Lands’ End reported net income of $16.2 million for the fourth quarter ended Feb. 1, compared to $39.8 million in the year-ago period, which included a tax benefit of $21.8 million.
Adjusted earnings rose 1.9 percent to $38 million last quarter compared to $37.3 million in the year-ago quarter.
Net revenues for the quarter decreased 1.6 percent to $502.3 million from $510.6 million in the year ago period, which included $25.9 million from a 53rd week. Excluding sales from the extra week and $21.4 million from closed Sears stores, revenues would have increased 8.4 percent. At the end of the fourth quarter there were 125 fewer Lands’ End shops at Sears and four more company operated stores compared to the same period in 2017.
Same-store sales for the retail business increased 9.1 percent overall with company operated stores increasing 15.1 percent.
“We capped off another year of significant progress with strong fourth quarter financial results,” said Jerome Griffith, president and chief executive officer.
He added that the company remained focused on key items, operating as a digitally-led company, leveraging unichannel distribution and improving business processes.