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Lands' End Lifts Guidance as E-Commerce Helps Drive Revenue

'Our strong top-line momentum continues, driven by our global e-commerce business,' Lands' End CEO Jerome Griffith says. The shares are higher.
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Lands' End  (LE) - Get Lands' End Inc. Report shares leaped on Wednesday after the clothing retailer raised earnings guidance for its current fiscal quarter and the full fiscal year.

The stock recently traded at $40.85, up 11%. It has soared 47% over the past six months amid strong consumer spending.

“Our strong top-line momentum continues, driven by our global e-commerce business, as well as a faster-than-anticipated recovery in our Outfitters business, primarily in national accounts and school uniforms,” said Jerome Griffith, Lands’ End’s chief executive.

For the fiscal 2021 second quarter ended July 30, the company expects revenue of $380 million to $385 million, growth of 22% to 23% from a year earlier. The Dodgeville, Wis., company's ’s previous forecast was $345 million to $355 million.

It sees net income of $13 million to $14.5 million, or 39 cents to 43 cents a share, in the latest quarter. Prior guidance totaled $1.5 million to $4 million, or 5 cents to 12 cents.

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For all of fiscal 2021, Lands’ End expects revenue of $1.67 billion to $1.71 billion, reflecting growth of 17% to 20% from the year earlier. That’s an increase from prior guidance of $1.61 billion to $1.65 billion.

The company expects net income of $43 million to $49.5 million, or $1.27 to $1.47 a share. Prior guidance was $27.5 million to $34 million, or $0.84 to $1.04 a share.

Last month, Lands’ End reported that it swung to profit in the fiscal first quarter ended April 30, shattering Wall Street expectations.

Revenue totaled $321.3 million, up 48% from a year earlier and surpassing the FactSet consensus of $280.3 million.