Q2 2024 Lands End Inc Earnings Call Transcript
Key Points
- Lands' End Inc (LE) delivered net revenue of $317 million, at the top end of their guidance range.
- Adjusted EBITDA increased by 8% year-over-year, reaching $17 million.
- The company achieved a 21% year-over-year improvement in inventory position and a 15% increase in churn rate.
- Gross margin improved by approximately 470 basis points compared to the second quarter of 2023.
- New customers are, on average, 10 years younger, indicating successful targeting of a younger demographic.
- Total revenue performance decreased by 2% compared to last year.
- US eCommerce business saw a sales decrease of 4% compared to the second quarter of 2023.
- Sales from Lands' End Outfitters were down 7% from the second quarter of 2023.
- SG&A expenses increased by approximately 440 basis points compared to 2023, driven by higher digital marketing spend and other costs.
- The company reported a net loss of $5.3 million, or $0.17 per share, for the second quarter.
Good morning and welcome to the Lands' End second-quarter earnings conference call. (Operator Instructions) Please note today's call will be recorded, and I'll be standing by if you should need any assistance. It is now my pleasure to turn the call over to Tom Altholz, Senior Director, Financial Planning and Analysis. Please go ahead.
Good morning, and thank you for joining the Lands' End earnings call for a discussion of our second quarter 2024 results, which we released this morning and can be found on our website, landsend.com. I'm Tom Altholz, Lands' End's Senior Director, Financial Planning and Analysis and I'm pleased to join you today with Andrew McLean, our Chief Executive Officer; and Bernard McCracken, our Chief Financial Officer.
After the prepared remarks, we will conduct a question and answer session. Please also note that the information we're about to discuss includes forward-looking statements. Such statements involve risks and uncertainties. The company's actual
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