Lands' End Has Quarterly Loss
Aug. 13, 1998
DODGEVILLE, Wis. (AP) _ Catalog company Lands' End lost $61,000 in the second quarter, in part as the result of disappointing overseas business.
The catalog retailer's results, reported in a news release today, compared with earnings of $3.4 million a year earlier. Lands' End's earnings per share on a diluted basis were unchanged during the quarter, which ended July 31; they compared with a gain of 11 cents a share a year ago.
Lands' End's release said sales and earnings of exports and foreign-based businesses have been down due to economic weakness overseas. The release did not mention Asia, but it appears the catalog firm is one of many U.S. firms hurt by the weakness in that region.
Sales for the quarter totaled $239.2 million, up 8.8 percent from $219.9 million in sales during the same quarter last year.
Lands' End attributed second-quarter sales growth to its specialty businesses, while revenue from the core domestic and foreign-based operations were flat. The sales increase was also due to a larger number of catalogs and pages mailed.
For the first half, Lands' End had earnings of $5.14 million, or 17 cents per diluted share, down from $14.7 million, or 46 cents per diluted share, in the first half of 1997. The year-earlier figure reflects a $4.7 million one-time gain.
First-half sales totaled $507.8 million, up from $464.6 million.