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Weak traffic, Sears sales plague Lands' End holiday
Weak retail traffic and fewer sales at Sears hurt Lands’ End Inc. during the peak holiday season.
The retailer said it expects that for the period ending Jan. 30, earnings are expected to fall 20% to 26% from the year-earlier period to between $34 million to $37 million. On a per-share basis, the retailer forecast earnings of $1.06 to $1.16. Analysts polled by Thomson Reuters had been expecting $1.38 a share in earnings.
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Lands' End sales drop as store base shrinks
Lands' End sales fell in its October quarter as its store base dwindled, though an improved merchandise assortment and a more-targeted promotional strategy helped drive a 26% increase in profits.
For the third quarter ended Oct. 31, Lands' End posted a profit of $18 million, or 56 cents a share, up from a profit of $14.3 million, or 45 cents a share, a year earlier. Revenue, meanwhile, fell 2.8% to $373.1 million as same-store sales fell 3.1%.
