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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Lands' End (LE) investor relations material
Lands' End Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary9 Dec, 2025
Executive summary
Gross margin reached a record 51.8%, up 120 basis points year-over-year, with adjusted EBITDA up 28% to $25.9 million and a return to EPS profitability.
Net income improved to $5.2 million from a $0.6 million loss in Q3 2024, and adjusted net income rose to $6.5 million ($0.21 per share).
GMV grew low single digits, with flat overall revenues; North American business returned to growth, offset by a 20% revenue decline in Europe.
Strong customer engagement, with a 25% increase in U.S. consumer business traffic and the largest new customer increase since Q3 2020 (excluding pandemic peak).
Strategic alternatives process, including potential sale or merger, remains ongoing.
Financial highlights
Q3 total revenue: $317.5 million, down 0.3% year-over-year; gross profit up 2.1% to $164.5 million.
Adjusted net income: $6.5 million ($0.21 per share); adjusted EBITDA: $25.9 million, up 28% year-over-year.
SG&A expenses down $2.3 million to $138.6 million; as a percentage of net revenue, SG&A decreased 50–60 basis points.
Inventory at quarter-end: $347.6 million, up 3% year-over-year, mainly due to tariffs.
Cash and cash equivalents stood at $36.3 million at quarter end.
Outlook and guidance
Q4 net revenue expected between $460–$490 million; adjusted net income $21–$26 million; adjusted EPS $0.71–$0.84; adjusted EBITDA $49–$54 million.
Full-year net revenue guidance: $1.33–$1.36 billion; adjusted net income $21–$25 million; adjusted EPS $0.68–$0.81; adjusted EBITDA $99–$104 million.
Full-year capital expenditures: ~$28 million, focused on technology and infrastructure.
Management expects cash on hand, operations, and ABL Facility to be adequate for at least the next 12 months.
Detail tariff mitigation strategies
What factors influence strategic alternatives timing?
How did U.S. eCommerce improve profitability?
Amazon Marketplace: How to reach $100M+?
Younger customer impact on seasonality shifts?
Europe's path to profitability and valuation?
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Next Lands' End earnings date
Q4 202620 Mar, 2026
Next Lands' End earnings date
Q4 202620 Mar, 2026
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Frequently asked questions
Lands' End, Inc. operates as a uni-channel retailer of casual clothing, accessories, footwear, and home products in the United States, Europe, Asia, and internationally. It operates two brands; Lands' End and L.L.Bean. The company's products include men's and women's apparel; children's clothing; home furnishings; luggage; handbags; sporting goods; and toys. It also offers Lands' End Credit Services through which customers can buy conveniently online via its branded websites or store locator; agree to pay over time with an introductory interest rate that is fixed for a period of time (generally six months), after which time their purchases are subject to interest rates based on their credit rating.
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