Lands' End Q1 net revenue down 7.8% to $285.5M; gross margin expands 410 bps to 48.7%

LANDS' END, INC.

2024-Q1 EPS reported -$0.20 revenue$228,727,000

Net loss of $6.4M ($0.20 loss per share) vs loss of $1.7M ($0.05) a year ago; adjusted net loss $6.2M.
Global eCommerce revenue fell 3.7% to $195.5M; Outfitters revenue down 42.3% to $42.7M on Delta Air Lines contract end.
Gross margin improved to 48.7% from 44.6% on lower promotions and supply chain gains; inventory down 23% YoY.
Adjusted EBITDA $11.6M vs $19.5M; excluding Delta Air Lines, adjusted EBITDA up 68.1%.
Q2 FY2024 guidance: revenue $290-320M, adjusted EBITDA $14-17M; full-year adjusted EBITDA $88-97M.

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