High Street

Lands End revenue dips 5% in Q1

Net loss was $2.4m (£1.9m), which compared to net income of $2.6m (£2m) share in the first quarter of fiscal 2021

Lands End has reported a net revenue decrease of 5.5% to $303.7m (£241.6m) in the first quarter of 2022, compared to $321.3m (£255.6m) in 2021.

Global sales tumbled 15.7% in the first quarter, while International sales decreased 21.7% driven by “delayed receipts of key products due to global supply chain and macroeconomic challenges”.

Meanwhile, Adjusted EBITDA fell to $13.8m (£10.9), down from $22.5m (£17.9m) in 2021.

For the second quarter of fiscal 2022, the company said it expected net revenue to be between $335m (£266.5) and $350m (£278.4m), and net loss to be between $6m (£4.7m) and $3m (£2.3m). Adjusted EBITDA is predicted in the range of $10m (£8m) to $14m (£11m).

Tim Gooch, president and chief financial officer, said: “We are pleased to have met our adjusted EBITDA expectations despite the ongoing industry-wide supply chain challenges and macro headwinds. Our results demonstrate the ability of our team to successfully deliver in a challenging operating environment.

“As we look forward to the remainder of the year, we expect ongoing pressures including supply chain delays and consumer inflation to impact our business. Longer term, based on our proven business model and continued focus on the execution of our growth strategies, we remain confident in our growth targets.”

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