The Lands’ End, Inc. Board of Directors has authorized the repurchase of up to $25 million of the company’s common stock through March 31, 2026. The company’s prior share repurchase authorization pursuant to which 2.3 million shares were repurchased for an aggregate $20.3 million beginning in June 2022, expired on February 2, 2024.
Under the program, the company may purchase its LE shares from time to time in the open market, in privately negotiated transactions, or by other means in accordance with federal securities laws. All repurchases will be subject to compliance with the Company’s Term Loan credit agreement which imposes a per fiscal year limitation on share repurchases.
“This new share repurchase authorization demonstrates the Board and management team’s confidence in Lands’ End’s strategy and commitment to shareholder value creation,” said Bernard McCracken, CFO, Lands’ End, Inc. “Buoyed by our renewed focus on driving profitable sales, and the completion of our debt refinancing last year, we are well-positioned to invest in the strategic growth and evolution of Lands’ End and return capital to shareholders – all while maintaining a balanced approach to capital allocation moving forward.”
The company expects that purchases will be funded through existing cash on hand, cash from operations, borrowings under its asset-based senior secured credit facility or a combination of the foregoing. The amount and timing of the purchases will depend on a number of factors including the price and availability of the Company’s shares, trading volume and general market conditions. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the company might otherwise be precluded from doing so under insider trading laws. The share repurchase program may be suspended or discontinued at any time.
