Lands' End, Inc. (NASDAQ:LE) shares are trading higher on Wednesday.
The company reported fourth-quarter adjusted earnings per share of 25 cents, beating the Wallstreet view of 21 cents.
For the fourth quarter, net revenue decreased 2.8% to $514.9 million, beating the analyst consensus of $502.71 million.
Global eCommerce Net revenue was $404.9 million, a decrease of 2.3% year over year.
Outfitters net revenue was $53.7 million, a decrease of 11.3% year over year. Third-party net revenue was $40.5 million, an increase of 3.3% year over year.
Quarterly gross profit rose 13.5% year over year to $195.4 million. Gross margin increased approximately 550 basis points to 38%.
Margins in the quarter was driven by new products across the brand, strength in transitional outerwear and adjacent product categories, reduction in sales of clearance inventory, and improvements in supply chain costs.
Cash and cash equivalents were $25.3 million as of February 2, 2024, compared to $39.6 million as of January 27, 2023.
Outlook: Lands' End expects first-quarter revenue of $255 million-$285 million versus the $283.97 million estimate. The company projects a first-quarter adjusted loss per share of $(0.30)-$(0.24) versus the $(0.12) estimate.
Lands' End expects FY24 revenue of $1.33 billion-$1.45 billion versus the $1.431 billion estimate and projects adjusted earnings per share of $0.10-$0.38 versus the $0.04 estimate.
Price Action: LE shares are trading higher by 13.98% to $10.60 on the last check Wednesday.