Lands' End Reports Wider Loss, But Adjusted Profit Beats Expectations

Lands' End Inc. reported a fiscal fourth-quarter net loss that widened to $94.8 million, or $2.96 a share, from $39.5 million, or $1.23 a share, in the same period a year ago. Excluding non-recurring items, such as a $173 million one-time charge to write down the Lands' End trade name, adjusted earnings per share came to 41 cents, beating the FactSet consensus of 35 cents. Revenue fell to $458.8 million from $473.5 million, just shy of the FactSet consensus of $459.4 million. The multichannel apparel seller said gross margin declined to 38.6% from 42.0%, as it wrote down $6.7 million worth of prior-season inventory from its Canvas by Lands' End brand. The stock, which was still inactive in premarket trade, has run up 27% year to date, but was still down 28% over the past 12 months. In comparison, the S&P 500 has gained 6% so far this year and has rallied 16% the past 12 months.