Lands End shares sink as it reports rev drop, wider loss
05/06/2024 17:04
** Shares in clothing co Lands End LE.O down 7.7% on Wednesday
after quarterly report shows revenue decline and widening loss
** LE shares last traded at $12.83 after hitting a low of
$11.78, its lowest level since April 10 and it was on track for
its fourth straight day of declines after its report
** LE reported a 7.8% drop in fiscal Q1 net revenue to
$285.5 mln from $309.6 mln in Q1 2023, a $0.20 net loss per
diluted share, widening from a loss of $0.05 in year-ago quarter
** Looking forward to Q2 it forecast net rev in a range of
$290 mln and $320 mln and a net loss of between $0.19 and $0.27
and for FY 2024 it forecast net rev of $1.36 bln - $1.45 bln and
a earnings per share of $0.08 to $0.32
** YTD shares in LE up 32.86 vs 13.7% gain in Nasdaq
composite .IXIC , 3.1% gain in Nasdaq Industrial index .IXID
** LSEG shows just 2 analysts covering the co each with a
'buy' rating
(Reporting By Sinéad Carew)
((sinead.carew@thomsonreuters.com; +13322191897;))