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Lands' End, Inc. (LE) SEC Filing 10-K Annual report for the fiscal year ending Friday, February 2, 2018

Lands' End, Inc.

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CIK: 1836274 Ticker: LE
Exhibit 99.1



Lands' End Announces Fourth Quarter and Fiscal 2017 Results

DODGEVILLE, Wis., March 22, 2018 (GLOBE NEWSWIRE) - Lands' End, Inc. (NASDAQ: LE) today announced financial results for the 14-week fourth quarter and 53-week fiscal year ended February 2, 2018, compared to the 13-week fourth quarter and 52-week fiscal year ended January 27, 2017.

Fourth Quarter Fiscal 2017 Highlights:

•
Net revenue for the fourth quarter increased 11.3% to $510.6 million, which includes $25.9 million from the 53rd week, compared to $458.8 million in the fourth quarter last year. Direct segment net revenue increased 14.3% to $455.6 million, including $24.2 million from the 53rd week, as compared to the same period last year. Retail segment net revenue decreased 8.7% to $55.1 million, including $1.7 million from the 53rd week, as compared to the same period last year, primarily due to fewer Lands' End Shops at Sears. Same store sales on a comparable 13-week basis increased 5.0%.

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Gross margin was 38.9% as compared to 38.6% in the fourth quarter last year.

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The Company recorded a tax benefit during the quarter of $21.9 million primarily due to the U.S. Tax Cuts and Jobs Act ("Tax Reform").

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Net income was $39.8 million, or $1.24 per diluted share. This compares to a Net loss of $94.8 million, or $2.96 per diluted share in the fourth quarter of fiscal 2016.

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Adjusted EBITDA(2) was $37.3 million compared to $30.7 million in the fourth quarter of fiscal 2016.

Jerome S. Griffith, Chief Executive Officer, stated, "We are pleased with our strong performance in the fourth quarter, as we continued to gain momentum behind our merchandising, marketing, and digital initiatives, and ended the year on a solid note. During 2017, we stabilized the brand, grew our buyer file, reconnected with our core customer, improved our business processes, and drove growth across our four key categories. As we look forward, we will continue to execute on our strategic plan and continue to focus on driving consistent performance across the business."

Full Year Fiscal 2017 Highlights:

•
Net revenue for fiscal 2017 increased 5.3% to $1.41 billion, which includes $25.9 million from the 53rd week, compared to $1.34 billion last year. Direct segment net revenue increased 7.4% to $1.23 billion, including $24.2 million from the 53rd week. Retail segment net revenue decreased 7.5% to $172.6 million, including $1.7 million from the 53rd week, primarily due to fewer Lands' End Shops at Sears, partially offset by a 2.7% increase in same store sales on a comparable 52-week basis.

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Gross margin was 42.5% as compared to 43.2% last year.

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The Company recorded a tax benefit for the year of $27.7 million primarily due to the Tax Reform.

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Net income was $28.2 million, or $0.88 per diluted share. This compares to a Net loss of $109.8 million, or $3.43 per diluted share, in fiscal 2016.

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Adjusted EBITDA(2) was $58.3 million compared to $39.8 million in fiscal 2016.




The following information was filed by Lands' End, Inc. (LE) on Thursday, March 22, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lands' End, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Comprehensive Income Statement
Consolidated Statements Of Operations
Background And Basis Of Presentation
Commitments And Contingencies
Commitments And Contingencies (details)
Debt
Debt (details)
Debt (tables)
Debt - Schedule Of Aggregate Maturities (details)
Debt Abl Facility (details)
Debt Long Term Debt (details)
Fair Value Of Financial Assets And Liabilities
Fair Value Of Financial Assets And Liabilities (details)
Fair Value Of Financial Assets And Liabilities (tables)
Fair Value Of Financial Assets And Liabilities - Carrying And Fair Values Of Financial Instruments (details)
Goodwill And Indefinite-lived Intangible Assets
Goodwill And Indefinite-lived Intangible Assets (details)
Goodwill And Indefinite-lived Intangible Assets (tables)
Goodwill And Indefinite-lived Intangible Assets - Schedule Of Goodwill And Intangible Assets (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (details)
Income Taxes - Narrative (details)
Income Taxes - Reconciliation Of Effective Tax Rate (details)
Income Taxes - Summary Of Unrecognized Tax Benefits (details)
Income Taxes - Summary The Components Of Income Tax Provision (details)
Income Taxes Income Taxes - Summary Of Income Before Income Taxes (details)
Leases
Leases (details)
Leases (tables)
Other Current Liabilities
Other Current Liabilities (details)
Other Current Liabilities (tables)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (details)
Quarterly Financial Data (unaudited) (tables)
Related Party Agreements And Transactions
Related Party Agreements And Transactions (details)
Related Party Agreements And Transactions (tables)
Related Party Agreements And Transactions - Details Of General Corporate Services (details)
Related Party Agreements And Transactions - Details Of Use Of Intellectual Property Or Services (details)
Related Party Agreements And Transactions - Schedule Of Related Party Costs (details)
Segment Reporting
Segment Reporting (details)
Segment Reporting (tables)
Segment Reporting - Details By Product Category, Segment And Geographic Region (details)
Stock-based Compensation
Stock-based Compensation (details)
Stock-based Compensation (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Allowance For Doubtful Accounts (details)
Summary Of Significant Accounting Policies - Narrative (details)
Summary Of Significant Accounting Policies - Revenue Recognition (details)
Summary Of Significant Accounting Policies - Summary Of Earnings Per Share (details)
Summary Of Significant Accounting Policies - Summary Of Other Comprehensive Income (loss) (details)
Summary Of Significant Accounting Policies - Summary Of Plant And Equipment (details)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies - Restructuring Costs (details)
Ticker: LE
CIK: 799288
Form Type: 10-K Annual Report
Accession Number: 0000799288-18-000022
Submitted to the SEC: Thu Mar 29 2018 4:38:38 PM EST
Accepted by the SEC: Thu Mar 29 2018
Period: Friday, February 2, 2018
Industry: Retail Family Clothing Stores

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