Lands' End Income Skyrockets 93% for Year

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Lands' End Inc. reported yesterday that net income in the fiscal year ended Feb. 1 rose 93 percent and total revenue increased 7.3 percent.


Net income totaled $66.9 million, up from $34.7 million the previous year. Revenue was $1.569 billion, up from $1.462 billion.


The recently ended fiscal year included 53 weeks while last year's totaled 52. On a comparable 52-week basis, revenue rose 5.5 percent.


Net income in the 14 weeks ended Feb. 1 totaled $45.9 million, up 44.3 percent from $31.8 million in the previous year's 13-week fiscal fourth quarter. Total revenue in the fiscal fourth quarter was $596 million, up 10.7 percent from $538.6 million. On a comparable 13-week basis, revenue rose 5.8 percent from the previous year.


In the recently ended 14-week quarter, sales of full-price merchandise to U.S. consumers increased 11 percent and Internet sales skyrocketed 40 percent from the comparable 13-week quarter in the previous year. On a comparable 13-week basis, sales of full-price merchandise to U.S. consumers increased 8 percent and Internet sales rose 34 percent.


Total merchandise sales in fiscal 2002's fourth quarter totaled $550 million while the comparable period in fiscal 2001 produced $497 million. Internet sales in the fiscal fourth quarter of '02 reached $120 million compared with $86 million in the prior year's comparable period. Total merchandise sales for fiscal 2002 were $1.448 billion, up from $1.355 billion in fiscal '01. Internet sales in fiscal '02 reached $299 million, from $218 million in fiscal '01.


Gross profit for the quarter just ended was $267 million, or 44.8 percent of total revenue, compared with $235 million and 43.7 percent of total revenue in the previous year.


Also, 12-month buyers rose from 6.7 million in fiscal '01 to 7 million in fiscal '02 while three-year buyers increased from 11.2 million to 11.5 million in the comparable period. The number of catalogs mailed totaled 269 million in fiscal '01 and 272 million in fiscal '02.


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