Lands’ End Inc, the Dodgeville, WI-based cataloger, reported net income of $28.3 million for the quarter ended Jan. 28, a 10.2% gain over $25.7 million in the same period a year ago.
Net sales were $449.6 million, down 16.9% from the fourth quarter of the prior year, when net sales were $541.2 million.
Net income for the year was $48 million, up 54% from the $31.2 million earned in fiscal 1999.
Net sales for the year were $1.3 billion, down 3.8% from sales of $1.371 billion in the prior year. The company attributed this to a planned reduction in the number of catalogs mailed.
Just the same, company stock plunged more than 10% yesterday because these results did not meet the expectations of stock analysts, according to wire service reports.
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