Lands’ End narrowed its net loss for the first quarter ended May 4 to $2.6 million, or 8 cents a diluted share, as compared to a net loss of $7.8 million, or 24 cents a share, in the first quarter of fiscal 2017.
Adjusted earnings before interest, taxes, depreciation and amortization were $9 million, compared to $1.3 million in the year-ago quarter.
Net revenues for the quarter increased 11.7 percent to $299.8 million from $268.4 million in the year-ago quarter, with the direct segment increasing 19.7 percent to $273.4 million. The retail segment revenue decreased 34 percent to $26.5 million, primarily due to fewer Lands’ End shops at Sears. Same-store sales declined 18.9 percent, with same-store sales in Lands’ End shops at Sears dropping 20.4 percent. Company operated stores declined 9.9 percent.
Jerome S. Griffith, chief executive officer and president, stated, “We are pleased to be starting off the year on a strong note. Our first quarter results represent the fourth straight quarter of topline growth and third quarter of profitability growth, demonstrating the continued progress we have made across our strategic initiatives. We saw excellent growth in our uniform business with the successful launch of our Delta Airlines business.
“Looking ahead, data analytics will remain the driving force behind everything we do as a customer-centric organization,” Griffith added. “As we further refine our product assortment, advance our digitally-driven efforts, enhance our distribution network, and further elevate our infrastructure to support the business, we remain well positioned to achieve our long-term objectives.”