LE - Why Lands' End Stock Plunged Today
Shares of Lands' End (NASDAQ: LE) fell 15% on Thursday after the clothing and home decor retailer cut its sales and profit forecast.
Lands' End's net revenue decreased by 8.6% year over year to $351.2 million in its fiscal second quarter, which ended on July 29. The decline was due mainly to a 16% drop in e-commerce sales, which were dented by supply chain disruptions.
The retailer's third-party business was a bright spot. Lands' End is selling more of its products on online marketplaces operated by Kohl's and other partners. Its third-party net revenue, in turn, surged 42.9% in Q2.
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Why Lands' End Stock Plunged Today