Lands Ends’ Shares Soar on Report
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DODGEVILLE, Wis. (AP) _ Shares of Lands’ End Inc. soared more than 13 percent Wednesday after the retailer’s first quarter profits blew past Wall Street’s expectations.
For the three months ended March 31, Lands’ End earned $5.8 million, or 20 cents per share, compared with earnings of $292,000, or 1 cent per share.
Analysts surveyed by Thomson Financial were only expecting earnings of 2 cents per share.
Shares of Lands’ End were up $4.12 to $34.31 in trading Wednesday on the New York Stock Exchange.
Lands’ End had first quarter revenue of $311.1 million for the quarter, compared with $285.8 million a year ago.
That 8 percent increase, compared with a much smaller jump in costs, contributed in part to the growth in net income, spokeswoman Charlotte LaComb said.
``We’re extremely pleased with our first quarter performance, having demonstrated strong sales and a significant improvement in earnings. This was especially gratifying in the face of a difficult economy,″ company president and chief executive officer David F. Dyer said in a statement.
The company mailed a major clearance catalog later than usual and added a children’s catalog, which together accounted for two-thirds of the quarter’s sales increase, LaComb said.
The company is a direct merchant of traditionally styled, classic clothing offered to customers around the world through regular mailings of its monthly and specialty catalogs and via the Internet.
On the Net: http://www.landsend.com