American clothing retailer Lands' End May-July sales jump 23%

10 Sep '21

2 min read

Pic: Lands' End

Lands' End, a US-based uni-channel retailer of casual clothing and home products, posted 23.1 per cent revenue growth to $384.1 million in the second quarter (Q2) of FY21 ended on July 31, 2021, over same period of previous fiscal. Global e-commerce revenue for the three-month period surged 7.7 per cent to $285.4 million (Q2 FY20: $265.1 million).

Revenue from the company's Outfitters business expanded 75.4 per cent to $65.6 million ($37.4 million) driven by stronger demand within the company’s travel-related national accounts and school uniform customers.

“We are very pleased with our performance this quarter, delivering record second quarter revenue and strength across all of our financial metrics. Our improved product assortment and increased digital marketing spend drove the strength in our global e-commerce business,” Jerome Griffith, chief executive officer at Lands' End, said in a press release.

Gross profit during Q2 of FY21 rose to $177.8 million ($135.4 million). The American retailer's operating income improved to $31.3 million ($11.2 million), while net income escalated to $16.2 million ($4.4 million).

“We delivered strong results in the second quarter as we continued to make great progress across our strategic initiatives despite the still difficult environment. We are seeing strong momentum in consumer demand, which we expect to continue through the remainder of the year, and are extremely pleased with the margin performance we’ve achieved as a result of the execution of our strategic initiatives,” Jim Gooch, president and chief financial officer at Lands' End said.

In its outlook for fiscal 2021, the company expects its net revenue to be between $1.67 billion to $1.71 billion, while net income to be between $45.5 million to $51.0 million.

Fibre2Fashion News Desk (JL)

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