Global eCommerce revenue decreased 4.6% Y/Y.
Net revenue in U.S. eCommerce fell 1.3%, and International eCommerce declined 19.6%, both primarily driven by lower consumer demand resulting from macroeconomic challenges impacting discretionary spending.
Adjusted EPS loss of $(0.02) missed the consensus of $0.07. The gross margin contracted by 440 basis points to 40%, and the gross profit declined 11% Y/Y to $148.4 million.
Operating margin was 0.7%, and operating income for the quarter fell 86% to $2.7 million.
The company held $28.8 million in cash and equivalents as of October 28, 2022. Cash used in operating activities for nine months totaled $(126) million.
Inventories as of October 28, 2022, totaled $564.9 million, a 17.7% increase Y/Y.
Adjusted EBITDA decreased 43.9% Y/Y to $16.7 million.
Outlook: Lands' End sees Q4 sales of $510 million - $530 million and EPS of $0.00 - $0.09.
The company cut its FY22 sales outlook to $1.54 billion - $1.56 billion from $1.60 billion - $1.64 billion.
Lands' End sees an FY22 EPS loss of $(0.27) - $(0.18) versus the prior view of $0.49 - $0.70.
Price Action: LE shares are trading lower by 26.7% at $8.47 on the last check Thursday.
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