NEW YORK – Shares of Lands’ End Inc. (NASDAQ:LE) rose 2.58% after the apparel retailer reported better-than-expected second-quarter results and raised its full-year earnings outlook.
The company posted an adjusted loss of $0.02 per share for the second quarter, beating analysts’ expectations of a loss of $0.10 per share. Revenue came in at $317.2 million, exceeding expectations of $307.47 million.
Lands’ End said gross margin grew 470 basis points year-on-year to 47.9%, driven by lower promotional activity and improved inventory management.
“Our robust second quarter results continue to prove 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 prior expectations and above the consensus estimate of $0.29. The company expects full-year revenue of $1.35 billion to $1.43 billion.
The higher earnings outlook and second-quarter earnings pushed the stock higher in Thursday trading. Lands’ End said it saw mid-single-digit growth in new customer acquisitions during the quarter as it evolved its brand and product range.
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