Why Lands' End Shares Are Sliding Today - Lands' End (NASDAQ:LE)

Lands' End Inc LE reported a first-quarter FY22 sales decline of 5.5% year-on-year to $303.67 million, missing the consensus of $327.97 million.
Global eCommerce revenue decreased 15.7% Y/Y.
Net revenue in U.S. eCommerce fell 14.1%, and International eCommerce declined 21.7%, reflecting delayed receipts of key products due to global supply chain and macroeconomic challenges.
EPS loss of $(0.07) beat the consensus of $(0.10). The gross margin contracted by 350 basis points to 42.5%, and the gross profit declined 12.6% Y/Y to $129.2 million.
The operating margin was 1.3%, and operating income for the quarter fell 67.2% to $3.9 million.
The company held $24 million in cash and equivalents as of April 29, 2022. Cash used in operating activities for the quarter totaled $(122.4) million.
Adjusted EBITDA decreased 38.5% Y/Y to $13.8 million.
Outlook: Lands' End sees Q2 sales of $335 million - $350 million versus the consensus of $398.47 million.
It expects Q2 EPS loss of $(0.18) - $(0.09), versus the Street view of $0.21.
The company expects FY22 sales of $1.62 billion - $1.68 billion (prior view $1.68 billion - $1.75 billion) versus the consensus of $1.71 billion.
Lands' End sees FY22 EPS of $0.60 - $0.88 (prior view $0.71 - $1.04) versus the consensus of $0.87.
Price Action: LE shares are trading lower by 5.12% at $10.57 in premarket on the last check Thursday.