DODGEVILLE, Wis., Dec. 03, 2020 (GLOBE NEWSWIRE) Lands' End, Inc. (NASDAQ: LE) today announced financial results for the third quarter ended October 30, 2020.
Fiscal Third Quarter Financial Highlights:
Jerome Griffith, Chief Executive Officer and President, stated, “We were very pleased with our third quarter performance. Our teams executed at an exceptional level to achieve strong results despite the challenges created by COVID-19. The investments we put toward leveraging data analytics to inform our strategies around product, eCommerce and marketing continued to pay dividends in driving growth in new customers and strong retention rates. We have also made great strides in driving improved profitability. To that end, in addition to once again generating double-digit growth in our global eCommerce business, we delivered 52% Adjusted EBITDA growth in the third quarter. This performance underscores the momentum behind the Lands’ End brand and the progress we are making in delivering long-term profitable growth.”
Fiscal Third Quarter Business Highlights:
Balance Sheet and Cash Flow Highlights
Cash and cash equivalents were $56.1 million as of October 30, 2020, compared to $15.9 million as of November 1, 2019.
Net cash used in operations was $26.1 million for the 39 weeks ended October 30, 2020, compared to $125.0 million for the 39 weeks ended November 1, 2019.
Inventories, net, was $499.8 million as of October 30, 2020, and $499.9 million as of November 1, 2019.
As of October 30, 2020 the Company had $155.0 million of borrowings and $104.7 million of availability under its asset-based senior secured credit facility. Additionally, as of October 30, 2020, the Company had $275.0 million of Term Loan Facility debt.
Outlook
Jim Gooch, Chief Operating Officer and Chief Financial Officer, stated, “We are pleased to have refinanced our term loan during the third quarter, in a very difficult debt market. We believe the strong momentum in our business, along with our enhanced financial flexibility, positions us optimally to continue to execute our long-term growth strategies, as we continue to navigate the continued challenges of the COVID-19 pandemic. While we are encouraged by the continued resilience and performance of our global eCommerce business, the fourth quarter has gotten off to a slow start in the US, due to the impact of unseasonably warm weather on our heavy outerwear category.”
For the fourth quarter of fiscal 2020 the Company now expects:
About Lands' End, Inc.
Lands' End, Inc. (NASDAQ:LE) is a leading uni-channel retailer of casual clothing, accessories, footwear and home products. We offer products online at www.landsend.com, on third party online marketplaces and through retail locations. We are a classic American lifestyle brand with a passion for quality, legendary service and real value, and seek to deliver timeless style for women, men, kids and the home.