Lands’ End Inc., Dodgeville, WI, reported a first-quarter profit that rose 20-fold, beating estimates. After the announcement, the stock surged 15%. The quarter ended April 27.
Total revenue for the first quarter was $311.1 million, up 9% from $285.8 million in the prior year’s quarter. Net income for the quarter was $5.9 million, compared with net income of $292 thousand for the same period last year.
Growth in the core business segment was led by strength in the women’s and co-ed divisions, said a company statement. A portion of this growth came from mailing the Lands’ End core May catalog one week earlier than last year, a company statement said.
In the specialty segment, the Kids division showed the strongest growth. Corporate sales grew in the low single digits, reflecting a slowdown in national business spending. Coming Home, which features products for bed and bath, was relatively flat. All international businesses had double-digit sales increases when measured in their local currencies, and overall international sales in U.S. dollars were also improved, said the company.
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