Lands' End Swings to a Loss as Comparable Sales Fall
September 01 2016 - 8:10AM
Dow Jones News
Lands' End Inc. swung to a loss in its latest quarter and
revenue declined due to less discounting.
Chief Executive Federica Marchionni said sales were soft in July
due to reduced markdown inventory and more targeted, but less
discounting-based, promotions.
That lead same-store sales to fall 2.5% but boosted its gross
margin to 46.6% from 46.3%.
Wisconsin-based Lands' End was spun off from Sears Holdings
Corp. in 2014 and runs many of its shops inside Sears stores. The
number of Lands' End locations at Sears fell in the quarter.
In all for the quarter, Lands' End reported a loss of $2
million, or 6 cents a share, down from a year-earlier profit of
$7.5 million, or 23 cents a share.
Revenue declined 6.5% to $292 million.
Shares in the company, up 11% in the last three months, were
inactive in premarket trading.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
September 01, 2016 07:55 ET (11:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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