LE - Digital Retailer Lands' End Q3: Gross Margin Expansion 25% Inventory Reduction & More | Benzinga
Lands' End Inc (NASDAQ: LE) reported a third-quarter FY23 sales decline of 12.5% year-over-year to $324.74 million, missing the consensus estimate of $347.5 million.
Global eCommerce revenue decreased 13.2% Y/Y to $216.4 million. Net revenue in U.S. eCommerce fell 10% Y/Y, driven by a concerted effort to reduce promotional activity and improved inventory management, and International eCommerce declined 30.9% Y/Y.
Adjusted EPS loss of $(0.11) compared to $(0.05) in 3Q22, beat the consensus of $(0.17).
The gross margin expanded by 700 basis points to 47%, and the gross profit ...