Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Web sales at Lands’ End reached $299 million last year, 19% of sales, up 37% from $218 million, 15% of sales, the year before. Total revenue reached $1.57 billion, up 7.3% from $1.46 billion the year before.
Web sales at Lands’ End Inc. reached $299 million in the fiscal year that ended Feb. 1, 19% of sales, up 37% from $218 million, 15% of sales, the year before, the company reported today. Total revenue for the year at Lands’ End reached $1.57 billion, up 7.5% from $1.46 billion the year before.
Revenue in Q4 reached $596 million, up 10.6% from $538.6 million in Q4 a year earlier. Web sales in Q4 were $120 million, 20% of sales, vs. $86 million, 16% of sales, in Q4 a year earlier.
Net income for the year was $66.9 million compared to $34.7 million in the prior year. Income rose 93% on a revenue increase of 7.3%.
"We are extremely pleased that we achieved record results, especially in the face of the challenging business environment this past year,” CEO David F. Dyer said. “The initiatives that we started three years ago, and the focused execution of the past year, contributed to our success. We are establishing the groundwork for future growth with programs such as enhanced customer segmentation, new catalogs and additional Internet innovations."