May 16, 2002, 12:00 AM

Lands` End`s Internet sales grow 46% in Q1 while total sales grow 10%

Internet-based sales at Lands` End Inc. grew 46.3% in the first quarter to $79 million from $54 million in Q1 2001, the company reported today. Web sales now account for 25% of all merchandise sales at Lands` End, up from 19% a year ago.

 

Internet-based sales at Lands` End Inc. grew 46.3% in the first quarter to $79 million from $54 million in Q1 2001, the company reported today. Web sales now account for 25% of all merchandise sales at Lands` End, up from 19% a year ago.

Total Lands` End sales increased 9.6% in the first quarter, reaching $315 million from $287 million. Total revenue, including shipping fees, was $341 million, up from $311 million a year earlier.

Net income for the quarter was $16.5 million compared with net income of $5.9 million for the same period last year.

Lands` End reported that gross profit for the quarter was $157 million, or 46% of total revenue, compared with $132 million, or 42.4% of total revenue in the prior year. Merchandise gross profit margin rose due to higher initial margins from improved sourcing, as well as from lower levels of liquidations and lower provisions for inventory reserves, the company said. Lands` End said lower liquidations of excess inventory were due to a change in timing of the post-holiday clearance catalog that shifted revenue into the fourth quarter of last year. Liquidation of excess inventory was 8% of net merchandise sales for the first quarter, compared with 11% in the prior year.

 

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