Q3 2024 Lands End Inc Earnings Call Transcript
Key Points
- Lands' End Inc (LE) reported a 17% year-over-year increase in adjusted EBITDA, reaching $20 million for the third quarter of 2024.
- The company achieved a 20% year-over-year improvement in inventory position and a double-digit increase in inventory turn rate.
- Lands' End Inc (LE) experienced a 20% increase in new customer acquisition in the third quarter, driven by strategic marketing efforts.
- The US e-commerce business delivered its seventh consecutive quarter of margin improvement, with a 350 basis point increase.
- The European business saw a gross margin increase of approximately 900 basis points, with gross profit up 13% year-over-year.
- Total revenue for the third quarter decreased by 2% compared to the previous year.
- The US e-commerce sales decreased by 2% compared to the third quarter of 2023, excluding the impact of transitioning kids and footwear products to licensing agreements.
- Sales from the school uniform channel were down 8% year-over-year, primarily due to the timing of customer orders.
- The company reported a net loss of $0.6 million or $0.02 per share for the third quarter.
- As a percentage of sales, SG&A expenses increased by approximately 250 basis points compared to 2023, driven by higher digital marketing spend.
Good day, everyone and welcome to today's Lands in three Q earnings call at this time, all participants are in a listen-only mode later. You will have the opportunity to ask questions during the question and answer session.
You may register to ask a question at any time by pressing the star and one on your telephone keypad. You may withdraw yourself from the queue by pressing star to. Please note this call is being recorded and I will be standing by if you should need any assistance. It's now my pleasure to turn the conference over to Tom Alto.
Good morning and thank you for joining the lands' end earnings call for discussion of our third quarter, 2024 results which we released this morning and can be found on our website Landin dotcom.
I'm Tom Olhos Land's End, Senior Director of Financial Planning and Analysis. And I'm pleased to join you today with Andrew mclean, our Chief Executive Officer and Bernie mccracken, our Chief Financial Officer.
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