Lands' End, the popular clothing and home products retailer, experienced a wider loss in the latest quarter due to a drop in sales. However, the company's financials also revealed some positive developments, including improved margins and positive cash flow from operations.
In the fiscal second quarter, Lands' End reported a loss of $8 million, or 25 cents per share. This contrasted with a loss of $2.2 million, or 7 cents per share, in the same period last year. The company had previously anticipated a loss ranging between 14 cents and 6 cents per share.
In terms of adjusted figures, the earnings before interest, taxes, depreciation, and amortization remained consistent with the previous year at $15.8 million.
Notably, the company's revenue experienced a decline of 7.9%, amounting to $323.4 million for the 13-week period ending on July 28. This aligns with Lands' End's projected range of $320 million to $335 million.
On a more positive note, Lands' End reported an increase in gross margin for the second quarter. It expanded by 2.2 percentage points compared to the same period last year, reaching 43.2%. Additionally, cash provided by operations turned positive, with a notable improvement of $172 million compared to the previous year.
While these results indicate some challenges for Lands' End in terms of overall sales, the company's efforts to improve margins and cash flow show promise for future growth and profitability.
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