: Land’s End’s stock slides 19% after loss widens and sales slump 8%


Lands’ End Inc.’s stock LE, -21.59% slid 19% Thursday, after the company’s second-quarter loss widened from a year ago while revenue fell about 8%. The Dodgeville, Wis.–based online retailer of casual clothing had a net loss of $8 million, or 25 cents a share, for the quarter, wider than the loss of $2.2 million, or 7 cents a share, posted in the year-earlier period. Revenue fell 7.9% to $323.3 million from $351.2 million a year ago. There’s only one estimate for Lands’ End earnings on FactSet, and that was for a loss of 13 cents a share with revenue of $326 million. Chief Executive Andrew McLean said the company managed to achieve a 220-basis-point improvement in gross margin and a 30% reduction in inventory in the quarter. For the third quarter, the company expects a per-share loss of 20 cents to 13 cents and revenue of $340 million to $355 million. For its full fiscal year, it expects a loss of 14 cents to earnings of 3 cents a share and for revenue of $1.5 billion to $1.55 billion. The stock has gained 10% to date in 2023, while the S&P 500 SPX, +0.36% has gained 18%.

This article was originally published by Marketwatch.com. Read the original article here.

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