Lands’ End gets off to a good start post Sears
Lands’ End celebrated its fiftieth anniversary last year, but the bigger news for company in 2013 was the announcement that it was being spun off by its parent company, Sears Holdings. So far, so good for Lands’ End as the casual clothing brand and retailer announced a 3.6 percent increase in sales during its first quarter sans Sears. The company’s same-store sales were up 3.4 percent during the period.
"We are excited to be operating, once again, as an independent public company and believe we are well positioned to execute against our strategic initiatives to drive sales and earnings growth," said Edgar Huber, president and chief executive officer, Lands’ End, in a statement.
Mr. Huber said Lands’ End used improved assortments, targeted promotions and inventory management to help improve its gross margins and operating income along with sales. He said the company was "focused on improving the contemporary relevance of the Lands’ End brand."
Sears Holdings CEO Edward Lampert has said in the past that Lands’ End has the potential to become a $5 billion global brand. Sears first acquired Lands’ End in 2002 for $1.9 billion.
In a RetailWire poll last October, 73 percent rated the chances of Lands’ End achieving success apart from Sears Holdings as good (38 percent) and excellent (35 percent).
- Lands’ End Announces First Quarter of Fiscal 2014 Results – Lands’ End, Inc./Globe Newswire
- Lands’ End, Sans Sears, Looks Like the Future of Retail – Bloomberg Businessweek
- Sears Spinning Off Lands’ End – RetailWire
- Will Lands’ End Finally Prosper Under Sears Holdings? – RetailWire
- Report: Buyer Wanted for Lands’ End – RetailWire
What will it take for Lands’ End to build on its positive first quarter going forward? What rivals should be most concerned about Lands’ End now that it is no longer part of Sears Holdings?