Land’s Finish (LE) This autumn 2020 hit revenue, shares rise
A woman in Niles, Illinois purchases Lands End brand sweaters.
Tim Boyle | Getty Images
Land’s End stock rose nearly 7% in premarket trading on Wednesday after the apparel and homewares retailer reported fourth quarter earnings and sales that exceeded analyst estimates.
It also offered a better-than-expected outlook for the current quarter and expects sales and earnings to grow for the full year.
Here’s how Land’s End performed for the quarter ended January 29, compared to analyst expectations based on a survey by Refinitiv:
- Earnings per share: 60 cents compared to 56 cents expected
- Revenue: $ 538.4 million versus $ 530.9 million expected
Income for the period fell to $ 19.9 million, or 60 cents per share, compared to $ 25.5 million, or 78 cents per share, last year. That was better than the 56 cents per share expected by analysts.
Revenue decreased approximately 2% from $ 549.5 million in the prior-year period to $ 538.4 million. It was also better than the $ 530.9 million forecast by analysts.
According to Land’s End, online sales grew 7.5% worldwide, including e-commerce sales increasing 38% in Europe and increasing 3.7% in the US.
“We were well positioned to benefit from the accelerated transition to online as a digitally owned company,” CEO Jerome Smith said in a statement.
The company expects 2021 sales of between $ 1.52 billion and $ 1.57 billion with earnings per share of 34 to 58 cents. In fiscal 2020, the company had sales of $ 1.43 billion with earnings of 33 cents per share.
For the first quarter, sales of $ 275 to 285 million with a loss of 25 to 32 cents per share are required. According to Refinitiv, analysts had forecast sales of the company of 240.6 million US dollars, which corresponds to a loss of 47 cents per share.
Land’s End stocks are up more than 670% over the past 12 months. The company has a market capitalization of $ 1.15 billion.
The full press release from Land’s End can be found here.