olivLaw · US equity research
Lands' End, Inc. LE
Retail-Family Clothing Stores · SIC 5651 · Vertical: Retail-Family Clothing Stores (SIC 5651)
Lands' End is a U.S. digital retailer of apparel, swimwear, outerwear and uniforms for schools and businesses, which generated net revenue of approximately 1.34 billion USD in fiscal 2025. The topic is current because the WHP Global transaction moved control of the brand into a joint venture for 300 million USD in cash, with effects on the capital structure and on licensing costs.
At the close of 04 Nov 2026, Lands' End, Inc. (LE) stock was 10.19 USD (+6.81% on the day), with market capitalisation 301.1 m USD, P/E 0.9 on diluted EPS of 11.22 USD over the last 12 months, beta 1.32, 52-week range 9.33–19.15 USD. Latest reported quarter (Q2 2027): revenue of 268.9 m USD (+5.3% YoY), net income of 3.5 m USD, diluted EPS 0.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.3
- neutral
- Bollinger (20, 2)
- 9.12 – 10.55
- in the upper half of the band · %B 0.75 · band width 14.6%
- SMA 50 / 200
- 10.37 / 12.43
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.21 / -0.28
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.1% | −1.1% | −3.0 pp | — |
| 3 months | −20.3% | −0.5% | −19.9 pp | — |
| 6 months | −9.3% | +4.4% | −13.7 pp | — |
| Year to date | −29.8% | +12.3% | −42.1 pp | — |
| 1 year | −31.3% | +13.5% | −44.8 pp | −4.7% |
| 3 years | +52.3% | +76.4% | −24.1 pp | +24.2% |
| 5 years | −62.7% | +63.7% | −126.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 273.5 m | 381.9 m | 227.8 m | 255.3 m | 277.5 m | 402.3 m | 205.1 m | 268.9 m |
| Cost of revenue | 157.5 m | 240.3 m | 128.5 m | 150.7 m | 153.0 m | 252.8 m | 127.4 m | 145.0 m |
| Gross profit | 161.1 m | 201.3 m | 132.7 m | 143.4 m | 164.5 m | 209.6 m | 111.5 m | 157.0 m |
| SG&A | 140.9 m | 158.0 m | 123.5 m | 129.4 m | 138.6 m | 169.7 m | 126.5 m | 135.3 m |
| Operating income | 9.3 m | 37.0 m | -2.4 m | 4.0 m | 16.8 m | 25.9 m | -44.1 m | 8.2 m |
| Depreciation & amortisation | 8.2 m | 7.9 m | 8.3 m | 7.7 m | 7.4 m | 6.8 m | 6.1 m | 6.1 m |
| Interest expense | 10.3 m | 9.4 m | 9.3 m | 9.3 m | 9.4 m | 8.8 m | 5.5 m | 1.0 m |
| Pre-tax income | -1.3 m | 27.7 m | -11.6 m | -5.3 m | 7.4 m | 17.3 m | 432.7 m | 8.2 m |
| Income tax | -738.0 k | 9.2 m | -3.4 m | -1.6 m | 2.2 m | 5.0 m | 102.0 m | 4.8 m |
| Net income | -593.0 k | 18.5 m | -8.3 m | -3.7 m | 5.2 m | 12.3 m | 330.7 m | 3.5 m |
| Diluted EPS | -0.02 | 0.57 ≈ | -0.27 | -0.12 | 0.17 | 0.38 ≈ | 10.56 | 0.11 |
| Operating cash flow | -17.1 m ≈ | 65.4 m | -22.5 m | 22.9 m ≈ | -15.7 m ≈ | 64.8 m | -74.2 m | -12.3 m ≈ |
| Capex | 10.7 m ≈ | 15.6 m | 8.3 m | 8.9 m ≈ | 6.8 m ≈ | 5.3 m | 10.2 m | 13.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 26-quarter history (min 1.0, median 30.2, max 109.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 1.5 bn | 1.4 bn | 1.6 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.2 bn |
| Revenue YoY | +3.2% | −0.1% | −1.6% | +14.7% | −20.0% | −1.2% | −10.7% | +0.7% |
| Net income | 11.6 m | 19.3 m | 10.8 m | 33.4 m | -12.5 m | -130.7 m | 6.2 m | 5.5 m |
| Net income YoY | −58.9% | +66.4% | −43.8% | +207.9% | −137.5% | unavailable | unavailable | −11.6% |
| Diluted EPS | 0.36 | 0.60 | 0.33 | 0.99 | -0.38 | -4.09 | 0.20 | 0.18 |
| Diluted EPS YoY | −59.1% | +66.7% | −45.0% | +200.0% | −138.4% | unavailable | unavailable | −10.0% |
| net % | 0.8% | 1.3% | 0.8% | 2.0% | -1.0% | -10.1% | 0.5% | 0.5% |
| Free cash flow | 3.3 m | -11.6 m | 61.5 m | 45.3 m | -68.2 m | 95.6 m | 15.4 m | 20.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jan 2026
- Cash
- 17.7 m USD
- Financial debt
- 227.2 m USD
- Net debt
- 209.5 m USD
- Equity
- 244.3 m USD
- Total assets
- 751.1 m USD
- Debt / equity
- 0.93x
- Current ratio
- 1.61x
- ROE
- 2.3%
- ROA
- 0.7%
- FCF margin
- 1.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.6 bn | 1.3 bn | 1.3 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Mar 2026verified |
| Cost of revenue | 821.6 m | 945.2 m | 961.7 m | 847.0 m | 709.6 m | 685.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Gross profit | 605.9 m | 691.5 m | 593.8 m | 625.5 m | 653.3 m | 650.2 m | SEC (XBRL)· 26 Mar 2026verified |
| SG&A | 518.9 m | 571.8 m | 527.4 m | 550.2 m | 561.8 m | 561.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Operating income | 41.1 m | 79.8 m | 24.7 m | -77.5 m | 51.0 m | 44.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Depreciation & amortisation | 37.3 m | 39.2 m | 38.7 m | 38.5 m | 33.8 m | 30.2 m | SEC (XBRL)· 26 Mar 2026verified |
| EBITDA | 78.5 m ≈ | 119.0 m ≈ | 63.5 m ≈ | -39.1 m ≈ | 84.7 m ≈ | 74.4 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Interest expense | 27.8 m | 34.4 m | 39.8 m | 48.3 m | 40.4 m | 36.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Pre-tax income | 12.6 m | 46.0 m | -14.7 m | -131.8 m | 10.5 m | 7.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | 1.8 m | 12.6 m | -2.1 m | -1.1 m | 4.3 m | 2.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Net income | 10.8 m | 33.4 m | -12.5 m | -130.7 m | 6.2 m | 5.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | 0.33 | 0.99 | -0.38 | -4.09 | 0.20 | 0.18 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | 32.7 m | 33.7 m | 33.1 m | 32.0 m | 31.7 m | 31.0 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 33.9 m | 34.3 m | 39.6 m | 25.3 m | 16.2 m | 17.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Receivables | 37.6 m | 49.7 m | 44.9 m | 35.3 m | 47.8 m | 41.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Inventories | 382.1 m | 384.2 m | 425.5 m | 301.7 m | 265.1 m | 268.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | 495.8 m | 506.9 m | 556.7 m | 410.3 m | 370.5 m | 361.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | 145.3 m | 129.8 m | 127.6 m | 118.0 m | 115.6 m | 115.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Goodwill | 106.7 m | 106.7 m | 106.7 k | 0 | 0 | 0 | SEC (XBRL)· 26 Mar 2026verified |
| Intangibles (excl. goodwill) | 257.0 m | 257.0 m | 257.0 m | 257.0 m | 257.0 m | 0 | SEC (XBRL)· 09 Jun 2026verified |
| Total assets | 1.0 bn | 1.0 bn | 1.1 bn | 811.5 m | 765.5 m | 751.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Accounts payable | 134.0 m | 145.8 m | 171.6 m | 131.9 m | 111.4 m | 115.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Short-term debt | 13.8 m | 13.8 m | 13.8 m | 13.0 m | 13.0 m | 13.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Long-term debt | 245.6 m | 234.5 m | 223.5 m | 236.2 m | 224.9 m | 214.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Current liabilities | 314.9 m | 311.4 m | 297.5 m | 259.9 m | 227.6 m | 223.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 675.8 m | 629.9 m | 701.4 m | 569.9 m | 526.3 m | 506.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 369.7 m † | 406.7 m † | 380.8 m † | 241.6 m † | 239.2 m † | 244.3 m † | SEC (XBRL)· 26 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 91.6 m | 70.6 m | -36.4 m | 130.6 m | 53.1 m | 49.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Capex | 30.1 m | 25.2 m | 31.8 m | 34.9 m | 37.8 m | 29.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Free cash flow | 61.5 m ≈ | 45.3 m ≈ | -68.2 m ≈ | 95.6 m ≈ | 15.4 m ≈ | 20.4 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Investing cash flow | -30.1 m | -25.2 m | -29.8 m | -34.9 m | -35.0 m | -29.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | -103.1 m | -45.1 m | 73.5 m | -110.1 m | -26.6 m | -20.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Share repurchases | — | — | 8.5 m | 11.9 m | — | — | SEC (XBRL)· 03 Apr 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 44 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 301.1 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet63
- Growth0
- Valuation57
- Quality27
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.49 – 232.49 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA5.49 – 14.33 (Mid 6.49)3 companies used · median multiple 5.3x · quartiles 4.4x – 12.3xAEO, GAP, ROST
- Peers: P/E123.21 – 232.49 (Mid 160.59)7 companies used · median multiple 14.3x · quartiles 11.0x – 20.7xAEO, ANF, BKE, GAP, ROST, TJX, URBN
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 44/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.1% | 0 (on a fixed band) | 13% |
| Net margin · Quality | 30.5% | 100 (vs peers) | 8% |
| FCF conversion · Quality | -20.9% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | -3.9% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.5x | 100 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 0.3x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 0.9x | 100 (vs peers) | 13% |
| EV/EBITDA · Valuation | 8.6x | 58 (on a fixed band) | 13% |
| FCF yield · Valuation | -24.4% | 0 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet63/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality27/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation57/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Lands’ End, Inc. (LE). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 1.2 bn USD in 2026; YoY growth 0.7%; net margin 30.5%; ROE 97.9%; net debt/EBITDA -0.5x.
The estimated value range is 64.35–123.41 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 83.54 USD, the price of 10.19 USD leaves a potential of 719.8% (value / price − 1) and a margin of safety of 87.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 44/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 30.5%
- Net debt / EBITDA: -0.5x
- P/E (TTM): 0.9x
- The price is below the estimated value range
What contradicts it
- ROIC: 1.1%
- FCF conversion: -20.9%
- Revenue CAGR 3Y: -3.9%
- Interest coverage: 0.3x
- FCF yield: -24.4%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Retail-Family Clothing Stores (SIC 5651) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TJXThe TJX Companies, Inc. | 159.2 bn | 26.8 | 62.2% | 9.7% | +7.1% | −5% / +64% |
| ROSTRoss Stores, Inc. | 78.5 bn | 29.7 | 42.6% | 10.8% | +7.7% | +39% / +88% |
| GAPGap, Inc | 8.3 bn | 7.1 | 33.8% | 8.1% | +1.9% | −12% / +18% |
| URBNUrban Outfitters, Inc. | 7.9 bn | 14.3 | 20.9% | 8.8% | +11.1% | +24% / +157% |
| ANFAbercrombie & Fitch Co. | 7.3 bn | 14.7 | 40.5% | 10.0% | +6.4% | +75% / +125% |
| AEOAmerican Eagle Outfitters, Inc. | 3.6 bn | 10.9 | 20.4% | 5.9% | +4.1% | +5% / +12% |
| BKEBuckle, Inc | 2.5 bn | 11.0 | 45.8% | 16.6% | +6.6% | −15% / +24% |
| LELands’ End, Inc. | 301.1 m | 0.9 | 97.9% | 30.5% | +0.7% | −31% / +52% |
| DXLGDestination Xl Group, Inc. | 27.1 m | — | -30.6% | -8.8% | −6.9% | −50% / −87% |
| PLCEThe Children’s Place, Inc. | 5.4 m | — | — | -11.8% | −12.8% | −97% / −99% |
1- and 3-year price returns: for LE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.85 Total return -43% · Per year -43% | 10.39 Total return 2% · Per year 2% | 15.71 Total return 54% · Per year 54% |
| 3 years | 4.76 Total return -53% · Per year -22% | 9.60 Total return -6% · Per year -2% | 16.07 Total return 58% · Per year 16% |
| 5 years | 3.88 Total return -62% · Per year -18% | 8.87 Total return -13% · Per year -3% | 16.43 Total return 61% · Per year 10% |
- Exit P/E± 2.40
- Net margin± 1.68
- Annual revenue growth± 1.50
- Annual dilution± 0.14
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Lands' End is a U.S. digital retailer of apparel, swimwear, outerwear and uniforms for schools and businesses, which generated net revenue of approximately 1.34 billion USD in fiscal 2025 1. The topic is current because the WHP Global transaction moved control of the brand into a joint venture for 300 million USD in cash, with effects on the capital structure and on licensing costs 2.
SWOT
Strengths
- A recognized American brand with a loyal customer base and a consolidated digital channel, where online activity makes up the vast majority of sales 1.
- The uniform business for schools and businesses has stable enterprise relationships and returned to normal operating levels in the second quarter of 2026 3.
- The WHP transaction removed a major part of the debt and gives the company financial flexibility for investment in technology and marketing 23.
Weaknesses
- Dependence on the holiday season, where a large part of revenue is earned, makes results vulnerable to any weakness in late-year sales 1.
- Distribution operations were disrupted after a new warehouse management system was introduced, which affected sales and order processing earlier in the year 3.
- Reliance on outside vendors concentrated in a few countries makes the company sensitive to logistics disruption and tariffs 1.
Opportunities
- If WHP Global expands its licensing program, the brand could generate additional royalty income and new product categories 2.
- Investment in new customer acquisition and digital infrastructure could strengthen the online position 3.
- The share repurchase program and lower interest costs could support shareholder value if capital is allocated with discipline 3.
Threats
- Inflation pressure and weaker discretionary spending could reduce apparel demand, especially for premium products 1.
- Geopolitical tensions affecting shipping lanes could raise transport costs and delay deliveries 13.
- Competition from large brands and online retailers could pressure prices and margins and force frequent promotions 1.
Risks
- Seasonality and holiday saleshigh
A large part of annual revenue and profit is earned in the final quarter; any weakness in demand in that period could affect full-year results 1.
- Supply chain disruptionmedium
The company depends on Asian vendors and ocean shipping; any disruption could delay deliveries and affect inventory levels 13.
- Tariff and energy costsmedium
Customs duties and volatile energy and fuel prices could raise product and distribution costs 13.
- Concentrated controlling shareholderlow
The controlling shareholder and related funds can influence major decisions, and minority holders have limited say over strategy 2.
Investment thesis
What would need to be true (bull case)
- If the operational recovery seen in the second quarter holds and margins keep benefiting from tariff refunds, results could converge toward the annual guidance issued by management 3.
- A lighter capital structure after repaying the term loan could give the company room to invest in digital and customer acquisition 23.
- The American brand and its loyal customer base could support revenue even in cautious consumer conditions, especially if licensing expands 12.
What would break the thesis
- Second quarter gross margin was supported by non-recurring tariff refunds; without them, profitability gains could be slower 3.
- Royalty payments to the WHP joint venture could limit margin expansion if sales do not grow enough 23.
- Marketing spending and warehouse problems raised selling and administrative costs, which could weigh on quarterly profitability 3.
What to watch
- Delivery against fiscal 2026 guidance for revenue and adjusted EBITDAQ4 2026
- Gross margin trend once the tariff refund effects no longer applyQ3 2026
- Stability of warehouse operations and the new management systemQ3 2026
- ABL borrowing levels and inventory before the holiday seasonnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Lands' End sells products through its website, third-party channels, company operated stores and licenses, and through the Outfitters channel it supplies uniforms and logo apparel to businesses and schools 1. The company presents itself as a classic American lifestyle brand focused on solutions and relies on a loyal customer base, with over 95% of its business done online 1. Operations are based in the United States, the United Kingdom and Germany 1.
On costs, the company reduced about 6% of corporate office positions in fiscal 2025 and recorded restructuring and other costs of 13.9 million USD 1. Seasonality is strong, with about 34% of yearly net revenue earned in the fourth quarter 1.
Segments
U.S. Digital segment
The U.S. Digital segment combines U.S. eCommerce, Outfitters and Third Party and accounts for most revenue. U.S. eCommerce alone was 62.1% of net revenue in fiscal 2025 1, and in the second quarter of 2026 the segment grew 5.3% year over year, helped by recovery from warehouse management system problems 3.
Market context
The company operates in the apparel industry, which is highly competitive and includes direct-to-consumer companies, national department store chains, specialty apparel chains and online apparel businesses 1. Demand depends on discretionary spending, inflation and transport costs, which rose with Middle East tensions 13. Price competition and promotions are common in the sector 1.
Products are made by independent manufacturers in about 20 countries, mostly imported from Asia, and the top ten vendors account for about 63% of merchandise purchases 1. Exposure to tariffs and logistics costs is therefore significant, and the margin effect depends on the tariff rates that apply 3.
Trends
- Transport and energy costsheadwind
The Middle East conflict has raised oil prices and shipping and logistics costs, which could increase import and delivery expenses. The company noted these may affect margins and inventory levels 1.
- IEEPA tariff refundsmixed
In the second quarter of 2026 the gross margin rise was mainly driven by IEEPA tariff refunds, which partly offset the new joint venture royalty structure and temporary warehouse system costs 3. If these refunds do not recur, margin improvement could slow.
- Discretionary spending and weatherheadwind
Demand for seasonal apparel is shaped by weather and by inflation pressure on household budgets; unseasonal weather can reduce sales of summer or outerwear products 1. These conditions are outside the company's control and can affect quarterly results.
Competitive position
Lands' End competes with a diverse group of direct-to-consumer companies and retailers, including national department store chains, women's and men's specialty apparel chains, outdoor specialty stores, apparel catalog businesses and online apparel businesses 1. The company says its edge comes from merchandise value, product attributes, its established customer file and customer service 1.
The market is dominated by large brands and national or mass retailers, where differentiation comes through promotions, price and branded assortment 1. Lands' End aims to stay competitive through attractive products and digital innovation, including the use of artificial intelligence in customer service 1.
- National department store chains
Competitors named generically in the annual report, without a specific listed issuer identified in the sources.
- Women's and men's specialty apparel chains
Competitor category described in the annual report, with no named companies.
- Outdoor specialty stores
Competition in outerwear and outdoor categories, described generically in the source.
- Online apparel businesses
Online businesses selling similar merchandise lines, mentioned without naming any company.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Lands’ End (LE) Expanded Gross Margin 320bps as Adjusted EBITDA Fell 25%. Can E-Commerce Deliver?Yahoo Finance — News · 10 Sept 2026 · EN
- Lands’ End swings back to profit in Q2 as net revenue rises 2.7%Yahoo Finance — News · 07 Sept 2026 · EN
The latest news item in our archive is from 10 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report30 Oct 2026Departure or appointment of officers
- Quarterly report03 Sept 2026
- Current report03 Sept 2026Results of operations · Financial statements and exhibits
- Current report10 Jul 2026Departure or appointment of officers
- Current report30 Jun 2026Departure or appointment of officers
- Quarterly report09 Jun 2026
- Current report09 Jun 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report07 May 2026Shareholder vote
- Current report01 Apr 2026Other events · Financial statements and exhibits
- Current report01 Apr 2026Material agreement · Termination of a material agreement · Acquisition or disposition of assets · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-30 · SEC / Lands' End, Inc. · 26 Mar 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Lands' End, Inc. · 03 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Lands' End, Inc. · 03 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.