$ |
1,419,778 |
|
Cost of sales
(excluding depreciation and amortization) |
|
281,906 |
|
|
274,433 |
|
|
759,352 |
|
|
767,189 |
|
Gross
profit |
|
176,935 |
|
|
199,110 |
|
|
576,408 |
|
|
652,589 |
|
|
|
|
|
|
|
|
|
|
Selling and
administrative |
|
146,285 |
|
|
151,040 |
|
|
536,576 |
|
|
545,301 |
|
Depreciation and
amortization |
|
5,584 |
|
|
4,525 |
|
|
19,003 |
|
|
17,399 |
|
Intangible asset
impairment |
|
173,000 |
|
|
98,300 |
|
|
173,000 |
|
|
98,300 |
|
Other operating expense
(income), net |
|
500 |
|
|
39 |
|
|
460 |
|
|
(3,327 |
) |
Operating loss |
|
(148,434 |
) |
|
(54,794 |
) |
|
(152,631 |
) |
|
(5,084 |
) |
Interest expense |
|
6,137 |
|
|
6,211 |
|
|
24,630 |
|
|
24,826 |
|
Other expense (income),
net |
|
3,032 |
|
|
(461 |
) |
|
1,619 |
|
|
(671 |
) |
Loss before income
taxes |
|
(157,603 |
) |
|
(60,544 |
) |
|
(178,880 |
) |
|
(29,239 |
) |
Income tax benefit |
|
(62,782 |
) |
|
(21,086 |
) |
|
(69,098 |
) |
|
(9,691 |
) |
NET
LOSS |
|
$ |
(94,821 |
) |
|
$ |
(39,458 |
) |
|
$ |
(109,782 |
) |
|
$ |
(19,548 |
) |
NET LOSS PER
COMMON SHARE ATTRIBUTABLE TO STOCKHOLDERS |
|
|
|
|
|
|
|
|
Basic: |
|
$ |
(2.96 |
) |
|
$ |
(1.23 |
) |
|
$ |
(3.43 |
) |
|
$ |
(0.61 |
) |
Diluted: |
|
$ |
(2.96 |
) |
|
$ |
(1.23 |
) |
|
$ |
(3.43 |
) |
|
$ |
(0.61 |
) |
|
|
|
|
|
|
|
|
|
Basic weighted average
common shares outstanding |
|
32,029 |
|
|
31,992 |
|
|
32,021 |
|
|
31,979 |
|
Diluted weighted
average common shares outstanding |
|
32,029 |
|
|
31,992 |
|
|
32,021 |
|
|
31,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Use and Definition of Non-GAAP Financial
Measures
1Adjusted net income (loss) and Adjusted
earnings per share - As a result of the intangible asset impairment
and the impacts of product recall, the Company is presenting a
reconciliation of Net income and Earnings per share determined in
accordance with accounting principles generally accepted in the
United States (“GAAP”) to Adjusted Net income and Adjusted Earnings
per share which excludes the impact of the intangible asset
impairment and the product recall.
2Adjusted EBITDA - In addition to our Net
income, for purposes of evaluating operating performance, we use an
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (“Adjusted EBITDA”), which is adjusted to exclude
certain significant items as set forth below. Our management uses
Adjusted EBITDA to evaluate the operating performance of our
business, as well as for executive compensation metrics, for
comparable periods. Adjusted EBITDA should not be used by investors
or other third parties as the sole basis for formulating investment
decisions as it excludes a number of important cash and non-cash
recurring items.
3The sum of net income (loss) and adjustments
per diluted common share may not equal the Adjusted earnings per
share due to rounding.
While Adjusted net income (loss)1, Adjusted
earnings (loss) per share1 and Adjusted EBITDA2 are non-GAAP
measurements, management believes that they are important
indicators of operating performance, and useful to investors,
because:
• EBITDA excludes the effects of
financings, investing activities and tax structure by eliminating
the effects of interest, depreciation and income tax costs, and
- For the 13 and 52 weeks ended January 27, 2017 and January 29,
2016, we exclude the loss on disposal of property and equipment as
management considers the gains or losses on disposal of assets to
result from investing decisions rather than ongoing
operations.
• Other significant items, while
periodically affecting our results, may vary significantly from
period to period and have a disproportionate effect in a given
period, which affects comparability of results. We have adjusted
our results for these items to make our statements more comparable
and therefore more useful to investors as the items are not
representative of our ongoing operations.
- For the 13 and 52 weeks ended January 27, 2017 and January 29,
2016 we exclude the impairment of our indefinite-lived trade name
asset as this is a non-cash charge that is an unusual event that
affects the comparability of our financial results.
- For the 52 weeks ended January 27, 2017 and January 29, 2016,
an amount of a previously recorded recall was reversed due to lower
than estimated customer return rates for the recalled products
despite our efforts to contact impacted customers. These are
unusual events that affect the comparability of our financial
results.
|
Reconciliation of Non-GAAP Financial Information to
GAAP |
(Unaudited) |
|
|
|
13 Weeks Ended |
(in thousands except
per share data) |
|
January 27, 2017 |
|
January 29, 2016 |
|
|
Amount |
|
per CommonShare |
|
Amount |
|
per CommonShare |
Net loss |
|
$ |
(94,821 |
) |
|
$ |
(2.96 |
) |
|
$ |
(39,458 |
) |
|
$ |
(1.23 |
) |
Intangible asset
impairment, net of tax |
|
107,831 |
|
|
3.37 |
|
|
62,017 |
|
|
1.94 |
|
Adjusted net income and
earnings per share (1) |
|
$ |
13,010 |
|
|
$ |
0.41 |
|
|
$ |
22,559 |
|
|
$ |
0.71 |
|
|
|
52 Weeks Ended |
(in thousands except
per share data) |
|
January 27, 2017 |
|
January 29, 2016 |
|
|
Amount |
|
per CommonShare |
|
Amount |
|
per CommonShare |
Net loss |
|
$ |
(109,782 |
) |
|
$ |
(3.43 |
) |
|
$ |
(19,548 |
) |
|
$ |
(0.61 |
) |
Intangible asset
impairment, net of tax |
|
107,831 |
|
|
3.37 |
|
|
62,017 |
|
|
1.94 |
|
Product recall, net of
tax |
|
(125 |
) |
|
— |
|
|
(2,063 |
) |
|
(0.06 |
) |
Adjusted net (loss)
income and (loss) earnings per share (1)(3) |
|
$ |
(2,076 |
) |
|
$ |
(0.06 |
) |
|
$ |
40,406 |
|
|
$ |
1.26 |
|
|
13 Weeks Ended |
|
January 27, 2017 |
|
January 29, 2016 |
(in thousands) |
$’s |
|
% of Net Sales |
|
$’s |
|
% of Net Sales |
Net loss |
$ |
(94,821 |
) |
|
(20.7 |
)% |
|
$ |
(39,458 |
) |
|
(8.3 |
)% |
Income tax benefit |
(62,782 |
) |
|
(13.7 |
)% |
|
(21,086 |
) |
|
(4.5 |
)% |
Other expense (income),
net |
3,032 |
|
|
0.7 |
% |
|
(461 |
) |
|
(0.1 |
)% |
Interest expense |
6,137 |
|
|
1.3 |
% |
|
6,211 |
|
|
1.3 |
% |
Operating loss |
(148,434 |
) |
|
(32.3 |
)% |
|
(54,794 |
) |
|
(11.6 |
)% |
Intangible asset
impairment |
173,000 |
|
|
37.7 |
% |
|
98,300 |
|
|
20.8 |
% |
Depreciation and
amortization |
5,584 |
|
|
1.2 |
% |
|
4,525 |
|
|
1.0 |
% |
Loss on disposal of
property and equipment |
500 |
|
|
0.1 |
% |
|
39 |
|
|
— |
% |
Adjusted EBITDA
(2) |
$ |
30,650 |
|
|
6.7 |
% |
|
$ |
48,070 |
|
|
10.2 |
% |
|
52 Weeks Ended |
|
January 27, 2017 |
|
January 29, 2016 |
(in thousands) |
$’s |
|
% of Net Sales |
|
$’s |
|
% of Net Sales |
Net loss |
$ |
(109,782 |
) |
|
(8.2 |
)% |
|
$ |
(19,548 |
) |
|
(1.4 |
)% |
Income tax benefit |
(69,098 |
) |
|
(5.2 |
)% |
|
(9,691 |
) |
|
(0.7 |
)% |
Other expense (income),
net |
1,619 |
|
|
0.1 |
% |
|
(671 |
) |
|
— |
% |
Interest expense |
24,630 |
|
|
1.8 |
% |
|
24,826 |
|
|
1.7 |
% |
Operating loss |
(152,631 |
) |
|
(11.4 |
)% |
|
(5,084 |
) |
|
(0.4 |
)% |
Intangible asset
impairment |
173,000 |
|
|
13.0 |
% |
|
98,300 |
|
|
6.9 |
% |
Depreciation and
amortization |
19,003 |
|
|
1.4 |
% |
|
17,399 |
|
|
1.2 |
% |
Product recall |
(212 |
) |
|
— |
% |
|
(3,371 |
) |
|
(0.2 |
)% |
Loss on disposal of
property and equipment |
672 |
|
|
0.1 |
% |
|
44 |
|
|
— |
% |
Adjusted EBITDA
(2) |
$ |
39,832 |
|
|
3.0 |
% |
|
$ |
107,288 |
|
|
7.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LANDS’ END, INC. |
Consolidated and Combined Statements of Cash
Flows |
for Fiscal Years Ended |
(Unaudited) |
|
(in
thousands) |
|
January 27,2017 |
|
January 29,2016 |
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
Net loss |
|
$ |
(109,782 |
) |
|
$ |
(19,548 |
) |
Adjustments to
reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
19,003 |
|
|
17,399 |
|
Intangible asset impairment |
|
173,000 |
|
|
98,300 |
|
Product
recall |
|
(212 |
) |
|
(3,371 |
) |
Amortization of debt issuance costs |
|
1,712 |
|
|
1,741 |
|
Loss on
disposal of property and equipment |
|
672 |
|
|
44 |
|
Stock-based compensation |
|
2,230 |
|
|
2,395 |
|
Deferred
income taxes |
|
(67,253 |
) |
|
(22,670 |
) |
Change in
operating assets and liabilities: |
|
|
|
|
Inventories |
|
755 |
|
|
(29,819 |
) |
Accounts
payable |
|
16,951 |
|
|
10,005 |
|
Other
operating assets |
|
(12,356 |
) |
|
3,462 |
|
Other
operating liabilities |
|
(1,027 |
) |
|
(22,047 |
) |
Net cash
provided by operating activities |
|
23,693 |
|
|
35,891 |
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
Proceeds
from sale of property and equipment |
|
47 |
|
|
— |
|
Purchases
of property and equipment |
|
(33,319 |
) |
|
(22,224 |
) |
Net cash
used in investing activities |
|
(33,272 |
) |
|
(22,224 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
Payments
on term loan facility |
|
(5,150 |
) |
|
(5,150 |
) |
Net cash
used in financing activities |
|
(5,150 |
) |
|
(5,150 |
) |
Effects of exchange
rate changes on cash |
|
(531 |
) |
|
(1,603 |
) |
NET (DECREASE)
INCREASE IN CASH AND CASH EQUIVALENTS |
|
(15,260 |
) |
|
6,914 |
|
CASH AND CASH
EQUIVALENTS, BEGINNING OF YEAR |
|
228,368 |
|
|
221,454 |
|
CASH AND CASH
EQUIVALENTS, END OF YEAR |
|
$ |
213,108 |
|
|
$ |
228,368 |
|
SUPPLEMENTAL
INFORMATION: |
|
|
|
|
Supplemental Cash Flow Data: |
|
|
|
|
Unpaid
liability to acquire property and equipment |
|
$ |
8,419 |
|
|
$ |
8,182 |
|
Income
taxes paid |
|
$ |
3,653 |
|
|
$ |
23,991 |
|
Interest
paid |
|
$ |
22,484 |
|
|
$ |
22,690 |
|
|
|
|
|
|
|
|
|
|
Financial information by segment is presented in the following
tables for the 13 and 52 weeks ended January 27, 2017 and
January 29, 2016.
|
|
13 Weeks Ended |
|
52 Weeks Ended |
(in thousands) |
|
January 27, 2017 |
|
January 29, 2016 |
|
January 27, 2017 |
|
January 29, 2016 |
Net revenue |
|
|
|
|
|
|
|
|
Direct |
|
$ |
398,489 |
|
|
$ |
409,107 |
|
|
$ |
1,149,149 |
|
|
$ |
1,214,993 |
|
Retail |
|
60,314 |
|
|
64,400 |
|
|
186,390 |
|
|
204,566 |
|
Corporate/ other |
|
38 |
|
|
36 |
|
|
221 |
|
|
219 |
|
Total Net revenue |
|
$ |
458,841 |
|
|
$ |
473,543 |
|
|
$ |
1,335,760 |
|
|
$ |
1,419,778 |
|
|
|
13 Weeks Ended |
|
52 Weeks Ended |
(in thousands) |
|
January 27, 2017 |
|
January 29, 2016 |
|
January 27, 2017 |
|
January 29, 2016 |
Adjusted
EBITDA(2): |
|
|
|
|
|
|
|
|
Direct |
|
$ |
37,065 |
|
|
$ |
56,620 |
|
|
$ |
78,582 |
|
|
$ |
141,936 |
|
Retail |
|
1,503 |
|
|
387 |
|
|
(5,560 |
) |
|
(520 |
) |
Corporate/ other |
|
(7,918 |
) |
|
(8,937 |
) |
|
(33,190 |
) |
|
(34,128 |
) |
Total Adjusted
EBITDA(2) |
|
$ |
30,650 |
|
|
$ |
48,070 |
|
|
$ |
39,832 |
|
|
$ |
107,288 |
|
CONTACTS
Lands' End, Inc.
James Gooch
Chief Operating Officer and Chief Financial Officer
(608) 935-9341
Investor Relations:
ICR, Inc.
Jean Fontana
(646) 277-1214
Jean.Fontana@icrinc.com
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