Lands' End Posts Rise in Earnings
Updated merchandise and better inventory control have led to a rise in Lands' End's fiscal fourth-quarter earnings, the company reported yesterday.Total revenue for the fourth quarter, which ended Jan. 26, was $538.6 million, up 11.5 percent from $483.1 million in year-ago period. The company attributed the increase to growth in men's and women's casual wear.
Net income for the quarter that just ended was $31.8 million, up 12.3 percent from $28.3 million a year ago.
Net income of $34.7 million for the year fell short of the prior year's profits of $48 million.
Total revenues are up 19 percent for the first five weeks of the current quarter, but more than half of the increase resulted from a shift in the timing of the end-of-season clearance catalog.
Lands' End will take a conservative approach for the current fiscal year in response to the slowing U.S. economy and retail environment. The company said it expects sales to increase in the single-digit range. Sales in the fiscal year that just ended were $1.46 billion.
