Lands’ End, Inc. (NASDAQ: LE) today announced financial results for
the second quarter ended July 28, 2023.
Andrew McLean, Chief Executive Officer, stated, “Our strong
second quarter was characterized by a return to operating
disciplines with a solutions focus on the customer. That resulted
in a significant 220 basis point year-over-year improvement in
gross margin, a 30% year-over-year reduction in our inventory
position and Adjusted EBITDA in line with the prior year and
guidance. Significantly, our cash provided by operations turned
positive with a favorable $172 million improvement over the prior
year. Newness, customer acceptance and results all benefit from our
more disciplined inventory management approach which is continuing
into the second half of 2023. Going forward, our brand is focused
on exceeding customer expectations, prioritizing profitable demand
and creating long-term shareholder value.”
Second Quarter Financial Highlights
- For the second quarter, net revenue decreased 7.9% to $323.3
million compared to $351.2 million in the second quarter of fiscal
2022.
- Global eCommerce net revenue was $218.7 million, a decrease of
8.7% from $239.7 million in the second quarter of fiscal 2022.
Second quarter of fiscal 2022 included Lands’ End Japan net revenue
of $7.6 million. Lands’ End Japan closed at the end of fiscal 2022.
Excluding Lands’ End Japan in the second quarter of fiscal 2022,
Global eCommerce net revenue decreased 5.8%.
- Compared to second quarter of fiscal 2022, U.S. eCommerce net
revenue decreased 3.6% primarily driven by continued promotional
productivity within swim and adjacent product categories more than
offset by lower markdown inventory sales.
- Compared to second quarter of fiscal 2022, which included the
results of Lands’ End Japan, International eCommerce net revenue
decreased 37.3%.
- Compared to second quarter of fiscal 2022, Europe eCommerce net
revenue decreased 20.8% primarily driven by assortment editing with
a focus on key categories, reduced markdown inventory sales and
continued macroeconomic challenges.
- Outfitters net revenue was $68.0 million, a decrease of 3.8%
from $70.7 million 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. Excluding the $4.9
million difference year-over-year from the Delta Air Lines
business, revenue for the Outfitters business increased by
3.5%.
- Third Party net revenue was $24.4 million, a decrease of 10.6%
from $27.3 million 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.
- Gross profit was $139.6 million, a decrease of $4.4 million or
3.1% from $144.0 million during the second quarter of fiscal 2022.
Gross margin increased approximately 220 basis points to 43.2%,
compared to 41.0% in second quarter of fiscal 2022. The Gross
margin improvement was primarily driven by the strength in the swim
and adjacent product categories across the channels, reduction in
markdown inventory and improvements in supply chain costs in the
second quarter of fiscal 2023 compared to the prior year.
- Selling and administrative expenses decreased $4.7 million to
$123.9 million or 38.3% of net revenue, compared to $128.6 million
or 36.6% of net revenue in second quarter of fiscal 2022. The
approximately 170 basis points increase was driven by deleveraging
from lower revenues, partially offset by lower digital marketing
spend and continued cost controls.
- Net loss was $8.0 million, or $0.25 loss per diluted share.
This compares to Net loss of $2.2 million or $0.07 loss per diluted
share in the second quarter of fiscal 2022.
- Adjusted EBITDA was $15.8 million in both the second quarter of
fiscal 2023 and the second quarter of fiscal 2022.
Balance Sheet and Cash Flow Highlights
Cash and cash equivalents were $26.6 million as of July 28,
2023, compared to $23.5 million as of July 29, 2022.
Inventories, net, was $396.1 million as of July 28, 2023,
and $569.2 million as of July 29, 2022. The 30.4% decrease in
inventory was driven by the actions the Company has taken to
leverage normalized supply chain lead times to receive spring and
summer inventory closer to the selling season.
Net cash provided by operations was $54.8 million for the 26
weeks ended July 28, 2023, compared to net cash used in
operations of $117.5 million for the 26 weeks ended July 29,
2022. The $172.3 million improvement in cash provided by operating
activities was primarily due to the year-over-year improvement in
inventory flow and productivity.
As of July 28, 2023, the Company had $70.0 million of
borrowings outstanding and $128.8 million of availability under its
ABL Facility, compared to $135.0 million of borrowings and $126.2
million of availability as of July 29, 2022. Additionally, as
of July 28, 2023, the Company had $237.2 million of term loan
debt outstanding compared to $250.9 million of term loan debt
outstanding as of July 29, 2022.
During the second quarter, the Company repurchased $3.0 million
of the Company’s common stock under its previously announced share
repurchase program. As of July 28, 2023, additional purchases of up
to $34.8 million could be made under the program through February
2, 2024.
Outlook
For the third quarter of fiscal 2023 the Company expects:
- Net revenue to be between $340.0 million and $355.0
million.
- Net loss to be between $6.5 million and $4.0 million and
diluted loss per share to be between $0.20 and $0.13.
- Adjusted EBITDA in the range of $13.0 million to $16.0
million.
For fiscal 2023 the Company now expects:
- Net revenue to be between $1.50 billion and $1.55 billion.
- Net (loss) income to be between $(4.5) million and $1.0
million, and diluted (loss) earnings per share to be between
$(0.14) and $0.03.
- Adjusted EBITDA in the range of $77.0 million to $84.0
million.
- Capital expenditures of approximately $35.0 million.
Conference Call
The Company will host a conference call on Thursday, August 31,
2023, at 8:30 a.m. ET to review its second quarter 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 digital retailer of
casual clothing, swimwear, outerwear, accessories, footwear, home
products and uniform solutions. We offer products online at
www.landsend.com, through our own Company Operated stores and
through third-party distribution channels. We are a classic
American lifestyle brand with a passion for quality, legendary
service and real value. We seek to deliver timeless style for
women, men, kids and the home. We also offer products to businesses
and schools, for their employees and students, through the
Outfitters distribution channel.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, including statements regarding the
expected continuation of the Company’s more disciplined inventory
management approach and its impact on newness, customer acceptance
and results; the Company’s focus on exceeding customer
expectations, prioritizing and realizing profitable demand and
creating long-term shareholder value; and the Company’s outlook and
expectations as to net revenue, net income/loss, earnings/loss per
share and Adjusted EBITDA for the third quarter of fiscal 2023 and
for the full year of fiscal 2023, and capital expenditures for
fiscal 2023. The following important factors and uncertainties,
among others, could cause actual results to differ materially from
those described in these forward-looking statements: global supply
chain challenges in the recent past have resulted in a significant
increase in inbound transportation costs and delays in receiving
product; disruption in the Company’s supply chain, including with
respect to its distribution centers, third-party manufacturing
partners and logistics partners, caused by limits in freight
capacity, increases in transportation costs, port congestion, other
logistics constraints, and closure of certain manufacturing
facilities and production lines due to public health crises and
other global economic conditions; the impact of global economic
conditions, including inflation, on consumer discretionary
spending; the impact of public health crises on operations,
customer demand and the Company’s supply chain, as well as its
consolidated results of operation, financial position and cash
flows; the Company may be unsuccessful in implementing its
strategic initiatives, or its initiatives may not have their
desired impact on its business; the Company’s ability to obtain
additional financing on commercially acceptable terms or at all,
including, the condition of the lending and debt markets, as the
Company seeks to refinance its term loan; the Company’s ability to
offer merchandise and services that customers want to purchase;
changes in customer preference from the Company’s branded
merchandise; the Company’s results may be materially impacted if
tariffs on imports to the United States increase and it is unable
to offset the increased costs from current or future tariffs
through pricing negotiations with its vendor base, moving
production out of countries impacted by the tariffs, passing
through a portion of the cost increases to the customer, or other
savings opportunities; customers’ use of the Company’s digital
platform, including customer acceptance of its efforts to enhance
its eCommerce websites, including the Outfitters website; customer
response to the Company’s marketing efforts across all types of
media; the Company’s maintenance of a robust customer list; the
Company’s retail store strategy may be unsuccessful; the Company’s
Third Party channel may not develop as planned or have its desired
impact; the Company’s dependence on information technology and a
failure of information technology systems, including with respect
to its eCommerce operations, or an inability to upgrade or adapt
its systems; fluctuations and increases in costs of raw materials
as well as fluctuations in other production and
distribution-related costs; impairment of the Company’s
relationships with its vendors; the Company’s failure to maintain
the security of customer, employee or company information; the risk
of cybersecurity events and their impact on the Company; the
Company’s failure to compete effectively in the apparel industry;
legal, regulatory, economic and political risks associated with
international trade and those markets in which the Company conducts
business and sources its merchandise; the Company’s failure to
protect or preserve the image of its brands and its intellectual
property rights; increases in postage, paper and printing costs;
failure by third parties who provide the Company with services in
connection with certain aspects of its business to perform their
obligations; the Company’s failure to timely and effectively obtain
shipments of products from its vendors and deliver merchandise to
its customers; reliance on promotions and markdowns to encourage
customer purchases; the Company’s failure to efficiently manage
inventory levels; unseasonal or severe weather conditions; the
adverse effect on the Company’s reputation if its independent
vendors do not use ethical business practices or comply with
applicable laws and regulations; assessments for additional state
taxes; incurrence of charges due to impairment of goodwill, other
intangible assets and long-lived assets; the impact on the
Company’s business of adverse worldwide economic and market
conditions, including inflation and other economic factors that
negatively impact consumer spending on discretionary items; the
stock repurchase program may not be executed to the full extent
within its duration, due to business or market conditions; the
ability of the Company’s principal stockholders to exert
substantial influence over the Company; and other risks,
uncertainties and factors discussed in the “Risk Factors” section
of the Company’s Annual Report on Form 10-K for the fiscal year
ended January 27, 2023. The Company intends the forward-looking
statements to speak only as of the time made and does not undertake
to update or revise them as more information becomes available,
except as required by law.
CONTACTS
Lands’ End, Inc.Bernard McCrackenInterim Chief Financial
Officer(608) 935-9341
Investor Relations:ICR, Inc.Tom Filandro(646)
277-1235Tom.Filandro@icrinc.com
-Financial Tables Follow-
LANDS’ END, INC. |
Condensed Consolidated Balance Sheets |
(Unaudited) |
|
(in
thousands, except per share data) |
|
July 28, 2023 |
|
|
July 29, 2022 |
|
|
January 27, 2023* |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
26,610 |
|
|
$ |
23,505 |
|
|
$ |
39,557 |
|
Restricted cash |
|
|
1,833 |
|
|
|
2,091 |
|
|
|
1,834 |
|
Accounts receivable, net |
|
|
25,095 |
|
|
|
40,917 |
|
|
|
44,928 |
|
Inventories, net |
|
|
396,087 |
|
|
|
569,174 |
|
|
|
425,513 |
|
Prepaid expenses and other current assets |
|
|
43,195 |
|
|
|
39,267 |
|
|
|
44,894 |
|
Total current assets |
|
|
492,820 |
|
|
|
674,954 |
|
|
|
556,726 |
|
Property and equipment,
net |
|
|
125,325 |
|
|
|
124,626 |
|
|
|
127,638 |
|
Operating lease right-of-use
asset |
|
|
29,685 |
|
|
|
32,115 |
|
|
|
30,325 |
|
Goodwill |
|
|
106,700 |
|
|
|
106,700 |
|
|
|
106,700 |
|
Intangible asset |
|
|
257,000 |
|
|
|
257,000 |
|
|
|
257,000 |
|
Other assets |
|
|
2,949 |
|
|
|
3,760 |
|
|
|
3,759 |
|
TOTAL ASSETS |
|
$ |
1,014,479 |
|
|
$ |
1,199,155 |
|
|
$ |
1,082,148 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Current portion of long-term debt |
|
$ |
13,750 |
|
|
$ |
13,750 |
|
|
$ |
13,750 |
|
Accounts payable |
|
|
156,342 |
|
|
|
236,015 |
|
|
|
171,557 |
|
Lease liability – current |
|
|
5,643 |
|
|
|
6,720 |
|
|
|
5,414 |
|
Accrued expenses and other current liabilities |
|
|
100,632 |
|
|
|
101,015 |
|
|
|
106,756 |
|
Total current liabilities |
|
|
276,367 |
|
|
|
357,500 |
|
|
|
297,477 |
|
Long-term borrowings under ABL
Facility |
|
|
70,000 |
|
|
|
135,000 |
|
|
|
100,000 |
|
Long-term debt, net |
|
|
218,022 |
|
|
|
228,948 |
|
|
|
223,506 |
|
Lease liability –
long-term |
|
|
29,973 |
|
|
|
32,333 |
|
|
|
31,095 |
|
Deferred tax liabilities |
|
|
51,066 |
|
|
|
45,516 |
|
|
|
45,953 |
|
Other liabilities |
|
|
3,283 |
|
|
|
4,913 |
|
|
|
3,365 |
|
TOTAL LIABILITIES |
|
|
648,711 |
|
|
|
804,210 |
|
|
|
701,396 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
Common stock, par value $0.01 authorized: 480,000 shares;
issued and outstanding: 32,087, 33,202 and 32,626,
respectively |
|
|
321 |
|
|
|
332 |
|
|
|
326 |
|
Additional paid-in capital |
|
|
360,091 |
|
|
|
371,245 |
|
|
|
366,181 |
|
Retained earnings |
|
|
21,597 |
|
|
|
39,947 |
|
|
|
31,267 |
|
Accumulated other comprehensive loss |
|
|
(16,241 |
) |
|
|
(16,579 |
) |
|
|
(17,022 |
) |
TOTAL STOCKHOLDERS’ EQUITY |
|
|
365,768 |
|
|
|
394,945 |
|
|
|
380,752 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
1,014,479 |
|
|
$ |
1,199,155 |
|
|
$ |
1,082,148 |
|
*Derived from the audited consolidated financial statements
included in the Company’s Annual Report on Form 10-K for the fiscal
year ended January 27, 2023.
LANDS’ END, INC. |
Condensed Consolidated Statements of
Operations |
(Unaudited) |
|
|
|
13 Weeks Ended |
|
|
26 Weeks Ended |
|
(in
thousands, except per share data) |
|
July 28, 2023 |
|
|
July 29, 2022 |
|
|
July 28, 2023 |
|
|
July 29, 2022 |
|
Net revenue |
|
$ |
323,363 |
|
|
$ |
351,178 |
|
|
$ |
632,921 |
|
|
$ |
654,843 |
|
Cost of sales (excluding
depreciation and amortization) |
|
|
183,766 |
|
|
|
207,141 |
|
|
|
355,387 |
|
|
|
381,631 |
|
Gross
profit |
|
|
139,597 |
|
|
|
144,037 |
|
|
|
277,534 |
|
|
|
273,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
administrative |
|
|
123,866 |
|
|
|
128,573 |
|
|
|
242,380 |
|
|
|
244,267 |
|
Depreciation and
amortization |
|
|
9,543 |
|
|
|
9,883 |
|
|
|
18,844 |
|
|
|
19,467 |
|
Other operating expense,
net |
|
|
390 |
|
|
|
39 |
|
|
|
592 |
|
|
|
39 |
|
Operating income |
|
|
5,798 |
|
|
|
5,542 |
|
|
|
15,718 |
|
|
|
9,439 |
|
Interest expense |
|
|
12,024 |
|
|
|
8,813 |
|
|
|
24,307 |
|
|
|
16,982 |
|
Other income, net |
|
|
(169 |
) |
|
|
(166 |
) |
|
|
(356 |
) |
|
|
(328 |
) |
Loss before income taxes |
|
|
(6,057 |
) |
|
|
(3,105 |
) |
|
|
(8,233 |
) |
|
|
(7,215 |
) |
Income tax expense
(benefit) |
|
|
1,961 |
|
|
|
(926 |
) |
|
|
1,437 |
|
|
|
(2,665 |
) |
NET LOSS |
|
$ |
(8,018 |
) |
|
$ |
(2,179 |
) |
|
$ |
(9,670 |
) |
|
$ |
(4,550 |
) |
NET LOSS PER COMMON
SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
$ |
(0.25 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.14 |
) |
Diluted: |
|
$ |
(0.25 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding |
|
|
32,117 |
|
|
|
33,361 |
|
|
|
32,280 |
|
|
|
33,262 |
|
Diluted weighted average
common shares outstanding |
|
|
32,117 |
|
|
|
33,361 |
|
|
|
32,280 |
|
|
|
33,262 |
|
|
Use and Definition of Non-GAAP Financial
Measures
Adjusted EBITDA - In addition to our Net income
(loss) determined in accordance with GAAP, for purposes of
evaluating operating performance, the Company uses an Adjusted
EBITDA measurement. Adjusted EBITDA is computed as Net income
(loss) appearing on the Condensed Consolidated Statements of
Operations net of Income tax expense/(benefit), Interest expense,
Depreciation and amortization and certain significant items as set
forth below. Our management uses Adjusted EBITDA to evaluate the
operating performance of our business for comparable periods and as
a basis for an executive compensation metric. The methods used by
the Company to calculate its non-GAAP financial measures may differ
significantly from methods used by other companies to compute
similar measures. As a result, any non-GAAP financial measures
presented herein may not be comparable to similar measures provided
by other companies. 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.
While Adjusted EBITDA is a non-GAAP measurement,
management believes that it is an important indicator 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.
- 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 weeks and 26 weeks ended
July 28, 2023, we excluded the one-time closing costs of
Lands’ End Japan KK, a subsidiary of Lands’ End, Inc., (“Lands’ End
Japan”).
- For the 13 weeks and 26 weeks ended
July 28, 2023 and July 29, 2022, we excluded the
respective net gain or loss on disposal of property and
equipment.
- For the 13 weeks and 26 weeks ended
July 28, 2023 and July 29, 2022, we excluded the
amortization of transaction related costs associated with the Third
Party distribution channel and other miscellaneous expenses.
Reconciliation of Non-GAAP Financial
Information to GAAP(Unaudited)
The following table sets forth, for the periods
indicated, selected income statement data, both in dollars and as a
percentage of Net revenue:
|
|
13 Weeks Ended |
|
(in
thousands) |
|
July 28, 2023 |
|
|
July 29, 2022 |
|
Net loss |
|
$ |
(8,018 |
) |
|
|
(2.5 |
)% |
|
$ |
(2,179 |
) |
|
|
(0.6 |
)% |
Income tax expense
(benefit) |
|
|
1,961 |
|
|
|
0.6 |
% |
|
|
(926 |
) |
|
|
(0.3 |
)% |
Other income, net |
|
|
(169 |
) |
|
|
(0.1 |
)% |
|
|
(166 |
) |
|
|
(0.0 |
)% |
Interest expense |
|
|
12,024 |
|
|
|
3.7 |
% |
|
|
8,813 |
|
|
|
2.5 |
% |
Operating income |
|
|
5,798 |
|
|
|
1.8 |
% |
|
|
5,542 |
|
|
|
1.6 |
% |
Depreciation and
amortization |
|
|
9,543 |
|
|
|
3.0 |
% |
|
|
9,883 |
|
|
|
2.8 |
% |
Lands' End Japan closure |
|
|
23 |
|
|
|
0.0 |
% |
|
|
— |
|
|
|
— |
% |
(Gain) loss on disposal of
property and equipment |
|
|
(23 |
) |
|
|
(0.0 |
)% |
|
|
39 |
|
|
|
0.0 |
% |
Other |
|
|
484 |
|
|
|
0.1 |
% |
|
|
344 |
|
|
|
0.1 |
% |
Adjusted
EBITDA |
|
$ |
15,825 |
|
|
|
4.9 |
% |
|
$ |
15,808 |
|
|
|
4.5 |
% |
|
|
26 Weeks Ended |
|
(in
thousands) |
|
July 28, 2023 |
|
|
July 29, 2022 |
|
Net loss |
|
$ |
(9,670 |
) |
|
|
(1.5 |
)% |
|
$ |
(4,550 |
) |
|
|
(0.7 |
)% |
Income tax expense
(benefit) |
|
|
1,437 |
|
|
|
0.2 |
% |
|
|
(2,665 |
) |
|
|
(0.4 |
)% |
Other income, net |
|
|
(356 |
) |
|
|
(0.1 |
)% |
|
|
(328 |
) |
|
|
(0.1 |
)% |
Interest expense |
|
|
24,307 |
|
|
|
3.8 |
% |
|
|
16,982 |
|
|
|
2.6 |
% |
Operating income |
|
|
15,718 |
|
|
|
2.5 |
% |
|
|
9,439 |
|
|
|
1.4 |
% |
Depreciation and
amortization |
|
|
18,844 |
|
|
|
3.0 |
% |
|
|
19,467 |
|
|
|
3.0 |
% |
Landsʼ End Japan closure |
|
|
99 |
|
|
|
0.0 |
% |
|
|
— |
|
|
|
— |
% |
Loss on disposal of property
and equipment |
|
|
100 |
|
|
|
0.0 |
% |
|
|
39 |
|
|
|
0.0 |
% |
Other |
|
|
579 |
|
|
|
0.1 |
% |
|
|
688 |
|
|
|
0.1 |
% |
Adjusted
EBITDA |
|
$ |
35,340 |
|
|
|
5.6 |
% |
|
$ |
29,633 |
|
|
|
4.5 |
% |
Third Quarter Fiscal
2023 Guidance |
|
|
|
|
13 Weeks Ended |
|
(in millions) |
|
|
|
|
October 27, 2023 |
|
Net loss |
|
|
|
|
$ |
6.5 |
|
— |
$ |
4.0 |
|
Depreciation, interest, other
income, taxes and other adjustments |
|
|
|
|
|
19.5 |
|
— |
|
20.0 |
|
Adjusted EBITDA |
|
|
|
|
$ |
13.0 |
|
— |
$ |
16.0 |
|
Fiscal 2023
Guidance |
|
|
|
|
53 Weeks Ended |
|
(in millions) |
|
|
|
|
February 2, 2024 |
|
Net (loss) income |
|
|
|
|
$ |
(4.5 |
) |
— |
$ |
1.0 |
|
Depreciation, interest, other
income, taxes and other adjustments |
|
|
|
|
|
81.5 |
|
— |
|
83.0 |
|
Adjusted EBITDA |
|
|
|
|
$ |
77.0 |
|
— |
$ |
84.0 |
|
LANDS’ END, INC. |
Condensed Consolidated Statements of Cash
Flows |
(Unaudited) |
|
|
|
26 Weeks Ended |
|
(in
thousands) |
|
July 28, 2023 |
|
|
July 29, 2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
Net loss |
|
$ |
(9,670 |
) |
|
$ |
(4,550 |
) |
Adjustments to reconcile net
loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
18,844 |
|
|
|
19,467 |
|
Amortization of debt issuance costs |
|
|
1,634 |
|
|
|
1,546 |
|
Loss on disposal of property and equipment |
|
|
100 |
|
|
|
39 |
|
Stock-based compensation |
|
|
1,893 |
|
|
|
3,403 |
|
Deferred income taxes |
|
|
4,905 |
|
|
|
372 |
|
Other |
|
|
(255 |
) |
|
|
(374 |
) |
Change in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
19,861 |
|
|
|
8,292 |
|
Inventories, net |
|
|
30,427 |
|
|
|
(190,885 |
) |
Accounts payable |
|
|
(8,988 |
) |
|
|
91,370 |
|
Other operating assets |
|
|
2,354 |
|
|
|
(2,105 |
) |
Other operating liabilities |
|
|
(6,278 |
) |
|
|
(44,100 |
) |
Net cash provided by (used in) operating activities |
|
|
54,827 |
|
|
|
(117,525 |
) |
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
|
Sales of property and equipment |
|
|
— |
|
|
|
87 |
|
Purchases of property and equipment |
|
|
(22,862 |
) |
|
|
(14,863 |
) |
Net cash used in investing activities |
|
|
(22,862 |
) |
|
|
(14,776 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
|
|
Proceeds from borrowings under ABL Facility |
|
|
118,000 |
|
|
|
141,000 |
|
Payments of borrowings under ABL Facility |
|
|
(148,000 |
) |
|
|
(6,000 |
) |
Payments on term loan |
|
|
(6,875 |
) |
|
|
(6,875 |
) |
Payments of debt issuance costs |
|
|
(45 |
) |
|
|
— |
|
Payments for taxes related to net share settlement of equity
awards |
|
|
(1,199 |
) |
|
|
(4,310 |
) |
Purchases and retirement of common stock |
|
|
(6,789 |
) |
|
|
(2,357 |
) |
Net cash (used in) provided by financing activities |
|
|
(44,908 |
) |
|
|
121,458 |
|
Effects of exchange rate
changes on cash, cash equivalents and restricted cash |
|
|
(5 |
) |
|
|
304 |
|
NET DECREASE IN CASH,
CASH EQUIVALENTS AND RESTRICTED
CASH |
|
|
(12,948 |
) |
|
|
(10,539 |
) |
CASH, CASH EQUIVALENTS
AND RESTRICTED CASH, BEGINNING OF
PERIOD |
|
|
41,391 |
|
|
|
36,135 |
|
CASH, CASH EQUIVALENTS
AND RESTRICTED CASH, END OF PERIOD |
|
$ |
28,443 |
|
|
$ |
25,596 |
|
SUPPLEMENTAL CASH FLOW
DATA |
|
|
|
|
|
|
Unpaid liability to acquire property and equipment |
|
$ |
3,551 |
|
|
$ |
2,914 |
|
Income taxes paid (refunded) |
|
$ |
(298 |
) |
|
$ |
4,013 |
|
Interest paid |
|
$ |
22,138 |
|
|
$ |
16,661 |
|
Operating lease right-of-use-assets obtained in exchange for lease
liabilities |
|
$ |
1,542 |
|
|
$ |
3,902 |
|
Lands End (NASDAQ:LE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lands End (NASDAQ:LE)
Historical Stock Chart
From Jul 2023 to Jul 2024