UPDATE: Lands' End Posts Rise In Q1 Earnings

Lands' End

reported a rise in its first-quarter earnings. Lands' End posted its quarterly earnings of $10.9 million, or $0.34 per share, versus $7.3 million, or $0.23 per share, in the year-ago period. Adjusted EBITDA rose 35.2% to $23.8 million versus $17.6 million. Its revenue increased to $330.5 million versus $319.0 million. Lands' End gross margin rose by around 60 basis points to 49.0%, while operating income climbed 57.1% to $18.8 million. Merchandise sales and services, net jumped 3.6% y/y to $330.5 million. Same store sales in the Retail segment gained 3.4% in the quarter. Selling and administrative expenses gained 0.9% to $138.2 million, while depreciation and amortization expense fell 11.5% to $5.0 million. Cash was $65.0 million on May 2, 2014, up from $21.8 million on May 3, 2013. Edgar Huber, Lands' End's President and Chief Executive Officer, said, "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. We are encouraged by the positive customer response to our merchandising and marketing strategies and remain focused on improving the contemporary relevance of the Lands' End brand.” Lands' End shares fell 2.10% to close at $26.63 yesterday.