The company continues to experience structural revenue contraction, with a 2026Q1 revenue decline of 8.5% and gross margins that have fluctuated significantly between 36.0% and 50.8% over the observed period.
Lands' End, Inc. (LE) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 | Jan'96 | Jan'95 | Jan'94 | Jan'93 | Jan'92 | Jan'91 | Jan'90 | Jan'89 |
|---|
| Sales/Revenue | 1.32B | 1.34B | 1.36B | 1.47B | 1.56B | 1.64B | 1.43B | 1.45B | 1.45B | 1.41B | 1.34B | 1.42B | 1.56B | 1.56B | 1.59B | 1.57B | 1.46B | 1.32B | 1.37B | 1.26B | 1.12B | 1.03B | 992.1M | 870M | 733.6M | 682.9M | 604M | 545.2M | 455.8M |
| Revenue Growth % | 0.4% | -2.04% | -7.44% | -5.33% | -4.96% | 14.65% | -1.57% | -0.1% | 3.19% | 5.31% | -5.92% | -8.72% | -0.48% | -1.45% | 1.07% | 7.3% | 10.79% | -3.76% | 8.53% | 12.95% | 8.45% | 3.97% | 14.03% | 18.59% | 7.42% | 13.06% | 10.79% | 19.61% | - |
| Cost of Goods Sold | 691.82M | 715.14M | 709.59M | 846.98M | 961.66M | 945.16M | 821.6M | 828.31M | 835.54M | 809.47M | 759.35M | 767.19M | 819.42M | 852.54M | 881.82M | 880.24M | 817.17M | 706.58M | 735.9M | 660M | 595.6M | 575.5M | 558.3M | 504.2M | 419.1M | 387.3M | 350.3M | 308.3M | 257.8M |
| COGS % of Revenue | - | 53.56% | 52.06% | 57.52% | 61.83% | 57.75% | 57.56% | 57.12% | 57.56% | 57.55% | 56.85% | 54.04% | 52.68% | 54.55% | 55.6% | 56.1% | 55.88% | 53.54% | 53.66% | 52.23% | 53.24% | 55.79% | 56.27% | 57.95% | 57.13% | 56.71% | 58% | 56.55% | 56.56% |
| Gross Profit | 622.18M | 620M | 653.35M | 625.53M | 593.77M | 691.46M | 605.85M | 621.89M | 616.06M | 597.2M | 576.41M | 652.59M | 735.93M | 710.34M | 704.11M | 688.83M | 645.11M | 613.25M | 635.5M | 603.6M | 523.1M | 456M | 433.8M | 365.8M | 314.5M | 295.6M | 253.7M | 236.9M | 198M |
| Gross Margin % | 47.11% | 46.44% | 47.94% | 42.48% | 38.17% | 42.25% | 42.44% | 42.88% | 42.44% | 42.45% | 43.15% | 45.96% | 47.32% | 45.45% | 44.4% | 43.9% | 44.12% | 46.46% | 46.34% | 47.77% | 46.76% | 44.21% | 43.73% | 42.05% | 42.87% | 43.29% | 42% | 43.45% | 43.44% |
| Gross Profit Growth % | - | -5.1% | 4.45% | 5.35% | -14.13% | 14.13% | -2.58% | 0.95% | 3.16% | 3.61% | -11.67% | -11.32% | 3.6% | 0.88% | 2.22% | 6.78% | 5.2% | -3.5% | 5.29% | 15.39% | 14.71% | 5.12% | 18.59% | 16.31% | 6.39% | 16.52% | 7.09% | 19.65% | - |
| Operating Expenses | 466.62M | 575.74M | 602.39M | 703.04M | 569.04M | 611.67M | 564.71M | 576.46M | 573.46M | 568.12M | 556.04M | 559.37M | 596.29M | 582M | 622.11M | 575.66M | 590.1M | 536.09M | 563.1M | 505M | 438M | 405M | 373.9M | 295.3M | 259M | 246.4M | 229.1M | 190.2M | 147.4M |
| OpEx % of Revenue | - | 43.12% | 44.2% | 47.74% | 36.58% | 37.37% | 39.56% | 39.75% | 39.51% | 40.39% | 41.63% | 39.4% | 38.34% | 37.24% | 39.23% | 36.69% | 40.35% | 40.62% | 41.06% | 39.97% | 39.15% | 39.26% | 37.69% | 33.94% | 35.31% | 36.08% | 37.93% | 34.89% | 32.34% |
| Selling, General & Admin | 0 | 0 | 561.8M | 550.21M | 527.37M | 571.77M | 518.9M | 543.96M | 545.59M | 538.94M | 536.58M | 545.3M | 573.34M | 560.33M | 598.92M | 575.66M | 560.02M | 515.38M | 544.4M | 489.9M | 424.4M | 392.5M | 360.1M | 287M | 251.1M | 239M | 222.1M | 184.9M | 143.5M |
| SG&A % of Revenue | - | - | 41.22% | 37.37% | 33.91% | 34.94% | 36.35% | 37.51% | 37.59% | 38.31% | 40.17% | 38.41% | 36.86% | 35.85% | 37.76% | 36.69% | 38.3% | 39.05% | 39.7% | 38.77% | 37.94% | 38.05% | 36.3% | 32.99% | 34.23% | 35% | 36.77% | 33.91% | 31.48% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 575.74M | 40.58M | 152.83M | 41.67M | 39.91M | 45.81M | 32.49M | -4.06M | -2.71M | -1.62M | 671K | 1.41M | 50K | 67K | 0 | 30.08M | 20.71M | 18.7M | 15.1M | 13.6M | 12.5M | 13.8M | 8.3M | 7.9M | 7.4M | 7M | 5.3M | 3.9M |
| Operating Income | 66.39M | 44.27M | 50.96M | -77.52M | 24.73M | 79.79M | 41.14M | 45.44M | 42.6M | 29.09M | -152.63M | -5.08M | 139.64M | 128.34M | 82M | 113.16M | 55.01M | 122.04M | 124.8M | 139.2M | 112.1M | 73.4M | 78.9M | 86.8M | 71.5M | 64.1M | 37.2M | 55.3M | 55.7M |
| Operating Margin % | 5.03% | 3.32% | 3.74% | -5.26% | 1.59% | 4.88% | 2.88% | 3.13% | 2.93% | 2.07% | -11.43% | -0.36% | 8.98% | 8.21% | 5.17% | 7.21% | 3.76% | 9.25% | 9.1% | 11.02% | 10.02% | 7.12% | 7.95% | 9.98% | 9.75% | 9.39% | 6.16% | 10.14% | 12.22% |
| Operating Income Growth % | - | -13.13% | 165.74% | -413.51% | -69.01% | 93.93% | -9.45% | 6.66% | 46.46% | 119.06% | -2902.18% | -103.64% | 8.81% | 56.51% | -27.54% | 105.71% | -54.92% | -2.21% | -10.34% | 24.17% | 52.72% | -6.97% | -9.1% | 21.4% | 11.54% | 72.31% | -32.73% | -0.72% | - |
| EBITDA | 531.07M | 74.43M | 84.73M | -39.05M | 63.47M | 118.95M | 78.48M | 76.57M | 70.16M | 53.99M | -133.63M | 12.31M | 159.35M | 149.94M | 105.12M | 86.22M | 31.58M | 101.33M | 106.1M | 124.1M | 98.5M | 60.9M | 68.6M | 78.5M | 63.6M | 56.7M | 30.2M | 50M | 51.8M |
| EBITDA Margin % | 40.21% | 5.58% | 6.22% | -2.65% | 4.08% | 7.27% | 5.5% | 5.28% | 4.83% | 3.84% | -10% | 0.87% | 10.24% | 9.59% | 6.63% | 5.49% | 2.16% | 7.68% | 7.74% | 9.82% | 8.8% | 5.9% | 6.91% | 9.02% | 8.67% | 8.3% | 5% | 9.17% | 11.36% |
| EBITDA Growth % | 564.89% | -12.15% | 316.98% | -161.53% | -46.65% | 51.56% | 2.5% | 9.15% | 29.93% | 140.41% | -1185.08% | -92.27% | 6.27% | 42.63% | 21.93% | 173.02% | -68.83% | -4.5% | -14.5% | 25.99% | 61.74% | -11.22% | -12.61% | 23.43% | 12.17% | 87.75% | -39.6% | -3.47% | - |
| D&A (Non-Cash Add-back) | 26.47M | 30.17M | 33.77M | 38.47M | 38.74M | 39.17M | 37.34M | 31.14M | 27.56M | 24.91M | 19M | 17.4M | 19.7M | 21.6M | 23.12M | -26.95M | -23.43M | -20.71M | -18.7M | -15.1M | -13.6M | -12.5M | -10.3M | -8.3M | -7.9M | -7.4M | -7M | -5.3M | -3.9M |
| EBIT | 66.39M | 44.27M | 50.94M | -83.53M | 25.09M | 79.79M | 40.35M | 45.44M | 42.6M | 29.09M | -154.25M | -4.41M | 139.64M | 128.34M | 82.07M | 113.16M | 55.01M | 77.16M | 72.27M | 98.57M | 85.1M | 51M | 59.9M | 70.5M | 55.5M | 49.2M | 24.6M | 46.7M | 50.6M |
| Net Interest Income | -19.21M | -36.72M | -40.44M | -48.29M | -39.77M | -34.45M | -27.75M | -25.99M | -28.91M | -25.93M | -24.63M | -24.83M | -20.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 24.73M | 36.72M | 40.44M | 48.29M | 39.77M | 34.45M | 27.75M | 25.99M | 28.91M | 25.93M | 24.63M | 24.83M | 20.49M | 0 | 0 | 64.53M | 54.24M | 45.8M | 75.3M | 37.3M | 27.1M | 22.4M | 19.2M | 15.7M | 17.5M | 16.6M | 12.3M | 8M | 3.5M |
| Other Income/Expense | -22.7M | -36.51M | -40.46M | -54.3M | -39.4M | -33.82M | -28.55M | -24.07M | -32.97M | -28.64M | -26.25M | -24.16M | -19.09M | 50K | 67K | -5.24M | 0 | -913K | -75.3M | -37.38M | -100K | -22.4M | -200K | -700K | -1.5M | -1.7M | -12.3M | -8M | -3.5M |
| Pretax Income | 465.56M | 7.75M | 10.5M | -131.82M | -14.68M | 45.97M | 12.59M | 21.36M | 9.63M | 448K | -178.88M | -29.24M | 120.56M | 128.39M | 82.07M | 107.93M | 55.01M | 76.24M | 49.5M | 101.9M | 85M | 51M | 59.7M | 69.8M | 54M | 47.5M | 24.9M | 47.3M | 52.2M |
| Pretax Margin % | 35.25% | 0.58% | 0.77% | -8.95% | -0.94% | 2.81% | 0.88% | 1.47% | 0.66% | 0.03% | -13.39% | -2.06% | 7.75% | 8.21% | 5.17% | 6.88% | 3.76% | 5.78% | 3.61% | 8.06% | 7.6% | 4.94% | 6.02% | 8.02% | 7.36% | 6.96% | 4.12% | 8.68% | 11.45% |
| Income Tax | 113.98M | 2.24M | 4.26M | -1.13M | -2.15M | 12.6M | 1.76M | 2.07M | -1.96M | -27.75M | -69.1M | -9.69M | 46.76M | 49.54M | 32.24M | 41.01M | 20.35M | 28.21M | 18.3M | 37.7M | 34M | 20.4M | 23.6M | 27.4M | 20.5M | 18.8M | 10.2M | 18.2M | 19.9M |
| Effective Tax Rate % | 24.48% | 28.94% | 40.62% | 0.86% | 14.64% | 27.41% | 13.95% | 9.7% | -20.34% | -6193.53% | 38.63% | 33.14% | 38.78% | 38.59% | 39.29% | 38% | 37% | 37% | 36.97% | 37% | 40% | 40% | 39.53% | 39.26% | 37.96% | 39.58% | 40.96% | 38.48% | 38.12% |
| Net Income | 351.58M | 5.51M | 6.23M | -130.68M | -12.53M | 33.37M | 10.84M | 19.29M | 11.59M | 28.2M | -109.78M | -19.55M | 73.8M | 78.85M | 49.83M | 66.92M | 34.66M | 48.03M | 31.2M | 64.2M | 51M | 30.6M | 36.1M | 43.7M | 33.5M | 28.7M | 14.7M | 29.1M | 32.3M |
| Net Margin % | 26.62% | 0.41% | 0.46% | -8.87% | -0.81% | 2.04% | 0.76% | 1.33% | 0.8% | 2% | -8.22% | -1.38% | 4.74% | 5.04% | 3.14% | 4.26% | 2.37% | 3.64% | 2.27% | 5.08% | 4.56% | 2.97% | 3.64% | 5.02% | 4.57% | 4.2% | 2.43% | 5.34% | 7.09% |
| Net Income Growth % | 5762.61% | -11.63% | 104.77% | -942.97% | -137.55% | 207.95% | -43.83% | 66.44% | -58.89% | 125.68% | -461.6% | -126.49% | -6.4% | 58.24% | -25.54% | 93.08% | -27.85% | 53.96% | -51.4% | 25.88% | 66.67% | -15.24% | -17.39% | 30.45% | 16.72% | 95.24% | -49.48% | -9.91% | - |
| Net Income (Continuing) | 351.58M | 5.51M | 6.23M | -130.68M | -12.53M | 33.37M | 10.84M | 19.29M | 11.59M | 28.2M | -109.78M | -19.55M | 73.8M | 78.85M | 49.83M | 66.92M | 34.66M | 48.03M | 31.18M | 64.15M | 51M | 30.6M | 36.1M | 42.4M | 33.5M | 28.7M | 14.7M | 29.1M | 32.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 11.68 | 0.18 | 0.20 | -4.09 | -0.38 | 0.99 | 0.33 | 0.60 | 0.36 | 0.88 | -3.43 | -0.61 | 2.31 | 2.47 | 1.63 | 2.23 | 1.14 | 1.56 | 1.01 | 2.00 | 1.53 | 0.89 | 1.02 | 1.21 | 0.91 | 0.76 | 0.37 | 0.73 | 0.81 |
| EPS Growth % | 6109.94% | -10% | 104.89% | -976.32% | -138.38% | 200% | -45% | 66.67% | -59.09% | 125.66% | -462.3% | -126.41% | -6.48% | 51.53% | -26.91% | 95.61% | -26.92% | 54.46% | -49.5% | 30.72% | 71.91% | -12.75% | -15.7% | 32.97% | 19.74% | 105.41% | -49.32% | -9.88% | - |
| EPS (Basic) | - | 0.18 | 0.20 | -4.09 | -0.38 | 1.01 | 0.33 | 0.60 | 0.36 | 0.88 | -3.43 | -0.61 | 2.31 | 2.47 | 1.66 | 2.27 | 1.15 | 1.60 | 1.02 | 2.01 | 1.54 | 0.89 | 1.03 | 1.22 | 0.92 | 0.77 | 0.38 | 0.73 | 0.81 |
| Diluted Shares Outstanding | 30.11M | 31.03M | 31.66M | 31.97M | 33.11M | 33.68M | 32.65M | 32.34M | 32.53M | 32.11M | 32.02M | 31.98M | 32.02M | 31.96M | 30.55M | 29.98M | 30.42M | 30.85M | 30.76M | 32.13M | 33.33M | 34.38M | 35.39M | 36.12M | 36.81M | 37.76M | 39.73M | 39.86M | 39.88M |
| Basic Shares Outstanding | 29.9M | 30.68M | 31.21M | 31.97M | 33.11M | 32.93M | 32.57M | 32.34M | 32.19M | 32.08M | 32.01M | 31.98M | 31.96M | 31.96M | 30M | 29.48M | 30.05M | 30.09M | 30.47M | 31.85M | 33.12M | 34.38M | 35.05M | 35.82M | 36.41M | 37.27M | 38.68M | 39.86M | 39.88M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 677.52% | 140.7% | 138.08% | - | - | - | - | - | - | - | - | 8.24% | 10.75% | 12.89% | 26.53% | 13.75% | 12.38% |
Quick answers to the most common questions about buying LE stock.
For fiscal year 2025, Lands' End, Inc. (LE) reported total revenue of $1.34B. This represents a 192.9% increase compared to $455.8M in 1988.
Lands' End, Inc. (LE) is profitable, generating $5.5M in net income for the fiscal year ending 2025 with a net profit margin of 0.4%.
Lands' End, Inc. (LE) reported an operating income of $44.3M, resulting in an operating profit margin of 3.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Lands' End, Inc. (LE) generated $620.0M in gross profit for the year, representing a gross profit margin of 46.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent revenue contraction
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction Trends
As evidenced by the most recent quarterly data, Lands' End continues to face significant top-line headwinds, with revenue growth consistently negative across multiple periods, including a notable 8.5% decline in 2026Q1, suggesting that the company is struggling to maintain its market share in a competitive retail environment.
The consistent year-over-year revenue declines indicate that the company's core eCommerce and retail segments are failing to gain traction with consumers. This trend suggests that the brand may be losing relevance, as the lack of top-line growth persists despite various strategic initiatives to pivot toward third-party marketplaces.
Structural Margin Volatility and Pressure
Based on reported financial statements, gross margins have exhibited significant volatility, fluctuating from a low of 36.0% in 2023Q4 to a peak of 50.8% in 2025Q1, which highlights the company's sensitivity to seasonal discounting and the high costs associated with its uni-channel distribution model.
The wide variance in gross margins suggests that the company is frequently forced to rely on promotional activity to clear inventory, which undermines long-term profitability. Investors should monitor whether the shift toward third-party distribution can stabilize these margins or if the reliance on external platforms will permanently compress the company's pricing power.
Operating Leverage Remains Elusive
According to the income statement history, Lands' End has struggled to achieve meaningful operating leverage, as evidenced by operating margins that frequently hover near zero or turn negative, reflecting a high fixed-cost structure that fails to scale effectively with the company's current revenue base.
The inability to consistently generate positive operating income suggests that the company's overhead and fulfillment costs are disproportionately high relative to its sales volume. This lack of scalability implies that even minor fluctuations in revenue can lead to significant swings in bottom-line performance, leaving little room for operational error.
Earnings Quality Obscured by Volatility
As reported in recent filings, the company's net income figures are highly erratic, with a massive $330.7 million profit in 2026Q1 contrasting sharply with recurring losses in prior quarters, which warrants further investigation into the non-operating items or tax adjustments driving these extreme, non-recurring fluctuations.
The extreme variance in net income suggests that headline EPS figures may not accurately reflect the underlying operational health of the business. Analysts should look past these anomalies to focus on core operating performance, as the current earnings profile appears heavily influenced by items that do not represent sustainable cash-generating capability.
Structural Risks to Turnaround Narrative
Based on the provided data, the primary risk to the investment thesis is the company's razor-thin net margin profile and limited cash reserves of $17.7 million, which leave the firm with virtually no buffer to absorb further operational setbacks or unexpected macroeconomic shocks to the retail sector.
Short-term observers may focus on the company's inability to reverse its revenue decline, which suggests that the 'uni-channel' strategy has yet to yield a sustainable competitive advantage. The combination of stagnant growth and minimal liquidity creates a precarious situation where any further deterioration in demand could necessitate dilutive financing or drastic cost-cutting measures.