Lands' End Reports Q1 Results
Lands' End (NASDAQ: LE) reported its fiscal 2014 first quarter results early Thursday morning.
"We are very pleased with our first quarter results and our progress towards growing the business and building Lands' End into a global lifestyle brand," said Edgar Huber, Lands' End President and CEO.
He added, "Despite a very challenging retail apparel environment, we drove strong earnings growth through an improved merchandise assortment architecture, more targeted promotions, improved inventory management and continued expense controls."
Highlights from the quarter include:
- The company's separation from Sears Holdings was completed on April 4, 2014.
- There was a net increase to merchandise sales and services of 3.6 percent to $330.5 million from the same quarter last year.
- Same-store sales increased 3.4 percent.
- Gross margin increased by 60 basis points to 49 percent.
- Operating income increased 57.1 percent to $18.8 million.
- Net income increased 48.1 percent to $10.9 million.
- Diluted EPS increased 48.1 percent to $0.34.
- Adjusted EBITDA increased 35.2 percent to $23.8 million.
- Cash was $65.0 million on May 2, 2014, compared to $21.8 million on May 3, 2013.
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