Company Quick10K Filing
Lands' End
Price11.42 EPS0
Shares32 P/E37
MCap370 P/FCF-3
Net Debt449 EBIT28
TEV819 TEV/EBIT29
TTM 2019-11-01, in MM, except price, ratios
10-Q 2020-07-31 Filed 2020-09-09
10-Q 2020-05-01 Filed 2020-07-22
10-K 2020-01-31 Filed 2020-03-23
10-Q 2019-11-01 Filed 2019-12-03
10-Q 2019-08-02 Filed 2019-09-05
10-Q 2019-05-03 Filed 2019-06-04
10-K 2019-02-01 Filed 2019-03-28
10-Q 2018-11-02 Filed 2018-12-06
10-Q 2018-08-03 Filed 2018-09-06
10-Q 2018-05-04 Filed 2018-06-12
10-K 2018-02-02 Filed 2018-03-29
10-Q 2017-10-27 Filed 2017-12-05
10-Q 2017-07-28 Filed 2017-09-01
10-Q 2017-04-28 Filed 2017-06-06
10-K 2017-01-27 Filed 2017-03-31
10-Q 2016-10-28 Filed 2016-12-01
10-Q 2016-07-29 Filed 2016-09-01
10-Q 2016-04-29 Filed 2016-06-02
10-K 2016-01-29 Filed 2016-04-01
10-Q 2015-10-30 Filed 2015-12-03
10-Q 2015-07-31 Filed 2015-09-03
10-Q 2015-05-01 Filed 2015-06-09
10-K 2015-01-30 Filed 2015-04-17
10-Q 2014-10-31 Filed 2014-12-10
10-Q 2014-08-01 Filed 2014-09-10
10-Q 2014-05-02 Filed 2014-06-12
10-K 2014-01-31 Filed 2014-03-25
8-K 2020-09-02 Officers, Exhibits
8-K 2020-08-12 Enter Agreement, Off-BS Arrangement
8-K 2020-06-02
8-K 2020-05-12
8-K 2020-03-27
8-K 2020-03-17
8-K 2019-12-03
8-K 2019-09-05
8-K 2019-06-04
8-K 2019-05-09
8-K 2019-03-21
8-K 2019-01-07
8-K 2018-12-06
8-K 2018-09-06
8-K 2018-06-21
8-K 2018-06-12
8-K 2018-05-24
8-K 2018-03-22
8-K 2018-02-08

LE 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Background and Basis of Presentation
Note 2. Recent Accounting Pronouncements
Note 3. Earnings (Loss) per Share
Note 4. Other Comprehensive Loss
Note 5. Debt
Note 6. Stock - Based Compensation
Note 7. Fair Value Measurements of Financial Assets and Liabilities
Note 8. Income Taxes
Note 9. Commitments and Contingencies
Note 10. Related Party Transactions
Note 11. Segment Reporting
Note 12. Revenue
Note 13. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-4.1 le-ex41_11.htm
EX-31.1 le-ex311_7.htm
EX-31.2 le-ex312_8.htm
EX-32.1 le-ex321_6.htm

Lands' End Earnings 2020-07-31

Balance SheetIncome StatementCash Flow
1.51.20.90.60.30.02014201620182020
Assets, Equity
0.60.50.30.20.0-0.12014201620182020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22014201620182020
Ops, Inv, Fin

le-10q_20200731.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended July 31, 2020

-OR-

Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to                      to                     .

Commission File Number: 001-09769

 

Lands’ End, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

Delaware

 

36-2512786

 

 

 

(State or Other Jurisdiction of
Incorporation of Organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

1 Lands’ End Lane

Dodgeville, Wisconsin

 

53595

 

 

 

(Address of Principal Executive Offices)

 

(Zip Code)

(608) 935-9341

(Registrant’s Telephone Number Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

LE

 

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      NO  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes      NO  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.  

 

 

 

 

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    YES      NO  

As of September 4, 2020 the registrant had 32,603,664 shares of common stock, $0.01 par value, outstanding.

 

 


 

LANDS’ END, INC.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED JULY 31, 2020

TABLE OF CONTENTS

 

 

 

 

Page

 

 

 

 

 

PART I FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

1

 

 

 

 

 

Condensed Consolidated Statements of Operations

 

1

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Operations

 

2

 

 

 

 

 

Condensed Consolidated Balance Sheets

 

3

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows

 

4

 

 

 

 

 

Condensed Consolidated Statements of Changes in Stockholders' Equity

 

5

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

6

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

18

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

 

29

 

 

 

 

Item 4.

Controls and Procedures

 

30

 

 

 

 

 

PART II OTHER INFORMATION

 

31

 

 

 

 

Item 1.

Legal Proceedings

 

31

 

 

 

 

Item 1A.

Risk Factors

 

31

 

 

 

 

Item 6.

Exhibits

 

32

 

 

 

 

 

Signatures

 

33

 

 

 


Table of Contents

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

LANDS’ END, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

 

13 Week Period Ended

 

 

26 Week Period Ended

 

(in thousands, except per share data)

 

July 31,

2020

 

 

August 2,

2019

 

 

July 31,

2020

 

 

August 2, 2019

 

Net revenue

 

$

312,083

 

 

$

298,267

 

 

$

529,091

 

 

$

560,700

 

Cost of sales (excluding depreciation and amortization)

 

 

176,661

 

 

 

169,182

 

 

 

299,514

 

 

 

311,741

 

Gross profit

 

 

135,422

 

 

 

129,085

 

 

 

229,577

 

 

 

248,959

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and administrative

 

 

111,478

 

 

 

122,260

 

 

 

217,276

 

 

 

239,104

 

Depreciation and amortization

 

 

9,378

 

 

 

7,408

 

 

 

18,164

 

 

 

15,026

 

Other operating expense (income), net

 

 

3,373

 

 

 

(22

)

 

 

7,656

 

 

 

126

 

Operating income (loss)

 

 

11,193

 

 

 

(561

)

 

 

(13,519

)

 

 

(5,297

)

Interest expense

 

 

4,916

 

 

 

6,235

 

 

 

10,227

 

 

 

14,069

 

Other expense (income), net

 

 

1,333

 

 

 

(608

)

 

 

1,160

 

 

 

(1,475

)

Income (loss) before income taxes

 

 

4,944

 

 

 

(6,188

)

 

 

(24,906

)

 

 

(17,891

)

Income tax expense (benefit)

 

 

568

 

 

 

(3,174

)

 

 

(8,639

)

 

 

(8,059

)

NET INCOME (LOSS)

 

$

4,376

 

 

$

(3,014

)

 

$

(16,267

)

 

$

(9,832

)

NET INCOME (LOSS) PER COMMON SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

$

0.13

 

 

$

(0.09

)

 

$

(0.50

)

 

$

(0.30

)

Diluted:

 

$

0.13

 

 

$

(0.09

)

 

$

(0.50

)

 

$

(0.30

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

 

32,600

 

 

 

32,368

 

 

 

32,524

 

 

 

32,314

 

Diluted weighted average common shares outstanding

 

 

32,838

 

 

 

32,368

 

 

 

32,524

 

 

 

32,314

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

1


Table of Contents

 

LANDS’ END, INC.

Condensed Consolidated Statements of Comprehensive Operations

(Unaudited)

 

 

 

13 Week Period Ended

 

 

26 Week Period Ended

 

(in thousands)

 

July 31, 2020

 

 

August 2, 2019

 

 

July 31, 2020

 

 

August 2, 2019

 

NET INCOME (LOSS)

 

$

4,376

 

 

$

(3,014

)

 

$

(16,267

)

 

$

(9,832

)

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

1,382

 

 

 

(2,234

)

 

 

123

 

 

 

(2,468

)

COMPREHENSIVE INCOME (LOSS)

 

$

5,758

 

 

$

(5,248

)

 

$

(16,144

)

 

$

(12,300

)

 

See accompanying Notes to Condensed Consolidated Financial Statements.

2


Table of Contents

 

LANDS’ END, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except per share data)

 

July 31, 2020

 

 

August 2, 2019

 

 

January 31, 2020

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

62,624

 

 

$

82,616

 

 

$

77,148

 

Restricted cash

 

 

1,843

 

 

 

1,826

 

 

 

2,149

 

Accounts receivable, net

 

 

24,367

 

 

 

24,632

 

 

 

50,953

 

Inventories, net

 

 

441,510

 

 

 

405,793

 

 

 

375,670

 

Prepaid expenses and other current assets

 

 

48,095

 

 

 

39,391

 

 

 

39,458

 

Total current assets

 

 

578,439

 

 

 

554,258

 

 

 

545,378

 

Property and equipment, net

 

 

153,003

 

 

 

153,933

 

 

 

157,665

 

Operating lease right-of-use asset

 

 

37,882

 

 

 

28,980

 

 

 

38,665

 

Goodwill

 

 

106,700

 

 

 

110,000

 

 

 

110,000

 

Intangible asset, net

 

 

257,000

 

 

 

257,000

 

 

 

257,000

 

Other assets

 

 

4,300

 

 

 

5,333

 

 

 

4,921

 

TOTAL ASSETS

 

$

1,137,324

 

 

$

1,109,504

 

 

$

1,113,629

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Current borrowings on Term Loan

 

$

 

 

$

5,150

 

 

$

5,150

 

Accounts payable

 

 

202,629

 

 

 

230,158

 

 

 

158,436

 

Lease liability - current

 

 

5,676

 

 

 

6,997

 

 

 

5,864

 

Other current liabilities

 

 

99,016

 

 

 

87,807

 

 

 

114,116

 

Total current liabilities

 

 

307,321

 

 

 

330,112

 

 

 

283,566

 

Long-term debt, net

 

 

381,909

 

 

 

380,555

 

 

 

378,657

 

Lease liability - long-term

 

 

40,588

 

 

 

26,911

 

 

 

39,841

 

Deferred tax liabilities

 

 

65,619

 

 

 

55,516

 

 

 

57,651

 

Other liabilities

 

 

5,530

 

 

 

4,145

 

 

 

5,532

 

TOTAL LIABILITIES

 

 

800,967

 

 

 

797,239

 

 

 

765,247

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, par value $0.01 authorized: 480,000 shares;

   issued and outstanding: 32,604, 32,370 and 32,382, respectively

 

 

326

 

 

 

324

 

 

 

324

 

Additional paid-in capital

 

 

364,773

 

 

 

356,324

 

 

 

360,656

 

(Accumulated deficit) Retained earnings

 

 

(15,877

)

 

 

(28,732

)

 

 

390

 

Accumulated other comprehensive loss

 

 

(12,865

)

 

 

(15,651

)

 

 

(12,988

)

TOTAL STOCKHOLDERS' EQUITY

 

 

336,357

 

 

 

312,265

 

 

 

348,382

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

1,137,324

 

 

$

1,109,504

 

 

$

1,113,629

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

3


Table of Contents

 

LANDS’ END, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

26 Week Period Ended

 

(in thousands)

 

July 31, 2020

 

 

August 2, 2019

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net loss

 

$

(16,267

)

 

$

(9,832

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

18,164

 

 

 

15,026

 

Amortization of debt issuance costs

 

 

858

 

 

 

864

 

Loss (gain) on property and equipment

 

 

887

 

 

 

(141

)

Stock-based compensation

 

 

4,542

 

 

 

4,303

 

Deferred income taxes

 

 

7,936

 

 

 

(1,877

)

Goodwill impairment

 

 

3,300

 

 

 

 

Other

 

 

1,115

 

 

 

830

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Inventories

 

 

(65,553

)

 

 

(86,350

)

Accounts payable

 

 

48,858

 

 

 

111,427

 

Other operating assets

 

 

15,605

 

 

 

6,358

 

Other operating liabilities

 

 

(11,461

)

 

 

(23,570

)

Net cash provided by operating activities

 

 

7,984

 

 

 

17,038

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(19,758

)

 

 

(24,843

)

Net cash used in investing activities

 

 

(19,758

)

 

 

(24,843

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Proceeds from borrowing under ABL Facility

 

 

75,000

 

 

 

 

Payments of borrowings under ABL Facility

 

 

(75,000

)

 

 

 

Payments of term-loan

 

 

(2,575

)

 

 

(102,575

)

Payments of employee withholding taxes on share-based compensation

 

 

(423

)

 

 

(708

)

Net cash used in financing activities

 

 

(2,998

)

 

 

(103,283

)

Effects of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(58

)

 

 

177

 

NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

 

(14,830

)

 

 

(110,911

)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH,

      BEGINNING OF PERIOD

 

 

79,297

 

 

 

195,353

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

 

$

64,467

 

 

$

84,442

 

SUPPLEMENTAL CASH FLOW DATA

 

 

 

 

 

 

 

 

Unpaid liability to acquire property and equipment

 

$

2,303

 

 

$

5,222

 

Income taxes paid, net of refunds

 

$

(47

)

 

$

3,036

 

Interest paid

 

$

9,087

 

 

$

12,702

 

Lease liabilities arising from obtaining Operating lease right-of-use assets

 

$

3,525

 

 

$

6,705

 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

4


Table of Contents

 

LANDS' END, INC.

Condensed Consolidated Statements of Changes in Stockholders' Equity

(Unaudited)

 

 

 

 

Common Stock Issued

 

 

Additional

Paid-in

 

 

Retained Earnings/ (Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

(in thousands)

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit)

 

 

Loss

 

 

Equity

 

Balance at January 31, 2020

 

 

32,382

 

 

$

324

 

 

$

360,656

 

 

$

390

 

 

$

(12,988

)

 

$

348,382

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(20,643

)

 

 

 

 

 

(20,643

)

Cumulative translation adjustment, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,259

)

 

 

(1,259

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,828

 

 

 

 

 

 

 

 

 

1,828

 

Vesting of restricted shares

 

 

275

 

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

Restricted stock shares surrendered for taxes

 

 

(61

)

 

 

 

 

 

(410

)

 

 

 

 

 

 

 

 

(410

)

Balance at May 1, 2020

 

 

32,596

 

 

$

326

 

 

$

362,072

 

 

$

(20,253

)

 

$

(14,247

)

 

$

327,898

 

Net income

 

 

 

 

 

 

 

 

 

 

 

4,376

 

 

 

 

 

 

4,376

 

Cumulative translation adjustment, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,382

 

 

 

1,382

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

2,714

 

 

 

 

 

 

 

 

 

2,714

 

Vesting of restricted shares

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock shares surrendered for taxes

 

 

(2

)

 

 

 

 

 

(13

)

 

 

 

 

 

 

 

 

(13

)

Balance at July 31, 2020

 

 

32,604

 

 

$

326

 

 

$

364,773

 

 

$

(15,877

)

 

$

(12,865

)

 

$

336,357

 

 

 

 

Common Stock Issued

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

(in thousands)

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity

 

Balance at February 1, 2019

 

 

32,220

 

 

$

320

 

 

$

352,733

 

 

$

(17,159

)

 

$

(13,183

)

 

$

322,711

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(6,818

)

 

 

 

 

 

(6,818

)

Cumulative translation adjustment, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(234

)

 

 

(234

)

Change in accounting principle related to lease

   accounting, net of tax

 

 

 

 

 

 

 

 

 

 

 

(1,741

)

 

 

 

 

 

(1,741

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,974