Lands' End revenue impacted by Sears closures, loss expands to $109.8 million
Lands’ End on Tuesday announced a decrease in full year net revenue to $1.34 billion from $1.42 billion. The reduction of retail locations at Sears negatively impacted its revenues for the year, especially the retail segment net revenue that fell 8.9% to $186.4 million.
Net loss for the year expanded to $109.8 million, or $3.43 per share, compared to $19.5 million, or $0.61 per share, in the previous year. Adjusted net loss was $2.1 million versus adjusted net income of $40.4 million in the prior year.
According to CEO Jerome Griffith, the fourth quarter results improved due to merchandising, marketing and e-commerce initiatives. Net revenue for the quarter decreased to $458.8 million from $473.5 million in the prior fourth quarter, and net loss was $94.8 million, or $2.96 per share, compared to $39.5 million, or $1.23 per share, in the fourth quarter of fiscal 2015.
Griffith added that the company must execute its strategic plan to leverage the Lands’ End heritage and its e-commerce platform. Former co-interim CEO Joseph Boitano first detailed the plan in December with its “disappointing” third quarter results. The defined strategy, which includes enhancing the brand’s offering and focusing on key categories, is aimed to “win back lapsed customers and attract new customers to Lands’ End.”
Lands' End in March expanded its Board of Directors to eight members with the election of Robert Bowman, President of Business and Media of Major League Baseball and Chief Executive Officer of Major League Baseball Advanced Media.
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