Lands’ End posted $260 million in global eCommerce net revenue for the first quarter, marking a 44.4 percent jump from $180 million from last fiscal year, according to a Wednesday (June 2) announcement.
The retailer of casual apparel, accessories, shoes and home products also posted $11.8 million in third-party net revenue, which includes sales on third-party marketplaces in addition to U.S. wholesale revenues.
In addition, Lands’ End posted $40.7 million in outfitters net revenue, marking a 27.9 percent rise from $31.8 million in the same quarter last year.
“Our global eCommerce business is stronger than ever as we [have] continued to execute our digitally-led product and marketing strategies, while the recovery in Outfitters is occurring at a faster pace than we expected,” CEO Jerome Griffith said in the announcement.
Lands’ End reported that selling and administrative expenses climbed by $19.7 million from last year to $125.5 million, or 39.1 percent of net revenue. It also posted a 46 percent gross margin. As for its overall bottom-line results, Lands’ End posted $2.6 million in net income or 8 cents per diluted share.
Lands’ End now anticipates its net revenue to range from $345 million to $355 million for the second quarter of fiscal 2021. It also anticipates net income to range from $1.5 million to $4 million and diluted earnings per share to range from 5 cents to 12 cents for that period. The firm anticipates net revenue to range from $1.61 billion to $1.65 billion for fiscal 2021. It also expects net income to range from $27.5 million to $34 million and diluted earnings per share to range from 84 cents to $1.04 for that period.
“As we look ahead, we are very confident with our ability to execute our long-term growth strategies given the continued momentum in our global eCommerce business and faster-than-expected recovery in our Outfitters business,” President and CFO Jim Gooch said in the announcement.
The news comes as Lands’ End reported net income of 60 cents, or approximately $20 million, for the fourth quarter.
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