revenue
300–330 $million
Q3 2026
official guidance
LANDS' END, INC.
Last · —$9.73-0.39 (-3.85%)live · yahoo · 2h ago
Market cap$287.46M—
P/E · TTM0.9fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $1.3B |
|---|---|
| Operating income | $6.7M |
| Net income | $351.6M |
| Free cash flow | $-110.5M |
| Operating margin | 0.5% |
| Net margin | 26.6% |
| Return on equity | 71.3% |
| Period | TTM 2026-07-31 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Recovery is real, but reported growth is distorted and profitability remains under pressure.
Hold: Lands’ End delivered Q2 revenue of $302 million, up 2.7%, with U.S.
eCommerce up 9% and gross margin at 52.0%, but adjusted EBITDA fell 25% to $11.3 million and year-to-date underlying U.S. eCommerce was roughly flat after excluding distribution catch-up. Full-year guidance remains $1.30-$1.35 billion of revenue and $62-$70 million of adjusted EBITDA, but elevated inventory, tariff exposure, royalty costs, and unresolved Outfitters fulfillment issues leave insufficient evidence of durable earnings acceleration.
Themes
- Us Ecommerce Recovery
- Warehouse Management System
- Outfitters Uniforms
- Tariffs
- Whp Global Jv
- Inventory
Near term
Holiday execution depends on converting the broader outerwear, fleece, sweater, and accessories assortment without further inventory markdowns.
Outfitters school-uniform backlog and value-added-service processing must normalize; management expects only catch-up benefits in the remainder of the year.
Current tariff rates are embedded in guidance, while $342 million of inventory and only $16.1 million of cash constrain flexibility.
The $89.2 million remaining repurchase authorization may support the stock, but buybacks compete with seasonal working-capital needs.
Longer term
Enterprise accounts are a credible growth channel: revenue was up 15% year to date, with Delta’s uniform program targeting a second-half 2027 rollout after testing.
WHP Global licensing could expand royalty income, but management said current guidance largely reflects existing agreements and smaller pre-existing licenses; the $150 million figure is long-term guaranteed royalty value, not near-term earnings.
The new CEO’s AI and personalization strategy could improve customer acquisition and lifetime value, but benefits are aspirational and not reflected in quantified guidance.
Competitive differentiation remains unproven: management cited proprietary customer data and brand loyalty, while analyst questions did not establish measurable conversion, margin, or share gains from the planned technology investments.
Red flags
Q2 U.S. eCommerce growth benefited from fulfillment of Q1 carryover shipments; management acknowledged the business was flat or roughly flat year to date after that catch-up.
Adjusted EBITDA declined despite a meaningful IEEPA tariff refund because royalty costs, warehouse inefficiencies, and higher digital marketing expenses offset the benefit.
Inventory rose 13% to $342 million amid tariff headwinds and continued challenges processing value-added-service orders.
Outfitters school-uniform shipments remained delayed and backlog was significantly higher year over year, with no quantified normalization timetable or sustainable growth rate.
Management’s AI infrastructure and 2027 warehouse-software opportunities were described mainly in terms of customer experience and lifetime value, without quantified financial returns.
Forward outlook
adjusted eps
0.07–0.2 $per share
Q3 2026
official guidance
ebitda
14–18 $million
Q3 2026
official guidance
revenue
1300–1350 $million
FY 2026
official guidance
adjusted eps
0.44–0.72 $per share
FY 2026
official guidance
ebitda
62–70 $million
FY 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-03-26
- High Leverage
- Pending Whp Transaction
- Variable Rate Debt
- Vendor Concentration
- Sourcing Risk
- Seasonality
- Digital Retail
Red flags
- $234.0 million of term debt versus only $5.5 million of Fiscal 2025 net income; the debt carried a 12.04% interest rate at January 30, 2026.
- The company’s ABL commitment was reduced from $275.0 million to $225.0 million, while borrowing-base availability was only $122.6 million at year-end; $10.978 million of letters of credit reduced practical capacity.
- Fiscal 2025 restructuring and other costs rose to $13.888 million from $5.558 million, including $10.826 million for strategic alternatives and other costs.
- The top 10 vendors accounted for approximately 63% of merchandise purchases, while the company generally does not enter into long-term merchandise supply contracts.
- Share repurchases continued despite leverage: $4.5 million was spent in Fiscal 2025, with up to $9.0 million remaining under the program, subject to term-loan restrictions.
Earnings transcripts
Press & signals
- GlobeNewswire
Lands’ End Announces Second Quarter Fiscal 2026 Results
- GlobeNewswire
Lands’ End Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)