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Lands' End 4Q tattered
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March 11, 1999: 10:43 a.m. ET
Earnings before charge trail analysts' estimates; sales increase 12.6%
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NEW YORK (CNNfn) - Lands' End, the catalog and online apparel retailer, reported a disappointing end to the final quarter of its fiscal year, posting earnings before a charge Thursday that were below both the year-earlier results and the consensus estimate of analysts.
The Dodgeville, Wis., company said it earned $1.07 a diluted share before charges related to a staff reduction announced in January. That compares unfavorably with net income of $1.32 a share a year earlier and with the $1.13 a share consensus of analysts surveyed by First Call.
With the charge, Lands' End net income fell to $25.7 million, or 84 cents a diluted share, from $41.3 million a year earlier.
Sales for the quarter rose 12.6 percent to $541.2 million.
"We've made much progress in this past quarter, especially in getting our inventory more closely aligned with sales, restructuring our organization into functional operating units and putting people in key leadership roles," President David Dyer said.
For the fiscal year, Lands' End posted net income of $31.2 million, or $1.01 a diluted share, down from $64.2 million, or $2 a share, the prior year.
Sales rose 8.5 percent to $1.4 billion. The company credited the increase to sending more catalogs and sale pages during the holiday season and its aftermath.
Lands' End stock suffered as a result of the report. It was down 2 to 28-3/4 in Thursday morning trading. 
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Lands' End
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