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what it is
Lands’ End sells everyday clothing, uniforms, and home goods online, through stores, and through outside retail partners.
how it gets paid
Last year End made $1.4B in revenue. U.S. eCommerce was the main engine at $0.95B, or 68% of sales.
why growth slowed
Revenue fell 7.4% last year. 50.5% gross margin matters most because gross margin → product-level pricing power → it tells you the brand still sells.
what just happened
The quarter said the same thing louder: $873M in revenue came with a loss and a still-fragile turnaround.
At a glance
C+ balance sheet — struggling to keep the lights on
15/100 earnings predictability — expect surprises
39.9x trailing p/e — you're paying up for this one
5.7% return on capital — nothing to write home about
$0.20 fy2024 eps est
xvary composite: 41/100 — below average
What they do
Lands’ End sells everyday clothing, uniforms, and home goods online, through stores, and through outside retail partners.
You know the brand when you need a parka, school uniform, or towels that just show up and work. That familiarity still lets Lands’ End hold a 50.5% gross margin (gross margin → money left after product costs → customers still pay up before rent and payroll hit). The quiet part is that the brand still has pricing power, even while the company only posts a 6.7% operating margin (operating margin → profit after running the business → the product sells better than the company operates).
How they make money
$1.4B
annual revenue · their business grew -7.4% last year
U.S. eCommerce
$0.95B
8.0%
Outfitters
$0.20B
+4.0%
Third Party
$0.13B
+6.0%
International
$0.09B
5.0%
Retail
$0.03B
12.0%
The products that matter
direct-to-consumer apparel and home retail
U.S. eCommerce
$1.0B · roughly 71% of segment revenue shown here
it's the center of gravity, and it fell 7.4%. if this line does not stabilize, the rest of the story has to work much harder.
shrinking core
B2B uniform contracts
Outfitters
$250M · roughly 18% of segment revenue shown here
this $250M unit was flat, which is better than down, and the Delta Air Lines partnership is why investors keep watching it.
turnaround option
third-party distribution and other sales
Third Party & Other
$150M · roughly 11% of segment revenue shown here
it's a $150M slice that also fell 7.4%. helpful at the margin, but not large enough to offset a weak core business.
not the fix
Key numbers
39.9x
trailing p/e
You are paying almost 40 times trailing earnings for a retailer with a 6.7% operating margin. That is a turnaround multiple, not a stable-business multiple.
$307M
long-term debt
Debt equals about 72.6% of the company’s $423 million market value. That makes balance-sheet risk very real for common shareholders.
50.5%
gross margin
Gross margin → money left after product costs → the brand still has some pricing power even while the rest of the income statement struggles.
5.7%
return on capital
Return on capital → profit earned on the money tied up in the business → 5.7% says this company is not squeezing much out of its assets.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $307M (42% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for LE right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter said the same thing louder: $873M in revenue came with a loss and a still-fragile turnaround.
EDGAR showed revenue of $873 million and gross margin of 50.5%. Yahoo Finance showed last earnings at -$0.12 per share, while Value Line's latest quarterly history shows how erratic the path has been, ending fiscal 2025 at $0.20 for the full year.
$873M
revenue
$0.12
eps
50.5%
gross margin
the number that mattered
50.5% gross margin matters most because gross margin → product-level pricing power → it tells you the brand still sells, even when the business around it still looks messy.
source: company earnings report, 2026
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What could go wrong
the #1 risk for LE is the direct-to-consumer business staying in decline.
med
core sales keep shrinking
the direct business is about $1.0B and fell 7.4%. that is the main engine, so another down year would keep every other improvement on defense.
if the biggest revenue line keeps sliding, the stock stops being a turnaround and starts being a value trap.
med
$307M of debt leaves little cushion
long-term debt is 42% of total capital. that is manageable when demand is stable and much less comfortable when revenue is shrinking.
you do not need a crisis for leverage to matter. a few more weak quarters can make refinancing and flexibility the story.
med
margin improvement fades before revenue recovers
Q3 gross margin improved by 120 basis points to 50.5%. that helped the earnings beat. if that gain proves temporary, the income statement gets thinner fast.
the market tolerated the revenue miss because margin held. take that away and the multiple has less to lean on.
med
deal excitement overwhelms business reality
the $45 tender for 2.2 million shares can pull attention toward transaction math and away from the operating trend. that works both ways when sentiment cools.
a stock that ran from $8 to $19.48 in a day does not need much disappointment to remind you what volatility feels like.
roughly $1.0B of direct sales is still shrinking, while $307M of debt and a 39.9x trailing p/e leave less room for another miss.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
march 19, 2026 earnings report
this is the next clean read on whether the 7.4% sales decline is slowing and whether gross margin can stay near 50.5%.
trend
does direct revenue stop falling
about $1.0B of sales still sits in the consumer channel. if that line is still down from a year ago next quarter, the turnaround case gets thinner.
risk
WHP tender mechanics and after-effects
the $45 offer for 2.2 million shares matters because event-driven stocks can trade on deal expectations long after the filing headlines fade.
metric
Outfitters has to do more than stay flat
at $250M, the uniform business is too small to save the story on its own. you want growth there, not just stability.
Analyst rankings
earnings predictability
15 / 100
in human-speak, the numbers are lumpy and the market gets surprised a lot.
risk rank
4
safer than about 20% of stocks. that is not a safety badge — it is a warning label.
price stability
10 / 100
the stock does not trade like a steady compounder. you should expect air pockets.
source: institutional data
Institutional activity
institutional ownership data for LE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$15
current price
n/a
target midpoint · n/a from current
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