Casual clothing and footwear retailer Lands’ End said it is expanding its tie-up with Kohl’s and growing its global eCommerce business, as the company’s European sales led the way in its most recent results.
According to a company statement released Wednesday (March 17), the Wisconsin-based retailer’s Q4 revenue fell 2 percent to $538 million, while its online sales rose 7.5 percent, led by a 38 percent gain in its European eCommerce business, via a 14 percent increase in new customers.
By comparison, the company noted its U.S. eCommerce sales grew just 3.7 percent.
“We were well positioned to capitalize on the accelerated shift to online as a digitally-led company and we benefited from the investments we made to advance our competitive strengths,” CEO Jerome Griffith said.
On a net income basis, Lands’ End posted a better than expected $0.60 per diluted share, or $20 million Q4 profit, which marked a 22 percent decrease from a year ago.
In addition, the company’s third-party revenues, through retailers like Kohl’s, rose nearly 300 percent for the quarter.
Outlook And Guidance
The company anticipates net revenue to range from $275 million to $285 million and a net loss to be between $10.5 million and $8 million in the first quarter of fiscal 2021.
“As we look ahead, we will maintain our focus on driving continued momentum in our global eCommerce business, progressing the recovery of our Outfitters business and further advancing our third-party and marketplace growth strategies,” President and Chief Financial Officer Jim Gooch said in the release.
To that point, Lands’ End touted the successful launch of its products on Kohls.com as well as in 150 Kohl’s stores last year and said it was looking to double that business this year.
“Based on strong early results, the Company plans to expand the Lands’ End assortment and increase the number of points of distribution to 300 Kohl’s stores in 2021,” the company’s statement said.
The Lands’ End news comes as mid-priced casual retail chain The Buckle, Inc. registered an 18 percent rise in same-store sales Friday (March 12), headed up by an 81.5 percent jump in its online business that accounted for approximately one-fifth of the total.
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