A discussion draft of the Online Sales Tax Simplification Act of 2016 is expected to be introduced in Congress soon.
Internet sales at Lands’ End reached $54 million in the first quarter, up from $39 million in the year-ago quarter.
Internet sales at Lands’ End Inc. grew 40% in the first quarter (ended April 27) over the first quarter a year ago, reaching $54 million vs. $39 million a year ago. Lands’ End’s total revenue for the first quarter grew 9% to $311.1 million from $285.8 million in the prior year`s quarter. Net income for the quarter just ended was $5.9 million vs. net income of $292,000 for the same period last year. "We`re extremely pleased with our first quarter performance, having demonstrated strong sales and a significant improvement in earnings,” said David F. Dyer, president and CEO. “This was especially gratifying in the face of a difficult economy. "
Gross profit for the quarter just ended was $132 million, or 42.4% of total revenue, compared with $120 million, or 41.9% of total revenue in the prior year. Merchandise gross profit margin rose due to higher initial margins from improved sourcing.