Lands End down after updating annual forecasts

Lands End

05/12/2024 17:51

** Shares of casualwear chain Lands End  LE.O  down as much
as 15.4% to $13.61
    ** Stock set for worst day since Aug. 2023, if losses hold
    ** Co narrows its annual net revenue forecast to between 
$1.36 bln and $1.40 bln vs previous expectation of $1.35 bln to
$1.43 bln
    ** Also narrows annual adj EPS outlook to between $0.35 and
$0.45 from $0.29 to $0.48
    ** However, posts Q3 revenue of $318.63 mln vs analysts'
estimate of $315.21, per data compiled by LSEG
    ** Brokerage Telsey Advisory Group notes co's solid Q3
results despite slight adj EBITDA miss, and that additional
marketing expenses weighed on the bottom line
    ** Also notes LE is in the midst of transitioning parts of
its business to licenses and marketplace selling
    ** Including session moves, stock has risen ~43% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com))