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US clothing retailer Lands' End Q1 FY21 revenue grows 48% to $321 mn
03 Jun 21 2 min read
Lands' End, a US-based uni-channel retailer of casual clothing and home products, posted 48.1 per cent revenue growth to $321.3 million in its first quarter (Q1) FY21 ended on April 30, 2021, compared to revenue of $217.0 million in the corresponding period of previous fiscal. However, the company’s net income was $2.6 million (Q1 FY20: loss $20.6 million).
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“We are extremely pleased with our first quarter results, which exceeded our expectations and illustrate the sustained momentum in our business. Our global e-commerce business is stronger than ever as we continued to execute our digitally led product and marketing strategies while the recovery in Outfitters is occurring at a faster pace than we expected,” Jerome Griffith, chief executive officer at Lands' End, said in a press release.
Gross profit for the quarter rose to $147.7 million ($94.1 million), while selling, general and administrative expenses were $125.5 million ($105.8 million). The company’s operating income improved to $11.8 million (loss: $24.7 million).
The global e-commerce revenue jumped 44.4 per cent to $260 million ($180 million). Outfiiters revenue for Q1 FY21 grew 27.9 per cent to $40.7 million ($31.8 million). Lands' End's third party revenue, which includes sales on third-party marketplaces and US wholesale revenues, was $11.8 million ($1.5 million). Moreover, $10.3 million increase was attributed to the launch of Lands’ End product on Kohls.com and at 150 Kohl’s retail locations in Q3 FY20.
“We believe we have a strong foundation in place and an expanding total addressable market, and I am extremely excited for our significant opportunities that lie ahead,” Griffith concluded.
Fibre2Fashion News Desk (JL)
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