Lands' End Q2 net loss narrows to $5.3M; gross margin up 470bps to 47.9%; raises FY profit guidance

LANDS' END, INC.

2024-Q2 EPS reported -$0.37 revenue$499,089,000

Net revenue $317.2M, down from $323.3M; GMV up mid-single digits; gross profit up 8.8% to $151.9M.
Gross margin expanded ~470bps to 47.9% on lower promotions and improved supply chain; inventory down 21% YoY (6th consecutive quarter improvement).
Adjusted EBITDA $17.1M vs $15.8M; net loss $5.3M ($0.17 loss per share) vs $8.0M loss.
Raised FY2024 adjusted EBITDA guidance to $90M-$98M; Q3 guidance: revenue $300-340M, adj EBITDA $19-23M.
Repurchased $3.7M common stock under $24M program; $20.3M remaining.

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