Lands’ End, Inc. (NASDAQ:LE) stock was surging on Tuesday following the release of its earnings report for its fiscal first quarter of 2018.
During its first quarter of the year, Lands’ End, Inc. reported losses per share of 8 cents. This is better than the company’s losses per share of 24 cents from the same time last year. It was also a boon to LE stock by coming in above Wall Street’s losses per share estimate of 17 cents for the period.
Net loss reported by Lands’ End, Inc. for its fiscal first quarter of 2018 came in at $2.63 million. This is an improvement over the clothing retail company’s net loss of $7.84 million that was reported in its fiscal first quarter of the previous year.
Lands’ End, Inc.’s operating income for its fiscal first quarter of the year was $2.53 million. This is up from the operating loss of $6.72 million that was reported by LE in the same period of the year prior.
Lands’ End, Inc. also reported revenue of $299.83 million for its fiscal first quarter of 2018. This is an increase from its revenue of $268.37 million that was reported in its fiscal first quarter of 2017. It was also good news for LE stock by beating out analysts’ revenue estimate of $285 million for the quarter.
Lands’ End, Inc. notes that it saw retail segment sales in its fiscal first quarter of the year decrease by 34% to $26.5 million. The company notes this was mostly due to less stores in Sears Holdings Corp (NASDAQ:SHLD) locations. However, it did see its direct segment sales increase by 19.7% to $273.4 million during the quarter.
LE stock was up 23% as of noon Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.