LE LANDS' END, INC.
Price Chart
Executive Summary
Lands' End reported Q1 FY2026 results with net revenue of $238.9M, down 8.5% YoY, driven by a temporary distribution center disruption. GAAP net income was $330.7M ($10.56 diluted EPS) due to a $491.6M gain on the WHP Global JV transaction, but adjusted net loss was $3.5M (-$0.11/share) vs. a $5.4M adjusted loss a year ago. The company guided Q2 FY2026 revenue of $290M-$310M and full-year FY2026 revenue of $1.3B-$1.4B, with adjusted EBITDA of $68M-$78M. The WHP Global JV closed on April 1, 2026, eliminating ~$234M in term loan debt and providing a $100M share repurchase authorization.
Key Financial Metrics
Actionable Insight
The WHP Global JV closing and term loan elimination are transformative for the balance sheet, but Q1 operational results were weak due to a temporary distribution disruption. The $100M buyback authorization and improved capital structure provide a floor, but the adjusted EBITDA swing from +$9.5M to -$6.2M YoY signals near-term earnings pressure. Watch Q2 guidance execution and whether the distribution disruption is truly behind the company. The JV's $150M+ in guaranteed minimum royalties over the life of agreements and potential WHP monetization event provide long-term optionality.
Key Facts
- Q1 FY2026 net revenue $238.9M, down 8.5% YoY from $261.2M, primarily due to temporary distribution center disruption
- GAAP net income $330.7M ($10.56 diluted EPS) vs. net loss of $8.3M (-$0.27) in Q1 2025, driven by $491.6M gain on WHP Global transaction
- Adjusted net loss $3.5M (-$0.11/share) improved from adjusted net loss of $5.4M (-$0.18) in Q1 2025
- Adjusted EBITDA was -$6.2M vs. $9.5M in Q1 2025, a decline of 165%
- WHP Global JV closed April 1, 2026; company used $300M in proceeds to fully repay ~$234M term loan
- Board authorized $100M share repurchase program through March 2029; $0.3M repurchased in Q1
- Q2 FY2026 guidance: net revenue $290M-$310M, adjusted EBITDA $11M-$14M
- Full-year FY2026 guidance: net revenue $1.3B-$1.4B, adjusted EBITDA $68M-$78M
- Europe eCommerce revenue grew 14.5% YoY to $20.5M, with gross margin expanding ~70 bps
- Inventories up 14% YoY to $299.9M due to distribution center ramp-up and tariffs
Financial Impact
Revenue decline of 8.5% YoY ($22.3M) due to temporary distribution disruption; GAAP net income inflated by $491.6M non-cash gain from WHP JV; adjusted net loss improved by $1.9M YoY
Risk Factors
- Temporary distribution center disruption may have lingering effects on Q2 revenue and margins
- Tariff headwinds continue to pressure gross margins (410 bps decline in Q1)
- Adjusted EBITDA turned negative (-$6.2M) vs. positive $9.5M a year ago, indicating operational deleverage
- Inventory up 14% YoY to $299.9M, increasing working capital needs
- Guidance assumes tariffs at currently implemented rates; escalation could further pressure results
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-262940 |
| Document: le-20260609.htm | 0001193125-26-262940 |
| Document: le-ex99_2.htm | 0001193125-26-262940 |
| Document: 0001193125-26-262940-index-headers.html | 0001193125-26-262940 |
| Document: 0001193125-26-262940-index.html | 0001193125-26-262940 |
| Document: 0001193125-26-262940.txt | 0001193125-26-262940 |
| 8-K Data (Synthetic) | 0001193125-26-262940 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 9, 2026
5d ago
|
8-K
| $11.23 awaiting T+5 | awaiting T+5 | — | $12.41 (+10.51%) |
|
May 26, 2026
19d ago
|
Press Release
| $12.28 $11.27 | ▼ −8.22% | ▼ −8.69% | $12.41 (+1.06%) |
|
Apr 1, 2026
10w ago
|
Press Release
| $11.56 $11.39 | ▼ −1.47% | ▼ −5.24% | $12.41 (+7.35%) |
|
Mar 27, 2026
11w ago
|
DEFA14A
| $11.74 $10.09 | ▼ −14.05% | ▼ −18.35% | $12.41 (+5.71%) |
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Mar 19, 2026
12w ago
|
Press Release
| $13.72 $13.80 | ▲ +0.58% | ▲ +2.79% | $12.41 (−9.55%) |
|
Mar 5, 2026
14w ago
|
Press Release
| $16.24 $15.13 | ▼ −6.83% | ▼ −4.60% | $12.41 (−23.58%) |
US Market Status
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