Lands’ End(US:LE)2021-06-02 16:19Financial Data and Key Metrics Changes - Total revenue for Q1 2021 was $321.3 million, representing a 48% increase from 2020 and a 22% increase from 2019 [16][21] - Adjusted EBITDA increased to $22.5 million, up from a loss of $11.6 million in 2020 and earnings of $3 million in 2019 [21] - Net income for the quarter was $2.6 million or $0.08 per share, compared to a net loss of $20.6 million or $0.64 per share in 2020 [21] Business Line Data and Key Metrics Changes - Global e-commerce revenue grew 44% year-over-year and 26% compared to 2019 [7][16] - U.S. e-commerce sales increased by 47% during the first quarter [11][17] - Revenue from third-party business rose to $11.8 million, a $10.3 million improvement compared to last year [18] Market Data and Key Metrics Changes - International e-commerce business saw a growth of 37%, with Europe increasing by 55% from 2020 [17][11] - The total global customer file expanded by 27% year-over-year, with new customer acquisition up by 71% [8][9] Company Strategy and Development Direction - The company is focused on four strategic pillars: product, digital, unit channel distribution, and infrastructure [6][25] - There is an emphasis on comfort and versatility in product offerings, with a strong performance in categories like swimwear and sleepwear [12][13] - The company plans to expand partnerships with Kohl's and Amazon, enhancing distribution and market reach [14][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery and growth opportunities, particularly in the e-commerce sector [25][30] - The company anticipates a normalization of the school uniform business as schools reopen [38] - There is an expectation of continued strong growth in the Outfitters business, particularly in national accounts and leisure travel [19][29] Other Important Information - Gross margin increased to 46%, a 260 basis point improvement from 2020, driven by better promotional strategies and data analytics [20] - The company expects net revenue for Q2 2021 to be between $345 million and $355 million [23] - Full-year revenue estimates have been raised to between $1.61 billion and $1.65 billion [24] Q&A Session Summary Question: What is the outlook for work apparel as people return to workplaces? - Management noted a resurgence in the apparel industry with continued interest in comfort and versatility, expecting this trend to persist beyond 2021 [34] Question: How is the company managing gross margin amidst rising costs? - The improvement in gross margin is attributed to better sourcing and reduced promotional levels, allowing for more profitable sales [36] Question: What is the expectation for the uniform business recovery? - The school uniform business is expected to normalize this year, while national accounts are recovering faster than anticipated [38]