warned Thursday it expects earnings for its 2001 fiscal year ending Jan. 31 to be "substantially lower" than in the previous year, despite "gratifying" holiday sales.
The Internet and catalog retailer, based in Dodgeville, Wis., did not provide specific earnings-per-share figures, but said earnings for the year would be "significantly down" from the $1.52 a share recorded in fiscal 2000, "rather than flat to somewhat lower as previously estimated." Eight analysts polled by
First Call/Thomson Financial
expected 2001 earnings of $1.33 a share.
Lands' End said it expects "positive earnings" for the fourth quarter. Analysts on average called for $1.23 a share, compared with 92 cents a share a year earlier.
The company also said net sales for the eight weeks ended Dec. 22, 2000 were $395 million, up 12% from $352 million in the same period last year, while earnings for the eight week period were $33.9 million, or $1.13 a share, up from $33.4 million, or $1.08 a share, a year ago.
Shares of Lands' End fell 70 cents, or 2.7%, to $24.95 in morning trading on the
New York Stock Exchange