Lands' End Losses Widen More Than Expected As Sales Decline

Lands' End Inc. reported Tuesday a fiscal first-quarter loss that widened to $7.8 million, or 24 cents a share, from $5.8 million, or 18 cents a share, in the same period a year ago. The FactSet loss consensus was 22 cents a share. The apparel retailer said revenue fell to $268.4 million from $273.4 million, below the FactSet consensus of $270 million, as direct segment revenue declined 1.7% to $223.8 million and retail segment revenue dropped 2.8% to $40.0 million. Same-store sales increased 2.1%. "We are pleased to have achieved growth in our buyer files, improved product sell-through, and driven positive same store sales, all of which are encouraging signs that we are making the right decisions as we work to drive the business forward," said Chief Executive Jerome Griffith. The stock, which was still inactive in premarket trade, has rallied 9.9% year to date, while the SPDR S&P Retail ETF has lost 6.3% and the S&P 500 has gained 8.8%.