DODGEVILLE, Wis., Jan. 12, 2021 (GLOBE NEWSWIRE) Lands’ End, Inc. (NASDAQ: LE) today raised its guidance for the fourth quarter ending January 30, 2021. In addition, the Company provided an update on its long-term financial targets.

Jerome Griffith, Lands’ End’s Chief Executive Officer and President, stated, "We are pleased with the performance of our global eCommerce channel throughout the holiday season. We continued to emphasize our Let’s Get Comfy initiative in our product and marketing to address the work-from-home lifestyle and casual apparel demand. Our focus on delivering high quality product with compelling values, combined with our commitment to operating as a digitally focused company has enabled us to navigate the pandemic with resiliency and drive strong results in our consumer business, and as a result we are increasing our guidance for the fourth quarter.”

Mr. Griffith continued, “Over the last three years we have made great strides in executing across our strategic pillars of getting the product right, being a digitally-led organization, operating a uni-channel strategy and driving enhancements in our business processes and infrastructure, and we continue to see ample growth opportunity in front of us. Although the COVID pandemic has impacted our business, we are encouraged by our performance and based on the progress we have made across our strategies and our strong competitive positioning, we are increasing our long-term financial targets and are confident we can achieve them in 2023.”

For the Fourth Quarter of Fiscal 2020 the Company Expects:

• Net revenue to be between $528 million and $533 million, an increase from prior guidance of $500 million to $520 million.
• Net income to be between $17.5 million and $19.0 million and diluted earnings per share to be between $0.54 and $0.58, an increase from prior guidance of Net income between $13.5 million and $17.5 million and diluted earnings per share between $0.41 and $0.53.
• Adjusted EBITDA to be between $43 million and $45 million, an increase from prior guidance of $38 million to $43 million.

Long-Term Financial Targets:

• Revenue of $1.9 billion to $2.1 billion, representing a CAGR of 10% to 14% over the next three years, assuming and driven by:
  • Organic growth in both U.S. and international eCommerce businesses
  • Extended recovery in Outfitters business post-pandemic
  • Third-party channel expansion
• Adjusted EBITDA margin in high-single-digit range, assuming and as a result of:
  • Stable to slightly higher gross margin
  • Improved SG&A rate

ICR Conference Participation

The Company will be participating in the 23^rd Annual ICR Conference, held virtually, on Tuesday, January 12, 2021 with a fireside chat presentation at 3:30 PM Eastern Time.

The audio portion of the fireside chat presentation will be webcast live over the internet and can be accessed at the investor relations section of its website at http://investors.landsend.com. An online archive will be available for a period of 90 days following the presentation. In addition, the Company plans to post an investor presentation to the investor relations section of its website prior to the webcast.

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.