Land's End Stock Slides On Gross Margin Pressure Alert - Lands' End (NASDAQ:LE)

Lands' End Inc LE reported second-quarter FY21 revenue growth of 23.1% year-on-year, to $384.10 million, beating the analyst consensus of $382.93 million.
Global eCommerce increased 7.7% Y/Y, and Outfitters rose 75.4%.
Gross profit rose 31.3% Y/Y to $177.8 million, and gross margin expanded 290 basis points Y/Y to 46.3%.
The operating margin was 8.2%, and operating income for the quarter rose 180% to $31.3 million.
The company held $41.3 million in cash and equivalents as of July 30, 2021.
Net cash provided by operating activities for the six months totaled $30.5 million.
Adjusted EBITDA of $41.4 million increased 73% Y/Y.
EPS of $0.48 beat the analyst consensus of $0.41.
Outlook: Lands' End sees Q3 sales of $390 million - $405 million versus the consensus of $393.5 million.
The company expects Q3 EPS of $0.19 - $0.27, above the consensus of $0.17.
Lands' End expects FY21 sales outlook unchanged at the recently raised view of $1.67 billion - $1.71 billion versus the consensus of $1.69 billion.
The company expects FY21 EPS of $1.35 - $1.51 (prior $1.27 - $1.47) versus the consensus of $1.39.
Lands' End expects gross margin trends to moderate in the back half of fiscal 2021 due to the significant industry-wide challenges in the supply chain.
Price Action: LE shares are trading lower by 7.73% at $31.59 on the last check Thursday.