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News > Companies
Lands' End stock tumbles
June 8, 2000: 1:19 p.m. ET

Catalog retailer stumbles after it lowers sales forecast for 1st half of fiscal 2001
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NEW YORK (CNNfn) - Stock in Lands' End tumbled Thursday after the online and catalog retailer said sales for the first half of fiscal 2001 will be flat.

Lands' End  (LE: Research, Estimates) shares were down 4-5/8 to 29-1/2 in Thursday morning trading.

The Dodgeville, Wis.-based company also said it now expects its fiscal 2001 sales to grow about 6 percent, down from its previous forecast for growth of more than 6 percent.

graphicLands' End also reported in a 10-Q filing with the Securities Exchange Commission that net sales in the first quarter of fiscal 2001, ended April 28, fell 8 percent to $266 million from $290 million a year earlier. Excluding sales from its discontinued Willis & Geiger business, sales declined 4.6 percent.

Lands' End said the decline was due to several factors, including soft sales in Japan and weakness in its specialty catalogs.

In the fiscal first quarter, net income was $292,000, or 1 cent a share, down from $6.5 million, or 21 cents a share, a year ago. The consensus of analysts polled by First Call was 16 cents per share. 

Lands' End said it still expects weaker earnings in the first half of 2001 than a year earlier, though it expects the second quarter of the current year will show sales and earnings growth.

The company will increase its page circulation by 6 percent for the fiscal year, and maintains its profit goal of 7 percent of pretax net sales, Back to top

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