Lands’ End (NASDAQ:LE) stock was hit hard today following the release of its earnings report for the second quarter of 2018.
Lands’ End’s earnings report for the second quarter of the year starts off with losses per share of 16 cents. This is worse off than the company’s losses per share of 12 cents from the same period of the year prior. It also has the company missing Wall Street’s losses per share estimate of 4 cents for the quarter, making it a blow to LE stock.
During the second quarter of 2018, Lands’ End reported a net loss of $5.29 million. The American retailer of clothing and decor reported a net loss of $3.88 million during the second quarter of 2017.
Lands’ End also reported operating income of $875,000 for the second quarter of the year. This is an improvement over the company’s operating income of $174 million reported during the same time last year.
Revenue reported by Lands’ End for the second quarter of 2018 came in at $307.95 million. This is up from the company’s revenue of $302.19 million that was reported in the second quarter of the previous year. However, it was bad news for LE stock by not coming in anywhere close to analysts’ revenue estimate of $322.20 million for the period.
Lands’ End notes that part of the reason for its weak revenue growth in the second quarter of the year is the closing of Sears (NASDAQ:SHLD) stores. This resulted in the closing of 57 LE stores inside of those locations. The company says this was what majorly caused the 25.8% decline bringing Retail segment revenue to $31.3 million during the quarter.
LE stock was down 14% as of Thursday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.