Continuing to show progress in its turnaround, Lands’ End reported net income rose to $3.3 million in the third quarter ended Nov. 2, from $200,000 in the year-ago period.
Adjusted earnings before interest, taxes, depreciation and amortization grew 22.1 percent to $15.7 million from $12.9 million a year ago.
Total revenues rose 4.9 percent to $341.6 million from $325.5 million. Revenues at the direct segment increased 8.1 percent to $313.8 million while the store segment saw sales decrease 21 percent to $27.8 million due to the reduction of shops at Sears. Comparable sales overall increased by 11.7 percent.
Company operated stores saw a 15.1 percent comp increase.
”Our third-quarter results marked the sixth consecutive quarter of sales growth and the fifth consecutive quarter of adjusted EBITDA increases,” said Jerome Griffith, president and chief executive officer. Griffith cited accelerated growth in the direct segment, and the continued rollout of company owned stores. “We have a viable, profitable and expandable store model which complements our successful online presence,” Griffith said.
He also cited momentum in the business through the Thanksgiving and Cyber Monday period and a strong inventory position with depth in key items to drive sales over the remainder of the holiday season.