Lands' End Reduces Forecast For 2001

Lands' End (LE Quote) said Monday it expects full-year 2001 earnings will not be higher, as previously expected, but will come in "flat to somewhat below the prior year."

The catalog and Internet retailer, based in Dodgeville, Wis., said that although sales for the first six weeks of the current quarter rose 11% compared with last year, gross profit margins are experiencing "continuing pressure." Analysts were expecting the company to report earnings per share of $1.33 for 2001, according to First Call/Thomson Financial.

Excluding a one-time gain, the company earned $46.9 million, or $1.52 a share, in fiscal 2000.

The company did not make any forecasts for the fourth quarter.

Shares of Lands' End were down 86 cents, or 3.5%, to $23.95 in recent trading on the New York Stock Exchange.