Lands' End stumbles in Q3

|About: Lands' End, Inc. (LE)|By:, SA News Editor

Land's End (NASDAQ:LE) heads into the holiday period on a disappoining note after missing with its Q3 report.

Direct segment revenue fell 5.5% during the quarter to $272.1M.

Retail segment revenue decreased 15.6% to $39.3M.

Gross margin plunged to 42.9% of sales after sitting at 48.6% last year. A $4.4M writedown of Canvas by Lands' End brand inventory was a negative factor.

The company ended the quarter with a "clean" inventory position of $425.3M, down 2.6% Y/Y.

Previously: Lands' End misses by $0.05, misses on revenue (Dec. 1)