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Lands' End Q4 FY19 revenue jumps 9.4% to $549 mn
18 Mar 20 2 min read
Lands' End, a leading uni-channel retailer of casual clothing, footwear and home products, reported 9.4 per cent growth in revenue to $549.5 million in Q4 FY19 compared to $502.3 million. Revenue in full FY19 that ended on January 31, 2020 remained flat at $1.45 billion against prior year. Net income in FY19 rose to $19.3 million compared to $11.6 million.
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“In regard to fiscal 2019, it was an incredible year both in terms of financial performance and strategic accomplishments. We delivered strong revenue for the fourth quarter and the year, illustrating our continued progress across our core growth strategies. We also successfully completed the American Airlines' uniform launch to over 50,000 employees in early March,” Jerome Griffith, chief executive officer and president, said in a press release.
Revenue in the quarter was partially offset by 49 fewer Lands' End Shops at Sears, which resulted in a net revenue decline from Sears operations of $21.5 million. Excluding the impact from Sears operations, net revenue would have increased by 14.3 per cent, as company reported.
Performance in Q4 reflected American Airlines launch and eCommerce growth of 7.2 per cent. US eCommerce revenue growth of 7.4 per cent was reportedly driven by increased demand for key items and a growth in new customer acquisition.
Gross margin increased 39.8 per cent as compared to 38.9 per cent in the fourth quarter last year reportedly due to a more disciplined promotional strategy. Selling and administrative expenses decreased to 30.8 per cent of total net revenue compared to 31.3 per cent in Q4 last year. Net income in the quarter was $25.5 million compared to $16.2 million prior year.
Gross margin over the year increased 42.9 per cent compared to 42.4 per cent in fiscal 2018. Selling and administrative expenses were slightly down at 37.5 per cent of total net revenue compared to prior year.
“We are pleased to share that we have announced a new partnership with Kohl's to distribute Lands' End through Kohls.com and to 150 retail doors, starting in Fall 2020, providing a meaningful opportunity to expand brand awareness and drive incremental sales, Griffith said.
Looking ahead, as we navigate through this challenging environment, we remain focused on continuing the execution of our key strategies.”
Fibre2Fashion News Desk (JL)
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