Lands' End profit soars post-Sears

Not long after its spinoff from Sears (NASDAQ: SHLD), Lands' End (NASDAQ: LE) is turning a significant profit.

For its quarter ending May 2, Lands' End's profits surged 48.1 percent to $10.9 million, or 34 cents a share, compared to $7.3 million, or 23 cents a year the prior year. Plus, sales increased 3.6 percent to $330.5 million, driven by a 4.8 percent increase in the direct segment and offset by a 2.3 percent decrease in its retail segment. 

"We are very pleased with our first quarter results and our progress towards growing the business and building Lands' End into a global lifestyle brand," said Edgar Huber, Lands' End president and CEO, RetailingToday reported. Lands' End split from Sears in early April.

"Despite a very challenging retail apparel environment, we drove strong earnings growth through an improved merchandise assortment architecture, more targeted promotions, improved inventory management and continued expense controls," Huber added.

Lands' End is "excited" to be operating as an independent public company again, and is well positioned to execute against its strategic initiatives to drive sales and earnings growth, according to Huber.

Still, Lands' End can thank Sears for contributing to its positive quarterly results. The 251 Lands' End shops inside Sears stores contributed to the 3.4 percent same store sales increase in its retail segment.

For more:
-See this RetailingToday article

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