Exhibit 99.1

Lands’ End Announces Fourth Quarter and Full Year Fiscal 2024 Results

Fourth quarter Gross margin increased approximately 760 basis points compared to fiscal 2023

All fourth quarter profitability measures improved when compared to fiscal 2023

Reduced inventory for the eighth consecutive quarter

DODGEVILLE, Wis., March 20, 2025 (GLOBE NEWSWIRE) – Lands’ End, Inc. (NASDAQ: LE) (“Lands’ End” or the “Company”) today announced financial results for the fourth quarter and full year of fiscal 2024 ended January 31, 2025.

Andrew McLean, Chief Executive Officer, stated, “Lands’ End had a strong finish to a year defined by continued positive momentum across the business. We increased gross profit dollars, expanded gross margins and grew GMV each quarter of fiscal 2024, excluding the 53rd week, resulting in a return to profitability for the full year. Through our amazing products, robust product franchises and our evolved marketing approach, it’s clear that our strategic evolution, including considerable growth from licensing, is driving strong progress and expanding the reach of our brand. Looking ahead, we are focused on further enhancing our digital business and operations, continuing to leverage our compelling asset-light licensing business, and growing our market-leading Outfitters business, all while delivering solutions that are ready for life’s every journey.”

Fourth Quarter Financial Highlights

The table below sets forth Net revenue by operating segment for the periods shown and prior period as adjusted for the extra week in fiscal 2023 and the impact of the product line transition:

Full Year Financial Highlights:

The table below sets forth Net revenue by operating segment for the periods shown and prior period as adjusted for the extra week in fiscal 2023, the impact of the product line transition and the impact of an inventory buyout by a corporate client at the end of its contract:

Fiscal 2024 Business Highlights:

Balance Sheet and Cash Flow Highlights

Cash and cash equivalents were $18.8 million as of January 31, 2025, compared to $27.3 million as of February 2, 2024.

Net inventory was $265.1 million as of January 31, 2025, and $301.7 million as of February 2, 2024. The 12% decrease in inventory was driven by actions the Company has taken to improve inventory efficiency and capitalizing on speed-to-market initiatives.

Net cash provided by operating activities was $53.1 million and $130.6 million for fiscal 2024 and fiscal 2023, respectively. The increase in net cash used was due to changes in working capital, primarily the reduction of cash used for inventories during fiscal 2023.

As of January 31, 2025, the Company had no borrowings outstanding and $129.3 million of availability under its ABL Facility, compared to no borrowings and $167.2 million of availability as of February 2, 2024. Additionally, as of January 31, 2025, the Company had $247.0 million of term loan debt outstanding compared to $260.0 million outstanding as of February 2, 2024.

During the fourth quarter of fiscal 2024, the Company repurchased $2.7 million of the Company’s common stock under its share repurchase program announced on March 15, 2024. As of January 31, 2025, additional purchases of up to $13.5 million could be made under the program through March 31, 2026.

Outlook

Bernie McCracken, Chief Financial Officer, stated, “For the full year 2024, we delivered mid-single digit growth in GMV excluding the 53rd week and Adjusted EBITDA growth of 10% year-over-year. We also achieved gross margin improvement of 550 basis points to 48%. Looking at 2025 and beyond, we are continuing to focus on generating improved cash flows, particularly from the prioritization of our licensing strategy and ongoing emphasis on more high-quality sales, which we expect will drive additional gross profit dollars and gross margin expansion over the long term.”

For the first quarter of fiscal 2025 the Company expects:

For fiscal 2025 the Company expects:

The Company’s outlook incorporates the impact of already implemented global tariffs.

Conference Call

The Company will host a conference call on Thursday, March 20, 2025 at 8:30 a.m. ET to review its fourth quarter and full fiscal year 2024 financial results and related matters. The call may be accessed through the Investor Relations section of the Company’s website at http://investors.landsend.com.

About Lands’ End, Inc.

Lands’ End, Inc. (NASDAQ:LE) is a leading digital retailer of solution-based apparel, swimwear, outerwear, accessories, footwear, home products and uniforms. Lands’ End offers products online at www.landsend.com, through third-party distribution channels, our own Company Operated stores and third-party license agreements. Lands’ End also offers products to businesses and schools, for their employees and students, through the Outfitters distribution channel. Lands’ End is a classic American lifestyle brand that creates solutions for life’s every journey.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding the continued positive momentum across the business; the Company’s belief that its strategic evolution, including growth from licensing, is driving strong progress and expanding the reach of the brand; the Company’s focus on enhancing its digital business and operations, continuing to leverage the licensing business, and growing the Outfitters business as part of its strategy and delivering solutions; the Company’s focus on generating improved cash flows, including from the licensing strategy and emphasis on high-quality sales; the Company’s expectation that its actions will drive additional gross profit dollars and gross margin expansion over the long term; the Company’s outlook and expectations as to Net revenue, Gross Merchandise Value, Net income (loss), earnings (loss) per share, Adjusted net income (loss), diluted earnings (loss) per share, Adjusted diluted earnings (loss) per share and Adjusted EBITDA for the first quarter of fiscal 2025 and for the full year of fiscal 2025, and capital expenditures for fiscal 2025; and the potential for additional purchases under the Company’s share repurchase program. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the Company’s results may be materially impacted if tariffs on imports to the United States increase and it is unable to offset the increased costs from current or future tariffs through pricing negotiations with its vendor base, moving production out of countries impacted by the tariffs, passing through a portion of the cost increases to the customer, or other savings opportunities; global supply chain challenges and their impact on inbound transportation costs and delays in receiving product; disruption in the Company’s supply chain, including with respect to its distribution centers, third-party manufacturing partners and logistics partners, caused by limits in freight capacity, increases in transportation costs, port congestion, other logistics constraints, and closure of certain manufacturing facilities and production lines due to public health crises and other global economic conditions; the impact of global economic conditions, including inflation, on consumer discretionary spending; the impact of public health crises on operations, customer demand and the Company’s supply chain, as well as its consolidated results of operation, financial position and cash flows; the Company may be unsuccessful in implementing its strategic initiatives, or its initiatives may not have their desired impact on its business; the Company’s ability to obtain additional financing on commercially acceptable terms or at all, including, the condition of the lending and debt markets; the Company’s ability to offer merchandise and services that customers want to purchase; changes in customer preference from the Company’s branded merchandise; customers’ use of the Company’s digital platform, including customer acceptance of its efforts to enhance its eCommerce websites, including the Outfitters website; customer response to the Company’s marketing efforts across all types of media; the Company’s maintenance of a robust customer list; the Company’s retail store strategy may be unsuccessful; the Company’s Third Party channel may not develop as planned or have its desired impact; the Company’s dependence on information technology; failure of information technology systems, including with respect to its eCommerce operations, or an inability to upgrade or adapt its systems; failure to adequately protect against cybersecurity threats or maintain the security and privacy of customer, employee or company information and the impact of cybersecurity events on the Company; fluctuations and increases in costs of raw materials as well as fluctuations in other production and distribution-related costs; impairment of the Company’s relationships with its vendors; the Company’s failure to compete effectively in the apparel industry; legal, regulatory, economic and political risks associated with international trade and those markets in which the Company conducts business and sources its merchandise; the Company’s failure to protect or preserve the image of its brands and its intellectual property rights; increases in postage, paper and printing costs; failure by third parties who provide the Company with services in connection with certain aspects of its business to perform their obligations; the Company’s failure to timely and effectively obtain shipments of products from its vendors and deliver merchandise to its customers; reliance on promotions and markdowns to encourage customer purchases; the Company’s failure to efficiently manage inventory levels; unseasonal or severe weather conditions; natural disasters, political crises or other catastrophic events; the adverse effect on the Company’s reputation if its independent vendors or licensees do not use ethical business practices or comply with contractual obligations, applicable laws and regulations; assessments for additional state taxes; incurrence of charges due to impairment of other intangible assets and long-lived assets; the impact on the Company’s business of adverse worldwide economic and market conditions, including inflation and other economic factors that negatively impact consumer spending on discretionary items; the stock repurchase program may not be executed to the full extent within its duration, due to business or market conditions or Company credit facility limitations; the ability of the Company’s principal stockholders to exert substantial influence over the Company; the outcome and timing of the strategic alternatives process announced on March 7, 2025, which may be suspended or modified at any time and the possibility that the Board of Directors may decide not to undertake a sale or particular strategic transaction following such process, the Company’s inability to consummate any proposed strategic alternative resulting from the process due to, among other things, market, regulatory or other factors, the potential for disruption to our business resulting from the

process, potential adverse effects on our stock price from the strategic alternatives review announcement, and suspension or consummation of the strategic alternatives review process; and other risks, uncertainties and factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2024. The Company intends the forward-looking statements to speak only as of the time made and does not undertake to update or revise them as more information becomes available, except as required by law.

 

CONTACTS

Lands’ End, Inc.

Bernard McCracken

Chief Financial Officer

(608) 935-4100

Investor Relations:

ICR, Inc.

Tom Filandro

(646) 277-1235

[email protected]

-Financial Tables Follow-
 

LANDS’ END, INC.

Consolidated Balance Sheets

(Unaudited)

LANDS’ END, INC.

Consolidated Statements of Operations

(Unaudited)

Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

In addition to our Net income (loss) determined in accordance with GAAP, for purposes of evaluating operating performance, we report the following non-GAAP measures: Adjusted net income (loss) and Adjusted EBITDA. Adjusted net income (loss) is also expressed on a diluted per share basis.

We believe presenting non-GAAP financial measures provides useful information to investors, allowing them to assess how the business performed excluding the effects of significant non-recurring or non-operational amounts. We believe the use of the non-GAAP financial measures facilitates comparing the results being reported against past and future results by eliminating amounts that we believe are not comparable between periods and assists investors in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s own methods for evaluating business performance.

Our management uses Adjusted net income (loss) and Adjusted EBITDA to evaluate the operating performance of our business for comparable periods and to discuss our business with our Board of Directors, institutional investors and other market participants. Adjusted EBITDA is also used as the basis for a performance measure used in executive incentive compensation.

The methods we use to calculate our non-GAAP financial measures may differ significantly from methods other companies use to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. Adjusted net income (loss) and Adjusted EBITDA should not be used by investors or other third parties as the sole basis for formulating investment decisions as these measures may exclude a number of important cash and non-cash recurring items.

Adjusted net income (loss) is defined as net income (loss) excluding significant non-recurring or non-operational items as set forth below. Adjusted net income (loss) is also presented on a diluted per share basis. While Adjusted net income (loss) is a non-GAAP measurement, management believes that it is an important indicator of operating performance and useful to investors.

The following tables set forth, for the periods indicated, a reconciliation of Net income (loss) to Adjusted net income and Adjusted diluted earnings per share:

(1) The tax impact of adjustments is calculated at the applicable U.S. and non-U.S. Federal and State statutory rates.

(1) The tax impact of adjustments is calculated at the applicable U.S. and non-U.S. Federal and State statutory rates.

While Adjusted EBITDA is a non-GAAP measurement, management believes that it is an important indicator of operating performance, and is useful to investors, because EBITDA excludes the effects of financings, investing activities and tax structure by eliminating the effects of interest, depreciation and income tax.

The following tables set forth, for the periods indicated, selected income statement data, both in dollars and as a percentage of Net revenue and a reconciliation of Net loss to Adjusted EBITDA:

LANDS’ END, INC.

Consolidated Statements of Cash Flows

(Unaudited)