Land's End Reports Revenue Increase
Net income during the quarter totaled $12.1 million compared to $4.4 million during the year-ago period. Diluted earnings per share amounted to 41 cents compared to 15 cents during the previous year, creating a new third-quarter company record.
Gross profit during the quarter reached $164.9 million, or 43.8 percent of total revenue, as opposed to $145.2 million, or 40.1 percent of total revenue during the same quarter last year.
The company attributed the improvement in gross profit margin to a $15.4 million reduction in liquidation sales and continued improvements in vendor sourcing.