In its second-largest acquisition, Amazon buys the company for $970 million.
Web sales at Lands’ End will reach $300 million this year, 19% of $1.56 billion in total sales, up from $218 million last year, 15% of sales.
Web sales at Lands’ End Inc. will reach $300 million this year, 19% of expected companywide revenue of $1.56 billion, Lands’ End executives told a financial analysts meeting this week in New York. In 2001, web sales totaled $218 million, 15% of total company revenue of $1.46 billion.
In the meeting, Lands’ End revealed its Internet revenue going back to 1997, when web sales reached $3 million, 0.2% of sales. Web sales hit $18 million in 1998; $61 million in 1999, 4.4% of sales; and $138 million in 2000, 10.4% of sales.
Lands’ shipped 17.8 million orders, making its average order $82. It handled 17 million sales and service contacts for 79 million minutes of customer talk time.
Lands’ End also reported that its customer file contains 32.3 million households and that 10.1 million of those households have done business with Lands’ End in the past three years, 6.2 million in the past year.