LE - Why Lands' End Stock Tumbled on Thursday
Shares of Lands' End (NASDAQ: LE) were down 26% as of 10:53 a.m. ET on Thursday after delivering disappointing earnings results for the fiscal third quarter.
Revenue was lower than analysts expected, which also led to a loss on the bottom line, as higher transportation costs and supply problems continue to pressure the business. Uncertainty over consumer spending has been a headache for retailers all year. Year to date, Lands' End stock has fallen 56%, and the situation may get worse before it gets better.
Lands' End reported revenue of $249 million, down 4.6% year over year. The bright spot was a 60% year-over-year increase in third-party revenue, representing strong growth from Kohl's and other online marketplaces that sell Lands' End.
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Why Lands' End Stock Tumbled on Thursday