Lands’ End Inc. raised its guidance for the second quarter ending July 30, 2021, and its fiscal year ending January 28, 2022.

Jerome Griffith, Lands’ End’s CEO, said, “Following our strong financial results in the first quarter, we are very pleased with our performance in the second quarter-to-date, with results tracking ahead of our expectations. Our strong topline momentum continues, driven by our global eCommerce business, as well as a faster than anticipated recovery in our Outfitters business, primarily in National Accounts and school uniforms. Our gross margin continues to benefit from our improved promotional strategies and enhanced data analytics capabilities contributing to exceptional growth in adjusted EBITDA compared to both last year and pre-pandemic 2019 levels. Given the strength in our business, we are increasing our guidance for both the second quarter and the full year, as we expect this momentum to continue into the back half of 2021.”

For the second quarter of fiscal 2021 Lands’ End now expects:

  • Net revenue to be between $380.0 million and $385.0 million, representing growth of between 21.8 percent and 23.4 percent compared to its second quarter of fiscal 2020. This is an increase from prior guidance of $345.0 million to $355.0 million;
  • Net income to be between $13.0 million and $14.5 million and diluted earnings per share to be between $0.39 and $0.43, an increase from prior guidance of net income between $1.5 million and $4.0 million and diluted earnings per share between $0.05 and $0.12; and
  • Adjusted EBITDA to be between $36.0 million and $38.0 million, representing growth of between 50.6 percent and 59.0 percent compared to its second quarter of fiscal 2020. This is an increase from prior guidance of $20.0 million to $23.0 million.

For full-year fiscal 2021 Lands’ End now expects:

  • Net revenue to be between $1.67 billion and $1.71 billion, representing growth of between 17.0 percent and 19.8 percent compared to fiscal 2020. This is an increase from prior guidance of $1.61 billion to $1.65 billion;
  • Net income to be between $43.0 million and $49.5 million and diluted earnings per share to be between $1.27 and $1.47, an increase from prior guidance of net income between $27.5 million and $34.0 million and diluted earnings per share between $0.84 and $1.04;
  • Adjusted EBITDA to be between $132.0 million and $140.0 million, representing growth of between 51.7 percent and 60.9 percent compared to fiscal 2020. This is an increase from prior guidance of $114.0 million to 122.0 million; and
  • Capital expenditures of approximately $26.0 million.

Photo courtesy Lands’ End