Lands’ End Announces Third Quarter Fiscal 2023 Results
DODGEVILLE, Wis., Dec. 05, 2023 (GLOBE NEWSWIRE) — Lands’ End, Inc. (NASDAQ:LE) today announced financial results for the third quarter ended October 27, 2023.
Andrew McLean, Chief Executive Officer, stated, “Our third quarter results reflect the continued strong execution of our solutions-based strategy to deliver compelling product for our customers and value to our shareholders. Our deliberate efforts to generate more profitable sales resulted in increased gross profit dollars and gross margin expansion of approximately 700 basis points and drove Adjusted EBITDA above the high end of our guidance range. We continued to build on our positive momentum, injecting newness across our assortment and increasing inventory turns, resulting in a 25% reduction in year-over-year inventory. Looking ahead, by continuing to play to our strengths and delivering our customers the solutions they need, we’re confident in our ability to drive profitable sales through the holiday season to finish the year strong.”
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