Lands' End (LE) Q4 2025 earnings summary

Executive summary

• Achieved low single-digit GMV growth in Q4 and mid-single-digit GMV growth for FY2024 on a like-for-like basis, with net revenue of $1.36 billion for the year.

• Returned to profitability for FY2024, with improved gross profit, expanded margins, and GMV growth each quarter, excluding the 53rd week.

• Gross margin expanded for the eighth consecutive quarter, reaching 46% in Q4 and 48% for the year, up 550 basis points from FY2023.

• Adjusted EBITDA grew 38% year-over-year in Q4 to $44 million and 10% for the year to $93 million.

• Board initiated a process to explore strategic alternatives, including a sale or merger.

Financial highlights

• Q4 net revenue was $441.7 million, down 14.2% year-over-year; adjusted for the 53rd week and licensing transitions, revenue declined mid-single digits.

• Q4 gross profit rose 3% to $201.3 million, with gross margin up 760 basis points to 46%.

• Adjusted EBITDA was $44 million in Q4 (up 38%), $93 million for FY2024 (up 10%).

• Inventory at year-end was $265 million, a 12% improvement year-over-year.

• Repurchased $3 million in shares during Q4; $14 million remains under the current authorization.

Outlook and guidance

• FY2025 net revenue guidance of $1.33–$1.45 billion; GMV mid to high single-digit growth.

• FY2025 adjusted net income expected at $15–$27 million; adjusted EBITDA $95–$107 million.

• Q1 2025 net revenue expected between $260–$290 million; adjusted EBITDA $9–$12 million.

• Capital expenditures for FY2025 expected to be ~$30 million; guidance incorporates global tariffs.

• Q1 adjusted net loss expected between $7–$4 million.