Lands' End slumps as higher costs prompt profit forecast cut

Lands End

01/09/2022 13:48

** Shares in casualwear chain Lands' End Inc  LE.O  down ~9%
at $12.60 premarket; set to open at one-month low if current
losses hold
    ** LE cuts its annual sales and profit forecasts, hit by
higher transportation costs and steep discounts 
    ** Now sees fiscal 2022 earnings between 49 cents and 70
cents per share, down from its prior outlook of 60 cents to 88
cents urn:newsml:reuters.com:*:nTUA2QCMFQ
    ** LE also trims annual revenue forecast to $1.60 bln-$1.64
bln, from $1.62 bln to $1.68 bln estimated previously
    ** Co's Q2 sales also fall 8.6% to $351 mln, while gross
margins shrank to 41% from 46.3% a year earlier 
    ** Stock down ~30% YTD

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))