Lands' End Q3 FY20: revenue $360 mn; net income $7 mn

25 Dec '20

2 min read

Pic: Lands' End

Lands' End, a US-based uni-channel retailer of casual clothing, footwear and home products, reported 5.9 per cent revenue growth to $359.9 million in its third quarter (Q3) for FY20 ended on October 30, 2020, compared to sales of $340.0 million in the same period last year. Company’s net income rose to $7.1 million (Q3 FY19: $3.6 million).

“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, e-commerce and marketing continued to pay dividends in driving growth in new customers and strong retention rates,” Jerome Griffith, chief executive officer and president at Lands' End, said in a press release.

Company’s gross profit for the quarter rose to $163.4 million ($154.1 million). Operating income increased to $18.6 million ($10.9 million). Global e-commerce revenue jumped 19.6 per cent during Q3 FY20, driven by US e-commerce growing 13.9 per cent and international e-commerce up 50.7 per cent compared to the prior period.

Lands' End reported that it successfully launched products on Kohls.com and in 150 Kohl’s stores on September 30, 2020. Based on strong early results, the company plans to expand the Lands’ End assortment and increase the number of points of distribution to 300 Kohl’s stores in 2021.

“While we are encouraged by the continued resilience and performance of our global e-commerce 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,” Jim Gooch, chief operating officer and chief financial officer, at Lands' End, said.

Fibre2Fashion News Desk (JL)

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