U.S. clothing retailer Lands’ End’s first-quarter FY21 revenue rises 48% to $321 million

Lands’ End, an American single-channel casual wear and home goods retailer, reported revenue growth of 48.1% to $321.3 million in its fiscal first quarter (Q1) 21 ended April 30, 2021, compared to revenues of $217.0 million in the same period last year. However, the company’s net profit was $2.6 million (Q1 FY20: $20.6 million loss).

“We are extremely pleased with our first quarter results, which exceeded our expectations and illustrates the continued momentum of our business. Our global e-commerce business is stronger than ever as we continue to execute our digital-focused product and marketing strategies, while the Outfitters recovery is occurring at a faster pace than expected,” said Jerome Griffith. , CEO of Lands’ End. in a press release.

Gross profit for the quarter reached $147.7 million ($94.1 million), while selling, general and administrative expenses reached $125.5 million ($105.8 million). The company’s operating profit improved to $11.8 million (loss: $24.7 million).

Global e-commerce revenue jumped 44.4% to $260 million ($180 million). Outfitter revenue for the first quarter of FY21 increased 27.9% to $40.7 million ($31.8 million). Lands’ End’s third-party revenue, which includes sales in third-party markets and US wholesale revenue, was $11.8 million ($1.5 million). Additionally, an increase of $10.3 million was attributed to the launch of the Lands’ End product on Kohls.com and 150 Kohl locations in the third quarter of fiscal 2020.

“We believe we have a solid foundation in place and an expanding total addressable market, and I am extremely excited about our significant opportunities ahead of us,” Griffith concluded.

Fibre2Fashion (JL) News Desk

Lands’ End, an American single-channel casual wear and home goods retailer, reported revenue growth of 48.1% to $321.3 million in its fiscal first quarter (Q1) 2021 ended April 30, 2021, compared to revenues of $217.0 million in the corresponding period of the prior year. However, the company’s net profit was $2.6 million (Q1 FY20: $20.6 million loss).

Anne G. Cash