Lands' End Q3 Loss Sharply Narrows; FY24 Outlook Range Narrowed

(RTTNews) - Uni-channel retailer Lands' End, Inc. (LE) reported Thursday that net loss for the third quarter sharply narrowed to $0.59 million or $0.02 per share from $112.394 million or $3.52 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $0.06 per share, compared to adjusted net loss was $0.11 per share in the year-ago quarter.

Net revenue for the quarter decreased to $318.63 million from $324.74 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share on revenues of $315.21 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the fourth quarter, the company projects a net income in a range of $0.58 to $0.67 per share and adjusted income in a range of $0.51 to $0.61 per share on net revenue between $440.0 million and $480.0 million.

For fiscal 2024, the company now projects net earnings in a range of $0.19 to $0.29 per share and adjusted net earnings in a range of $0.35 to $0.45 per share on net revenue between $1.36 billion and $1.40 billion.

Previously, the company expected net earnings in the range of $0.16 to $0.35 per share and adjusted net earnings in the range of $0.29 to $0.48 per share on net revenue between $1.35 billion and $1.43 billion.

Analysts expect the company to report earnings of $0.37 per share on revenues of $1.40 billion for the year.