Shares of Lands' End Plunge Following Company's Q4 Update

Shares of Lands' End, Inc. LE were trading lower by more than 24 percent in Thursday's pre-market session after the company released a fourth quarter update.

Lands' End stated that its fourth quarter sales are expected to fall in a range of $505 million to $515 million. The company expects to earn $1.06 to $1.16 per share in the quarter, falling below the $1.38 per share analysts expected.

Same-store-sales are expected to fall 7 percent to 9 percent for the Retail segment.

Due to a weaker European currency, the company's sales in the Direct segment are expected to fall to $343 million to $442 million, compared to $443 million in the same period a year ago.

Lands' End also stated that it expects its gross margin rate to be 43.8 percent to 44.0 percent, compared to 43.7 percent in the same period a year ago.

Lands' End operated 236 shops at Sears Holdings Corp SHLD locations, 14 global Lands' End Inlet stores and five international shop-in-shops.

Lands' End is expected to release its fourth quarter results on March 26.

Shares traded recently at $39.27, down 22.5 percent in the premarket.