Lands’ End Inc., Dodgeville, WI, reported net income of $6.5 million on net sales of $290 million for its first quarter ended April 30, 1999, compared with net income of $5.2 million on net sales of $269 million in the same quarter last year. Net sales increased 7.8%, net income by 25%.
Gross profit in the quarter just ended was $125.4 million, or 43.3% of net sales, compared with $124.7 million, or 46.4% of net sales, in the first quarter of the prior year.
This year’s first quarter includes an addition to net income of $800,000, mainly from better-than-anticipated sell-through on Willis & Geiger liquidations. The shutting of the unit was part of a cost-cutting plan instituted in October by president and CEO David Dyer.
Lands’ End said its specialty business segment, represented by the Kids, Corporate Sales and Coming Home catalogs showed strong growth. Sales from the core business segment were slightly up as a result of higher sales from the Internet, the First Person Singular (women’s tailored clothing) catalog and prospecting catalogs. This was mostly offset by continued weakness in the regular monthly catalog.
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