Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 28, 2023 | May 26, 2023 | |
Cover [Abstract] | ||
Entity Registrant Name | Lands’ End, Inc. | |
Document Type | 10-Q | |
Trading Symbol | LE | |
Current Fiscal Year End Date | --02-02 | |
Entity Common Stock, Shares Outstanding | 32,086,612 | |
Amendment Flag | false | |
Entity Central Index Key | 0000799288 | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Apr. 28, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-09769 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-2512786 | |
Entity Address, Address Line One | 1 Lands’ End Lane | |
Entity Address, City or Town | Dodgeville | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53595 | |
City Area Code | 608 | |
Local Phone Number | 935-9341 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Income Statement [Abstract] | ||
Net revenue | $ 309,558 | $ 303,665 |
Cost of sales (excluding depreciation and amortization) | 171,621 | 174,490 |
Gross profit | 137,937 | 129,175 |
Selling and administrative | 118,514 | 115,693 |
Depreciation and amortization | 9,301 | 9,584 |
Other operating expense, net | 202 | |
Operating income | 9,920 | 3,898 |
Interest expense | 12,283 | 8,169 |
Other income, net | (187) | (161) |
Loss before income taxes | (2,176) | (4,110) |
Income tax benefit | (524) | (1,739) |
NET LOSS | $ (1,652) | $ (2,371) |
NET LOSS PER COMMON SHARE | ||
Basic: | $ (0.05) | $ (0.07) |
Diluted: | $ (0.05) | $ (0.07) |
Basic weighted average common shares outstanding | 32,443 | 33,163 |
Diluted weighted average common shares outstanding | 32,443 | 33,163 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Operations - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
NET LOSS | $ (1,652) | $ (2,371) |
Other comprehensive income (loss), net of tax, foreign currency translation adjustments | 81 | (3,094) |
COMPREHENSIVE LOSS | $ (1,571) | $ (5,465) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 28, 2023 | Jan. 27, 2023 | Apr. 29, 2022 |
Current assets | |||
Cash and cash equivalents | $ 7,332 | $ 39,557 | $ 22,027 |
Restricted cash | 2,149 | 1,834 | 2,145 |
Accounts receivable, net | 38,759 | 44,928 | 52,134 |
Inventories, net | 376,062 | 425,513 | 436,859 |
Prepaid expenses and other current assets | 45,743 | 44,894 | 39,197 |
Total current assets | 470,045 | 556,726 | 552,362 |
Property and equipment, net | 126,397 | 127,638 | 127,430 |
Operating lease right-of-use asset | 31,878 | 30,325 | 33,332 |
Goodwill | 106,700 | 106,700 | 106,700 |
Intangible asset | 257,000 | 257,000 | 257,000 |
Other assets | 3,174 | 3,759 | 4,740 |
TOTAL ASSETS | 995,194 | 1,082,148 | 1,081,564 |
Current liabilities | |||
Current portion of long-term debt | 13,750 | 13,750 | 13,750 |
Accounts payable | 110,097 | 171,557 | 130,955 |
Lease liability – current | 5,533 | 5,414 | 5,557 |
Accrued expenses and other current liabilities | 88,216 | 106,756 | 90,777 |
Total current liabilities | 217,596 | 297,477 | 241,039 |
Long-term borrowings under ABL Facility | 100,000 | 100,000 | 125,000 |
Long-term debt, net | 220,786 | 223,506 | 231,703 |
Lease liability – long-term | 32,335 | 31,095 | 34,855 |
Deferred tax liabilities | 45,863 | 45,953 | 45,612 |
Other liabilities | 3,330 | 3,365 | 4,950 |
TOTAL LIABILITIES | 619,910 | 701,396 | 683,159 |
Commitments and contingencies | |||
STOCKHOLDERS’ EQUITY | |||
Common stock, par value $0.01 authorized: 480,000 shares; issued and outstanding: 32,460, 33,413 and 32,626, respectively | 325 | 326 | 334 |
Additional paid-in capital | 362,285 | 366,181 | 371,583 |
Retained earnings | 29,615 | 31,267 | 42,224 |
Accumulated other comprehensive (loss) | (16,941) | (17,022) | (15,736) |
TOTAL STOCKHOLDERS’ EQUITY | 375,284 | 380,752 | 398,405 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 995,194 | $ 1,082,148 | $ 1,081,564 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 28, 2023 | Jan. 27, 2023 | Apr. 29, 2022 |
Statement Of Financial Position [Abstract] | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 480,000,000 | 480,000,000 | 480,000,000 |
Common stock, shares issued | 32,460,000 | 32,626,000 | 33,413,000 |
Common stock, shares outstanding | 32,460,000 | 32,626,000 | 33,413,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,652) | $ (2,371) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 9,301 | 9,584 |
Amortization of debt issuance costs | 815 | 765 |
Loss on disposal of property and equipment | 123 | 0 |
Stock-based compensation | 1,083 | 1,484 |
Deferred income taxes | (112) | 244 |
Other | (193) | (232) |
Change in operating assets and liabilities: | ||
Accounts receivable, net | 6,244 | (2,824) |
Inventories, net | 49,604 | (56,320) |
Accounts payable | (57,050) | (15,331) |
Other operating assets | (335) | (2,862) |
Other operating liabilities | (18,583) | (54,547) |
Net cash used in operating activities | (10,755) | (122,410) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (12,384) | (6,965) |
Net cash used in investing activities | (12,384) | (6,965) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from borrowings under ABL Facility | 83,000 | 126,000 |
Payments of borrowings under ABL Facility | (83,000) | (1,000) |
Payments on term loan | (3,438) | (3,438) |
Payments for taxes related to net share settlement of equity awards | (1,199) | (4,310) |
Purchases and retirement of common stock | (3,781) | 0 |
Net cash (used in) provided by financing activities | (8,418) | 117,252 |
Effects of exchange rate changes on cash, cash equivalents and restricted cash | (353) | 160 |
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (31,910) | (11,963) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 41,391 | 36,135 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 9,481 | 24,172 |
SUPPLEMENTAL CASH FLOW DATA | ||
Unpaid liability to acquire property and equipment | 5,738 | 3,433 |
Income taxes paid, net of refunds | 1,315 | 16 |
Interest paid | 13,164 | 7,127 |
Operating lease right-of-use-assets obtained in exchange for lease liabilities | $ 2,539 | $ 3,722 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock Issued | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) |
Balance at Jan. 28, 2022 | $ 406,696 | $ 330 | $ 374,413 | $ 44,595 | $ (12,642) |
Balance, shares at Jan. 28, 2022 | 32,985 | ||||
Net loss | (2,371) | (2,371) | |||
Cumulative translation adjustment, net of tax | (3,094) | (3,094) | |||
Stock-based compensation expense | 1,484 | 1,484 | |||
Vesting of restricted shares | $ 4 | (4) | |||
Vesting of restricted shares, shares | 660 | ||||
Common stock withheld related to net share settlement of equity awards | (4,310) | (4,310) | |||
Common stock withheld related to net share settlement of equity awards, shares | (232) | ||||
Balance at Apr. 29, 2022 | 398,405 | $ 334 | 371,583 | 42,224 | (15,736) |
Balance, shares at Apr. 29, 2022 | 33,413 | ||||
Balance at Jan. 27, 2023 | 380,752 | $ 326 | 366,181 | 31,267 | (17,022) |
Balance, shares at Jan. 27, 2023 | 32,626 | ||||
Net loss | (1,652) | (1,652) | |||
Cumulative translation adjustment, net of tax | 81 | 81 | |||
Stock-based compensation expense | 1,083 | 1,083 | |||
Vesting of restricted shares | $ 3 | (3) | |||
Vesting of restricted shares, shares | 408 | ||||
Common stock withheld related to net share settlement of equity awards | (1,199) | (1,199) | |||
Common stock withheld related to net share settlement of equity awards, shares | (144) | ||||
Purchases and retirement of common stock | (3,781) | $ (4) | (3,777) | ||
Purchases and retirement of common stock, shares | (430) | ||||
Balance at Apr. 28, 2023 | $ 375,284 | $ 325 | $ 362,285 | $ 29,615 | $ (16,941) |
Balance, shares at Apr. 28, 2023 | 32,460 |
Background and Basis of Present
Background and Basis of Presentation | 3 Months Ended |
Apr. 28, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Background and Basis of Presentation | NOTE 1. BACKGROUND AND BASIS OF PRESENTATION Description of Business Lands’ End, Inc. (“Lands’ End” or the “Company”) is a leading digital retailer of casual clothing, swimwear, outerwear, accessories, footwear, home products and uniform solutions. Lands’ End offers products online at www.landsend.com, through Company Operated stores and through third-party distribution channels. Lands’ End is a classic American lifestyle brand with a passion for quality, legendary service and real value and seeks to deliver timeless style for women, men, kids and the home. Lands’ End also offers products to businesses and schools, for their employees and students, through the Outfitters distribution channel. References to www.landsend.com do not constitute incorporation by reference of the information at www.landsend.com , and such information is not part of this Quarterly Report on Form 10-Q or any other filings with the SEC, unless otherwise explicitly stated. Terms that are commonly used in the Company’s Notes to Condensed Consolidated Financial Statements are defined as follows: • ABL Facility – Asset-based senior secured credit agreement, providing for a revolving facility, dated as of November 16, 2017, with Wells Fargo Bank, N.A. and certain other lenders, as amended to date • Adjusted EBITDA – Net income (loss) appearing on the Condensed Consolidated Statements of Operations net of Income tax expense/(benefit), Interest expense, Depreciation and amortization and certain significant items • ASC – Financial Accounting Standards Board Accounting Standards Codification, which serves as the source for authoritative GAAP, as supplemented by rules and interpretive releases by the SEC which are also sources of authoritative GAAP for SEC registrants • Company Operated stores – Lands’ End retail stores in the Retail distribution channel • Debt Facilities – Collectively, the Term Loan Facility and ABL Facility • Deferred Awards – Time vesting stock awards • EPS – Earnings per share • FASB – Financial Accounting Standards Board • Fiscal 2022 – The 52 weeks ended January 27, 2023 • GAAP – Accounting principles generally accepted in the United States • LIBOR – London inter-bank offered rate • Option Awards – Stock option awards • Performance Awards – Performance-based stock awards • SEC – United States Securities and Exchange Commission • SOFR – Secured Overnight Funding Rate • Target Shares – Number of restricted stock units awarded to a recipient which reflects the number of shares to be delivered based on achievement of target performance goals • Term Loan Facility – Term loan credit agreement, dated as of September 9, 2020, among the Company, Fortress Credit Corp., as Administrative Agent and Collateral Agent, and the lenders party thereto • Third Quarter 2022 – The 13 weeks ended October 28, 2022 Basis of Presentation The Condensed Consolidated Financial Statements include the accounts of Lands’ End, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all material adjustments which are of a normal and recurring nature necessary for a fair presentation of the results for the periods presented have been reflected. Dollar amounts are reported in thousands, except per share data, unless otherwise noted. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with information included in the Lands’ End Annual Report on Form 10-K filed with the SEC on April 10, 2023. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Apr. 28, 2023 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, the FASB issued ASU 2020-04, Reference Reform Rate (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and modified by ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of Sunset Date of Topic 848, may be applied through December 31, 2024, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The guidance in ASU 2020-04 may be implemented over time as reference rate reform activities occur. The Company is currently evaluating the potential effects of this ASU, however, does not expect reference rate reform to have a material effect on its consolidated financial statements as the Company’s current Debt Facilities provide for the replacement of LIBOR with an alternative benchmark rate should LIBOR become unavailable. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Apr. 28, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | NOTE 3. EARNINGS (LOSS) PER SHARE The numerator for both basic and diluted EPS is net income (loss). The denominator for basic EPS is based upon the number of weighted average shares of Lands’ End common stock outstanding during the reporting periods. The denominator for diluted EPS is based upon the number of weighted average shares of Lands’ End common stock and common stock equivalents outstanding during the reporting periods using the treasury stock method in accordance with GAAP. Potentially dilutive securities for the diluted EPS calculations consist of non-vested equity shares of common stock and in-the-money outstanding options where the current stock price exceeds the option strike price. The following table summarizes the components of basic and diluted EPS: 13 Weeks Ended (in thousands, except per share amounts) April 28, 2023 April 29, 2022 Net loss $ ( 1,652 ) $ ( 2,371 ) Basic weighted average common shares outstanding 32,443 33,163 Dilutive effect of stock awards — — Diluted weighted average common shares outstanding 32,443 33,163 Basic loss per share $ ( 0.05 ) $ ( 0.07 ) Diluted loss per share $ ( 0.05 ) $ ( 0.07 ) Stock awards are considered anti-dilutive based on the application of the treasury stock method or in the event of a net loss. Anti-dilutive shares excluded from the diluted weighted average shares outstanding were 1,188,876 and 1,427,987 in the 13 weeks ended April 28, 2023 and April 29, 2022 , respectively. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Apr. 28, 2023 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | NOTE 4. OTHER COMPREHENSIVE INCOME (LOSS) Other comprehensive income (loss) encompasses all changes in equity other than those arising from transactions with stockholders and is comprised solely of foreign currency translation adjustments. 13 Weeks Ended (in thousands) April 28, 2023 April 29, 2022 Beginning balance: Accumulated other comprehensive loss 4,525 and $ 3,361 , respectively) $ ( 17,022 ) $ ( 12,642 ) Other comprehensive income (loss): Foreign currency translation adjustments (net of tax of ($ 22 ) and $ 823 , respectively) 81 ( 3,094 ) Ending balance: Accumulated other comprehensive loss 4,503 and $ 4,184 , respectively) $ ( 16,941 ) $ ( 15,736 ) No amounts were reclassified out of Accumulated other comprehensive (loss) during any of the periods presented. |
Debt
Debt | 3 Months Ended |
Apr. 28, 2023 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 5. DEBT ABL Facility The Company’s $ 275.0 million committed revolving ABL Facility includes a $ 70.0 million sublimit for letters of credit and is available for working capital and other general corporate liquidity needs. The amount available to borrow is the lesser of (1) the Aggregate Commitments of $ 275.0 million (“ABL Facility Limit”) or (2) the Borrowing Base (“Borrowing Base”) which is calculated from Eligible Inventory, Trade Receivables and Credit Card Receivables, all capitalized terms not defined herein are as defined in the ABL Facility. The following table summarizes the Company’s ABL Facility borrowing availability: April 28, 2023 April 29, 2022 January 27, 2023 (in thousands) Amount Interest Rate Amount Interest Rate Amount Interest Rate ABL Facility Limit $ 275,000 $ 275,000 $ 275,000 Borrowing Base 245,179 238,134 274,354 Outstanding borrowings 100,000 6.89 % 125,000 1.84 % 100,000 6.27 % Outstanding letters of credit 9,095 14,619 10,557 ABL Facility utilization at end of period 109,095 139,619 110,557 ABL Facility borrowing availability $ 136,084 $ 98,515 $ 163,797 Long-Term Debt On September 9, 2020, the Company entered into the Term Loan Facility which provided borrowings of $ 275.0 million. Origination costs, including an Original Issue Discount (“OID”) of 3 % and $ 5.1 million in debt origination fees, were paid in connection with entering into the Term Loan Facility. The OID and the debt origination fees are presented as a direct deduction from the carrying value of the Term Loan Facility and are amortized over the term of the loan to Interest expense in the Condensed Consolidated Statements of Operations. The Company’s long-term debt consisted of the following: April 28, 2023 April 29, 2022 January 27, 2023 (in thousands) Amount Interest Rate Amount Interest Rate Amount Interest Rate Term Loan Facility $ 240,625 14.77 % $ 254,375 10.76 % $ 244,063 14.13 % Less: Current portion of long-term debt 13,750 13,750 13,750 Less: Unamortized debt issuance costs 6,089 8,922 6,807 Long-term debt, net $ 220,786 $ 231,703 $ 223,506 Interest; Fees Effective May 12, 2023, the Company executed the Fourth Amendment to the ABL Facility to transition a benchmark reference rate from LIBOR to SOFR plus an adjustment of 0.10 % for all loans (“ABL Adjusted SOFR”). This transition resulted in no material interest rate impact and maintains a 0 % benchmark rate floor. The ABL Adjusted SOFR rate is now available for all new loans after the effective date of the Fourth Amendment. The new applicable margin interest rates applicable to the referenced rate, selected at the borrower’s election, are either (1) ABL Adjusted SOFR, subject to 0 % floor, or (2) a base rate which is the greater of (a) the federal funds rate plus 0.50 %, (b) the one-month ABL Adjusted SOFR rate plus 1.00 %, or (c) the Wells Fargo “prime rate”. For all loans, the borrowing margin is based upon the average daily total loans outstanding for the previous quarter. The applicable borrowing margin for ABL Adjusted SOFR loans is (i) less than $95.0 million, 1.25 %, (ii) equal to or greater than $95.0 million but less than $180.0 million, 1.50 %, and (iii) greater than or equal to $180.0 million, 1.75 %. For base rate loans, the applicable borrowing margin is (i) less than $95.0 million, 0.50 %, (ii) equal to or greater than $95.0 million but less than $180.0 million, 0.75 %, and (iii) greater than or equal to $180.0 million, 1.00 %. Prior to the Fourth Amendment, the applicable margin interest rates applicable to the referenced rate, selected at the borrower’s election, were either (1) adjusted LIBOR, subject to a 0 % floor, or (2) a base rate which is the greater of (a) the federal funds rate plus 0.50 %, (b) the one-month LIBOR rate plus 1.00 %, or (c) the Wells Fargo “prime rate”. For all loans, the borrowing margin was based upon the average daily total loans outstanding for the previous quarter. The applicable borrowing margin for LIBOR loans was (i) less than $95.0 million, 1.25 %, (ii) equal to or greater than $95.0 million but less than $180.0 million, 1.50 %, and (iii) greater than or equal to $180.0 million, 1.75 %. For base rate loans, the applicable borrowing margin was (i) less than $95.0 million, 0.50 %, (ii) equal to or greater than $95.0 million but less than $180.0 million, 0.75 %, and (iii) greater than or equal to $180.0 million, 1.00 %. The interest rates per annum applicable to the loans under the Term Loan Facility are based on a fluctuating rate of interest measured by reference to, at the borrower’s election, either (1) an adjusted LIBOR rate (with a minimum rate of 1.00 %) plus 9.75 % or (2) an alternative base rate (which is the greater of (i) the prime rate published in the Wall Street Journal, (ii) the federal funds rate, which shall be no lower than 0.00 % plus ½ of 1.00 %, or (iii) the one month LIBOR rate plus 1.00 % per annum) plus 8.75 %. The Company expects to amend the Term Loan Facility to transition from LIBOR to SOFR on or before June 30, 2023. The ABL Facility fees include (i) commitment fees of 0.25 % based upon the average daily unused commitment (aggregate commitment less loans and letter of credit outstanding) under the ABL Facility for the preceding fiscal quarter and (ii) customary letter of credit fees. As of April 28, 2023 , the Company had borrowings of $ 100.0 million under the ABL Facility. Customary agency fees are payable in respect of the Debt Facilities. Maturity; Amortization and Prepayments The ABL Facility maturity date is the earlier of (a) July 29, 2026 and (b) June 9, 2025 if, on or prior to such date, the Term Loan Facility has not been refinanced, extended or repaid in full in accordance with the terms thereof and not replaced with other indebtedness. The Term Loan Facility matures on September 9, 2025 and amortizes at a rate equal to 1.25 % per quarter. It is subject to mandatory prepayments in an amount equal to a percentage of the borrower’s excess cash flows in each fiscal year, ranging from 0 % to 75 % depending on the Company’s total leverage ratio, and with the proceeds of certain asset sales, casualty events and extraordinary receipts. The loan could not be voluntarily prepaid during the first two years of its term without significant penalties. A prepayment premium of 3 % applies to voluntary prepayments and certain mandatory prepayments made after September 9, 2022 and on or prior to September 9, 2023 , 1 % for such prepayments made after September 9, 2023 and on or prior to September 9, 2024 and no premium on such prepayments thereafter. Guarantees; Security All obligations under the Debt Facilities are unconditionally guaranteed by Lands’ End, Inc. and, subject to certain exceptions, each of its existing and future direct and indirect subsidiaries. The ABL Facility is secured by a first priority security interest in certain working capital of the borrowers and guarantors consisting primarily of accounts receivable and inventory. The Term Loan Facility is secured by a second priority security interest in the same collateral, with certain exceptions. The Term Loan Facility is secured by a first priority security interest in certain property and assets of the borrowers and guarantors, including certain fixed assets such as real estate, stock of the subsidiaries and intellectual property, in each case, subject to certain exceptions. The ABL Facility is secured by a second priority interest in the same collateral, with certain exceptions. Representations and Warranties; Covenants Subject to specified exceptions, the Debt Facilities contain various representations and warranties and restrictive covenants that, among other things, restrict Lands’ End, Inc.’s and its subsidiaries’ ability to incur indebtedness (including guarantees), grant liens, make investments, make dividends or distributions with respect to capital stock, make prepayments on other indebtedness, engage in mergers or change the nature of their business. The Term Loan Facility contains certain financial covenants, including a quarterly maximum total leverage ratio test, a weekly minimum liquidity test and an annual maximum capital expenditure amount. Under the ABL Facility, if excess availability falls below the greater of 10 % of the Loan Cap amount or $ 15.0 million, the Company will be required to comply with a minimum fixed charge coverage ratio of 1.0 to 1.0. The Debt Facilities contain certain affirmative covenants, including reporting requirements such as delivery of financial statements, certificates and notices of certain events, maintaining insurance and providing additional guarantees and collateral in certain circumstances. As of April 28, 2023, the Company was in compliance with its financial covenants in the Debt Facilities. Events of Default The Debt Facilities include customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross defaults related to certain other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of guarantees or security interests, material judgments and change of control. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Apr. 28, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 6. STOCK-BASED COMPENSATION The Company expenses the fair value of all stock awards over their requisite service period, ensuring that the amount of cumulative stock-based compensation expense recognized at any date is at least equal to the portion of the grant-date fair value of the award that is vested at that date. The Company has elected to adjust stock-based compensation expense for an estimated forfeiture rate for those shares not expected to vest and to recognize stock-based compensation expense on a straight-line basis for awards that only have a service requirement with multiple vest dates. The Company has granted the following types of stock awards to employees at management levels and above, each of which are granted under the Company’s stockholder approved stock plans, other than inducement grants outside of the Company’s stockholder approved stock plans in accordance with Nasdaq Listing Rule 5635(c)(4): • Deferred Awards are in the form of restricted stock units and only require each recipient to complete a service period for the awards to be earned. Deferred Awards generally vest over three years . The fair value of Deferred Awards is based on the closing price of the Company’s common stock on the grant date. Stock-based compensation expense is recognized ratably over the service period and is reduced for estimated forfeitures of those awards not expected to vest due to employee turnover. • Performance Awards are in the form of restricted stock units and have, in addition to a service requirement, performance criteria that must be achieved for the awards to be earned. For Performance Awards granted, the Target Shares earned can range from 50 % to 200 % once minimum thresholds have been reached and depend on the achievement of Adjusted EBITDA and revenue performance measures for the cumulative period comprised of three-consecutive fiscal years beginning with the fiscal year of the grant date. The applicable percentage of the Target Shares, as determined by performance, vest after the completion of the applicable three-year performance period and upon determination of achievement of the performance measures by the Compensation Committee of the Board of Directors, and unearned Target Shares are forfeited. The fair value of the Performance Awards granted are based on the closing price of the Company’s common stock on the grant date. Stock-based compensation expense is recognized ratably over the related service period reduced for estimated forfeitures of those awards not expected to vest due to employee turnover and adjusted based on the Company’s estimate of the percentage of the aggregate Target Shares expected to be earned. Typically, the Company accrues for Performance Awards on a 100 % payout unless it becomes probable that the outcome will be significantly different, or the performance can be accurately measured. • Option Awards provide the recipient with the option to purchase a set number of shares at a stated exercise price over the term of the contract, which is ten years for all Option Awards currently outstanding. Options are granted with a strike price equal to the stock price on the date of grant and vest ratably over the requisite service period of the award. The fair value of each Option Award is estimated on the grant date using the Black-Scholes option pricing model. The following table provides a summary of the Company’s stock-based compensation expense, which is included in Selling and administrative expense in the Condensed Consolidated Statements of Operations: 13 Weeks Ended (in thousands) April 28, 2023 April 29, 2022 Deferred awards $ 979 $ 1,555 Performance awards (1) — ( 71 ) Option awards 104 — Total stock-based compensation expense $ 1,083 $ 1,484 (1) For the 13 weeks ended April 28, 2023 based on actual and projected results relative to performance measures the Company is not recording an accrual for unvested Performance Awards. Net credit expense for the 13 weeks ended April 29, 2022 includes a reduction of the accrual for Performance Awards based on actual and projected results relative to performance measures. Deferred Awards The following table provides a summary of the Deferred Awards activity for the 13 weeks ended April 28, 2023: Deferred Awards (in thousands, except per share amounts) Number of Weighted Average Unvested deferred awards as of January 27, 2023 906 $ 16.46 Granted — — Vested ( 406 ) 12.39 Forfeited or expired ( 65 ) 21.00 Unvested deferred awards as of April 28, 2023 435 $ 19.57 Total unrecognized stock-based compensation expense related to unvested Deferred Awards was approximately $ 6.1 million as of April 28, 2023 , which is expected to be recognized ratably over a weighted average period of 1.8 years. The total fair value of Deferred Awards vested during the 13 weeks ended April 28, 2023 was $ 5.0 million. Performance Awards The following table provides a summary of the Performance Awards activity for the 13 weeks ended April 28, 2023: Performance Awards (in thousands, except per share amounts) Number of Weighted Average Unvested performance awards as of January 27, 2023 355 $ 24.39 Granted — — Vested — — Forfeited or expired ( 55 ) 24.33 Unvested performance awards as of April 28, 2023 300 $ 24.40 T here was no unrecognized stock-based compensation expense related to unvested Performance Awards as of April 28, 2023 based on actual and projected results relative to performance measures. Option Awards During the 13 weeks ended April 28, 2023 there was no Option Awards activity. The following table provides a summary of information about the Option Awards vested and expected to vest during the contractual term, as well as Option Awards exercisable as of April 28, 2023: (in thousands, except per share and contractual life amounts) Option Awards Weighted Weighted Aggregate Intrinsic Value Option Awards vested and expected to vest 511 5.74 $ 16.08 — Option Awards exercisable 343 3.88 $ 18.66 — Total unrecognized stock-based compensation expense related to Option Awards was approximately $ 1.0 million as of April 28, 2023 , which is expected to be recognized over a weighted average period of 2.6 years. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Apr. 28, 2023 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | NOTE 7. STOCKHOLDERS’ EQUITY Share Repurchase Program On June 28, 2022, the Company announced that its Board of Directors authorized the Company to repurchase up to $ 50.0 million of the Company’s common stock through February 2, 2024 (the “2022 Share Repurchase Program”). Under the 2022 Share Repurchase Program, the Company may repurchase its common stock through open market purchases, in privately negotiated transactions, or by other means in accordance with federal securities laws, including Rule 10b-18 of the Exchange Act. The amount and timing of purchases will be determined by the Company’s management depending upon market conditions and other factors and may be made pursuant to a Rule 10b5-1 trading plan. The 2022 Share Repurchase Program may be suspended or discontinued at any time. As of April 28, 2023 , additional purchases of up to $ 37.8 million could be made under the 2022 Share Repurchase Program. The following table summarizes the Company’s share repurchases for the 13 weeks ended April 28, 2023: 13 Weeks Ended (Shares and $ in thousands except average per share cost) April 28, 2023 April 29, 2022 Number of shares repurchased 430 — Total cost $ 3,772 $ — Average per share cost $ 8.77 $ — The Company retired all shares that were repurchased through the 2022 Share Repurchase Program during the 13 weeks ended April 28, 2023 . In accordance with the FASB ASC 505—Equity, the par value of the shares retired was charged against Common stock and the remaining purchase price was allocated between Additional paid-in capital and Retained earnings. The portion charged against Additional paid-in capital is determined based on the Additional paid-in capital per share amount recorded in the initial issuance of the shares with the remaining to Retained earnings. Shares purchased at a price less than that of initial issuance is charged only against Additional paid-in capital. In addition, the total cost of the broker commissions is charged directly to Retained earnings. No amount was charged to Retained earnings for the shares retired during the 13 weeks ended April 28, 2023 . |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Apr. 28, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | NOTE 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: (in thousands) April 28, 2023 April 29, 2022 January 27, 2023 Deferred gift card revenue $ 34,222 $ 32,015 $ 33,029 Reserve for sales returns and allowances 17,755 15,583 25,030 Accrued employee compensation and benefits 15,204 19,313 18,125 Deferred revenue 6,019 6,074 7,484 Accrued property, sales and other taxes 7,945 9,794 9,780 Other 7,071 7,998 13,308 Total Accrued expenses and other current liabilities $ 88,216 $ 90,777 $ 106,756 |
Lands' End Japan Closing
Lands' End Japan Closing | 3 Months Ended |
Apr. 28, 2023 | |
Restructuring And Related Activities [Abstract] | |
Lands' End Japan Closing | NOTE 9. LANDS’ END JAPAN CLOSING In July 2022, the Board of Directors approved a plan to cease operations of Lands’ End Japan KK, a subsidiary of Lands’ End, Inc. (“Lands’ End Japan”) by the end of Fiscal 2022. The dissolution of Lands’ End Japan was authorized and approved on January 31, 2023. Lands’ End Japan operations were reported in the Japan eCommerce operating segment in Fiscal 2022 and prior. For a discussion of this operating segment, see Note 13, Segment Reporting . The closing and subsequent disposal of the assets did not represent a strategic shift with a major effect on the consolidated financial condition. Accordingly, the closing of Lands’ End Japan was not presented in the Condensed Consolidated Financial Statements as discontinued operations. In Third Quarter 2022, the Company commenced recording one-time closing costs for employee severance and benefit costs, early termination and restoration costs of leased facilities and contract cancellation and other costs. During the 13 weeks ended April 28, 2023 , the Company recognized one-time closing costs for contract cancellation and other costs of approximately $ 79 thousand reported in Other operating expense, net in the Condensed Consolidated Statement of Operations. The following table summarizes accrued closing cost activity related to Lands’ End Japan included in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets: (in thousands) Employee Severance and Benefit Costs Leased Facilities Costs Other Closing Costs Total Balance as of July 29, 2022 $ — $ — $ — $ — Estimated costs payable in cash 2,812 749 347 3,908 Cash payments ( 2,076 ) ( 381 ) ( 379 ) ( 2,836 ) Foreign currency translation 331 104 49 484 Balance as of January 27, 2023 1,067 472 17 1,556 Estimated costs payable in cash — — 79 79 Cash payments ( 974 ) ( 141 ) ( 20 ) ( 1,135 ) Foreign currency translation ( 14 ) ( 14 ) — ( 28 ) Balance as of April 28, 2023 $ 79 $ 317 $ 76 $ 472 |
Fair Value Measurements of Fina
Fair Value Measurements of Financial Assets and Liabilities | 3 Months Ended |
Apr. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Financial Assets and Liabilities | NOTE 10. FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS AND LIABILITIES Restricted cash is reflected on the Condensed Consolidated Balance Sheets at fair value. The fair value of restricted cash was $ 2.1 million, $ 2.1 million, and $ 1.8 million as of April 28, 2023, April 29, 2022 and January 27, 2023, respectively, based on Level 1 inputs. Restricted cash amounts are valued based upon statements received from financial institutions. Carrying amounts and fair values of long-term debt, including current portion, in the Condensed Consolidated Balance Sheets are as follows: April 28, 2023 April 29, 2022 January 27, 2023 (in thousands) Carrying Fair Carrying Fair Carrying Fair Long-term debt, including current portion $ 240,625 $ 227,109 $ 254,375 $ 245,139 $ 244,063 $ 241,728 Long-term debt, including current portion, was valued by management utilizing Level 3 valuation techniques as of April 28, 2023, April 29, 2022 and January 27, 2023 . There were no nonfinancial assets or nonfinancial liabilities recognized at fair value on a nonrecurring basis as of April 28, 2023, April 29, 2022 and January 27, 2023 . |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 28, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11. INCOME TAXES Provision for Income Taxes At the end of each quarter, the Company estimates its effective income tax rate pursuant to ASC 740. The rate for the period consists of the tax rate expected to be applied for the full year to ordinary income adjusted for any discrete items recorded in the period. The Company recorded a tax benefit at an overall effective tax rate of 24.1 % for the 13 weeks ended April 28, 2023 , and a tax benefit at an overall effective tax rate of 42.3 % for the 13 weeks ended April 29, 2022. The overall effective tax rate for the 13 weeks ended April 28, 2023 is lower primarily due to the accounting for stock-based compensation. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 28, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is party to various claims, legal proceedings and investigations arising in the ordinary course of business. Some of these actions involve complex factual and legal issues and are subject to uncertainties. At this time, the Company is not able to either predict the outcome of these legal proceedings or reasonably estimate a potential range of loss with respect to the proceedings. While it is not feasible to predict the outcome of such pending claims, proceedings and investigations with certainty, management is of the opinion that their ultimate resolution should not have a material adverse effect on results of operations, cash flows or financial position taken as a whole. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 28, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 13. SEGMENT REPORTING For the 13 weeks ended April 28, 2023, the Company’s operating segments consisted of: U.S. eCommerce, Europe eCommerce, Outfitters, Third Party and Retail. During the 13 weeks ended April 29, 2022, the Company’s operating segments included Japan eCommerce. See Note 9, Lands’ End Japan Closing . The Company determined that each of the operating segments have similar economic and other qualitative characteristics, thus the results of the operating segments are aggregated into one external reportable segment. Lands’ End identifies five separate distribution channels for revenue reporting purposes: • U.S. eCommerce offers products through the Company’s eCommerce website. • International offers products primarily to consumers located in Europe and through eCommerce international websites and third-party affiliates. • Outfitters sells uniform and logo apparel to businesses and their employees, as well as to student households through school relationships, located primarily in the U.S. • Third Party sells the same products as U.S. eCommerce but direct to consumers through third-party marketplace websites and through domestic wholesale customers. • Retail sells products through Company Operated stores. Net revenue is presented by distribution channel in the following table: 13 Weeks Ended % of Net 13 Weeks Ended % of Net (in thousands) April 28, 2023 Revenue April 29, 2022 Revenue Net revenue: U.S. eCommerce $ 177,702 57.4 % $ 174,893 57.6 % International (1) 25,392 8.2 % 44,178 14.5 % Outfitters 73,969 23.9 % 53,962 17.8 % Third Party 22,989 7.4 % 21,642 7.1 % Retail 9,506 3.1 % 8,990 3.0 % Total Net revenue $ 309,558 $ 303,665 (1) T he 13 weeks ended April 29, 2022 includes Net revenue of $ 8.5 million from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closing . |
Revenue
Revenue | 3 Months Ended |
Apr. 28, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | NOTE 14. REVENUE Revenue includes sales of merchandise and delivery revenue related to merchandise sold. Substantially all of the Company’s revenue is recognized when control of product passes to customers, which for the U.S. eCommerce, International, Outfitters and Third Party distribution channels is when the merchandise is received by the customer and for the Retail distribution channel is at the time of sale in the store. The Company recognizes revenue, including shipping and handling fees billed to customers, in the amount expected to be received when control of the Company’s products transfers to customers, and is presented net of various forms of promotions, which range from contractually-fixed percentage price reductions to sales returns, discounts, and other incentives that may vary in amount. Variable amounts are estimated based on an analysis of historical experience and adjusted as better estimates become available. The Company’s revenue is disaggregated by distribution channel and geographic location. Revenue by distribution channel is presented in Note 13, Segment Reporting . Revenue by geographic location was: 13 Weeks Ended (in thousands) April 28, 2023 April 29, 2022 Net revenue: United States $ 280,404 $ 255,274 Europe 25,877 36,129 Asia (1) 157 8,697 Other 3,120 3,565 Total Net revenue $ 309,558 $ 303,665 (1) The 13 weeks ended April 29, 2022 includes Net revenue of $ 8.5 million from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closing . Contract Liabilities Contract liabilities consist of payments received in advance of the transfer of control to the customer. As products are delivered and control transfers, the Company recognizes the deferred revenue in Net revenue in the Condensed Consolidated Statements of Operations. The following table summarizes the deferred revenue associated with payments received in advance of the transfer of control to the customer, which is reported in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets, as well as amounts recognized through Net revenue for each period presented. The majority of deferred revenue as of April 28, 2023 is expected to be recognized in Net revenue in the fiscal quarter ending July 28, 2023, as products are delivered to customers. 13 Weeks Ended (in thousands) April 28, 2023 April 29, 2022 Deferred revenue beginning of period $ 7,484 $ 8,560 Deferred revenue recognized in period ( 7,270 ) ( 8,346 ) Revenue deferred in period 5,805 5,860 Deferred revenue end of period $ 6,019 $ 6,074 Revenue from gift cards is recognized when (i) the gift card is redeemed by the customer for merchandise, or (ii) as gift card breakage, an estimate of gift cards which will not be redeemed where the Company does not have a legal obligation to remit the value of the unredeemed gift cards to the relevant jurisdictions. Gift card breakage is recorded within Net revenue in the Condensed Consolidated Statements of Operations. Prior to their redemption, gift cards are recorded as a liability and included within Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. The liability is estimated based on expected breakage that considers historical patterns of redemption. The following table provides the reconciliation of the contract liability related to gift cards: 13 Weeks Ended (in thousands) April 28, 2023 April 29, 2022 Balance as of beginning of period $ 33,029 $ 33,070 Gift cards sold 15,616 14,628 Gift cards redeemed ( 13,635 ) ( 15,468 ) Gift card breakage ( 788 ) ( 215 ) Balance as of end of period $ 34,222 $ 32,015 Refund Liabilities Refund liabilities, primarily associated with product sales returns and retrospective volume rebates, represent variable consideration and are estimated and recorded as a reduction to Net revenue based on historical experience. As of April 28, 2023, April 29, 2022 and January 27, 2023 , $ 17.8 million, $ 15.6 million and $ 25.0 million, respectively, of refund liabilities, primarily associated with product returns, were reported in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. An asset for product returns is recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Apr. 28, 2023 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In March 2020, the FASB issued ASU 2020-04, Reference Reform Rate (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and modified by ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of Sunset Date of Topic 848, may be applied through December 31, 2024, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The guidance in ASU 2020-04 may be implemented over time as reference rate reform activities occur. The Company is currently evaluating the potential effects of this ASU, however, does not expect reference rate reform to have a material effect on its consolidated financial statements as the Company’s current Debt Facilities provide for the replacement of LIBOR with an alternative benchmark rate should LIBOR become unavailable. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Apr. 28, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Components of Basic and Diluted EPS | The following table summarizes the components of basic and diluted EPS: 13 Weeks Ended (in thousands, except per share amounts) April 28, 2023 April 29, 2022 Net loss $ ( 1,652 ) $ ( 2,371 ) Basic weighted average common shares outstanding 32,443 33,163 Dilutive effect of stock awards — — Diluted weighted average common shares outstanding 32,443 33,163 Basic loss per share $ ( 0.05 ) $ ( 0.07 ) Diluted loss per share $ ( 0.05 ) $ ( 0.07 ) |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Apr. 28, 2023 | |
Equity [Abstract] | |
Schedule of Other Comprehensive Income (Loss) | Other comprehensive income (loss) encompasses all changes in equity other than those arising from transactions with stockholders and is comprised solely of foreign currency translation adjustments. 13 Weeks Ended (in thousands) April 28, 2023 April 29, 2022 Beginning balance: Accumulated other comprehensive loss 4,525 and $ 3,361 , respectively) $ ( 17,022 ) $ ( 12,642 ) Other comprehensive income (loss): Foreign currency translation adjustments (net of tax of ($ 22 ) and $ 823 , respectively) 81 ( 3,094 ) Ending balance: Accumulated other comprehensive loss 4,503 and $ 4,184 , respectively) $ ( 16,941 ) $ ( 15,736 ) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Apr. 28, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Company's Maximum Borrowing Availability Under ABL Facility | The following table summarizes the Company’s ABL Facility borrowing availability: April 28, 2023 April 29, 2022 January 27, 2023 (in thousands) Amount Interest Rate Amount Interest Rate Amount Interest Rate ABL Facility Limit $ 275,000 $ 275,000 $ 275,000 Borrowing Base 245,179 238,134 274,354 Outstanding borrowings 100,000 6.89 % 125,000 1.84 % 100,000 6.27 % Outstanding letters of credit 9,095 14,619 10,557 ABL Facility utilization at end of period 109,095 139,619 110,557 ABL Facility borrowing availability $ 136,084 $ 98,515 $ 163,797 |
Schedule of Company's Long Term Debt | The Company’s long-term debt consisted of the following: April 28, 2023 April 29, 2022 January 27, 2023 (in thousands) Amount Interest Rate Amount Interest Rate Amount Interest Rate Term Loan Facility $ 240,625 14.77 % $ 254,375 10.76 % $ 244,063 14.13 % Less: Current portion of long-term debt 13,750 13,750 13,750 Less: Unamortized debt issuance costs 6,089 8,922 6,807 Long-term debt, net $ 220,786 $ 231,703 $ 223,506 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Apr. 28, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation Expense | The following table provides a summary of the Company’s stock-based compensation expense, which is included in Selling and administrative expense in the Condensed Consolidated Statements of Operations: 13 Weeks Ended (in thousands) April 28, 2023 April 29, 2022 Deferred awards $ 979 $ 1,555 Performance awards (1) — ( 71 ) Option awards 104 — Total stock-based compensation expense $ 1,083 $ 1,484 (1) For the 13 weeks ended April 28, 2023 based on actual and projected results relative to performance measures the Company is not recording an accrual for unvested Performance Awards. Net credit expense for the 13 weeks ended April 29, 2022 includes a reduction of the accrual for Performance Awards based on actual and projected results relative to performance measures. |
Summary of Deferred Awards Activity | The following table provides a summary of the Deferred Awards activity for the 13 weeks ended April 28, 2023: Deferred Awards (in thousands, except per share amounts) Number of Weighted Average Unvested deferred awards as of January 27, 2023 906 $ 16.46 Granted — — Vested ( 406 ) 12.39 Forfeited or expired ( 65 ) 21.00 Unvested deferred awards as of April 28, 2023 435 $ 19.57 |
Summary of Performance Awards Activity | The following table provides a summary of the Performance Awards activity for the 13 weeks ended April 28, 2023: Performance Awards (in thousands, except per share amounts) Number of Weighted Average Unvested performance awards as of January 27, 2023 355 $ 24.39 Granted — — Vested — — Forfeited or expired ( 55 ) 24.33 Unvested performance awards as of April 28, 2023 300 $ 24.40 T |
Summary of Information about Option Awards Vested and Expected to Vest | The following table provides a summary of information about the Option Awards vested and expected to vest during the contractual term, as well as Option Awards exercisable as of April 28, 2023: (in thousands, except per share and contractual life amounts) Option Awards Weighted Weighted Aggregate Intrinsic Value Option Awards vested and expected to vest 511 5.74 $ 16.08 — Option Awards exercisable 343 3.88 $ 18.66 — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Apr. 28, 2023 | |
Share Repurchase Program | |
Equity Class Of Treasury Stock [Line Items] | |
Summary of Share Repurchases | The following table summarizes the Company’s share repurchases for the 13 weeks ended April 28, 2023: 13 Weeks Ended (Shares and $ in thousands except average per share cost) April 28, 2023 April 29, 2022 Number of shares repurchased 430 — Total cost $ 3,772 $ — Average per share cost $ 8.77 $ — |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Apr. 28, 2023 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: (in thousands) April 28, 2023 April 29, 2022 January 27, 2023 Deferred gift card revenue $ 34,222 $ 32,015 $ 33,029 Reserve for sales returns and allowances 17,755 15,583 25,030 Accrued employee compensation and benefits 15,204 19,313 18,125 Deferred revenue 6,019 6,074 7,484 Accrued property, sales and other taxes 7,945 9,794 9,780 Other 7,071 7,998 13,308 Total Accrued expenses and other current liabilities $ 88,216 $ 90,777 $ 106,756 |
Lands' End Japan Closing (Table
Lands' End Japan Closing (Tables) | 3 Months Ended |
Apr. 28, 2023 | |
Restructuring And Related Activities [Abstract] | |
Summary of Accrued Closing Cost Activity Related to Lands' End Japan Included in Accrued Expenses and Other Current Liabilities in Condensed Consolidated Balance Sheets | The following table summarizes accrued closing cost activity related to Lands’ End Japan included in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets: (in thousands) Employee Severance and Benefit Costs Leased Facilities Costs Other Closing Costs Total Balance as of July 29, 2022 $ — $ — $ — $ — Estimated costs payable in cash 2,812 749 347 3,908 Cash payments ( 2,076 ) ( 381 ) ( 379 ) ( 2,836 ) Foreign currency translation 331 104 49 484 Balance as of January 27, 2023 1,067 472 17 1,556 Estimated costs payable in cash — — 79 79 Cash payments ( 974 ) ( 141 ) ( 20 ) ( 1,135 ) Foreign currency translation ( 14 ) ( 14 ) — ( 28 ) Balance as of April 28, 2023 $ 79 $ 317 $ 76 $ 472 |
Fair Value Measurements of Fi_2
Fair Value Measurements of Financial Assets and Liabilities (Tables) | 3 Months Ended |
Apr. 28, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Amounts and Fair Values of Long-term Debt, Including Current Portion | Carrying amounts and fair values of long-term debt, including current portion, in the Condensed Consolidated Balance Sheets are as follows: April 28, 2023 April 29, 2022 January 27, 2023 (in thousands) Carrying Fair Carrying Fair Carrying Fair Long-term debt, including current portion $ 240,625 $ 227,109 $ 254,375 $ 245,139 $ 244,063 $ 241,728 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 28, 2023 | |
Segment Reporting [Abstract] | |
Summary of Net Revenue by Distribution Channel | Net revenue is presented by distribution channel in the following table: 13 Weeks Ended % of Net 13 Weeks Ended % of Net (in thousands) April 28, 2023 Revenue April 29, 2022 Revenue Net revenue: U.S. eCommerce $ 177,702 57.4 % $ 174,893 57.6 % International (1) 25,392 8.2 % 44,178 14.5 % Outfitters 73,969 23.9 % 53,962 17.8 % Third Party 22,989 7.4 % 21,642 7.1 % Retail 9,506 3.1 % 8,990 3.0 % Total Net revenue $ 309,558 $ 303,665 (1) T he 13 weeks ended April 29, 2022 includes Net revenue of $ 8.5 million from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closing . |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Apr. 28, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregated of Revenue by Geographic Location | The Company’s revenue is disaggregated by distribution channel and geographic location. Revenue by distribution channel is presented in Note 13, Segment Reporting . Revenue by geographic location was: 13 Weeks Ended (in thousands) April 28, 2023 April 29, 2022 Net revenue: United States $ 280,404 $ 255,274 Europe 25,877 36,129 Asia (1) 157 8,697 Other 3,120 3,565 Total Net revenue $ 309,558 $ 303,665 (1) The 13 weeks ended April 29, 2022 includes Net revenue of $ 8.5 million from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closing . |
Summary of Deferred Revenue | The following table summarizes the deferred revenue associated with payments received in advance of the transfer of control to the customer, which is reported in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets, as well as amounts recognized through Net revenue for each period presented. The majority of deferred revenue as of April 28, 2023 is expected to be recognized in Net revenue in the fiscal quarter ending July 28, 2023, as products are delivered to customers. 13 Weeks Ended (in thousands) April 28, 2023 April 29, 2022 Deferred revenue beginning of period $ 7,484 $ 8,560 Deferred revenue recognized in period ( 7,270 ) ( 8,346 ) Revenue deferred in period 5,805 5,860 Deferred revenue end of period $ 6,019 $ 6,074 |
Reconciliation of Gift Card Contract Liability | The following table provides the reconciliation of the contract liability related to gift cards: 13 Weeks Ended (in thousands) April 28, 2023 April 29, 2022 Balance as of beginning of period $ 33,029 $ 33,070 Gift cards sold 15,616 14,628 Gift cards redeemed ( 13,635 ) ( 15,468 ) Gift card breakage ( 788 ) ( 215 ) Balance as of end of period $ 34,222 $ 32,015 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (1,652) | $ (2,371) |
Basic weighted average common shares outstanding | 32,443 | 33,163 |
Diluted weighted average common shares outstanding | 32,443 | 33,163 |
Basic loss per share | $ (0.05) | $ (0.07) |
Diluted loss per share | $ (0.05) | $ (0.07) |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Details) - shares | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive shares excluded from diluted weighted average shares outstanding | 1,188,876 | 1,427,987 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Equity [Abstract] | ||
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,525 and $3,361, respectively) | $ (17,022) | $ (12,642) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments (net of tax of ($22) and $823, respectively) | 81 | (3,094) |
Ending balance: Accumulated other comprehensive loss (net of tax of $4,503 and $4,184, respectively) | $ (16,941) | $ (15,736) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Schedule of Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 28, 2023 | Apr. 29, 2022 | Jan. 27, 2023 | Jan. 28, 2022 | |
Equity [Abstract] | ||||
Accumulated other comprehensive loss, tax | $ 4,503 | $ 4,184 | $ 4,525 | $ 3,361 |
Foreign currency translations adjustments, tax | $ (22) | $ 823 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) - Additional Information (Details) - USD ($) | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Equity [Abstract] | ||
Amounts reclassified from accumulated other comprehensive (loss) | $ 0 | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Details) | 3 Months Ended | |||||
May 12, 2023 | May 11, 2023 | Sep. 09, 2020 USD ($) | Apr. 28, 2023 USD ($) | Jan. 27, 2023 USD ($) | Apr. 29, 2022 USD ($) | |
ABL Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 275,000,000 | $ 275,000,000 | $ 275,000,000 | |||
Line of credit facility, available to barrow of facility limit | 275,000,000 | |||||
Borrowing under facility | $ 100,000,000 | 100,000,000 | 125,000,000 | |||
ABL Facility | Minimum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, maturity date | Jun. 09, 2025 | |||||
ABL Facility | Maximum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, maturity date | Jul. 29, 2026 | |||||
ABL Facility | Letter of Credit | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 70,000,000 | |||||
ABL Facility | Secured Debt | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, unused commitment fee percentage | 0.25% | |||||
Borrowing under facility | $ 100,000,000 | |||||
Line of credit facility, covenant terms, minimum percentage of loan cap amount | 10% | |||||
Line of credit facility, covenant terms, minimum excess credit availability | $ 15,000,000 | |||||
Line of credit facility, covenant terms, minimum fixed charge coverage ratio | 1 | |||||
ABL Facility | Secured Debt | LIBOR | ||||||
Line Of Credit Facility [Line Items] | ||||||
Variable rate spread on outstanding loans less than $95 million | 1.25% | |||||
Variable rate spread on outstanding loans equal to or greater than $95 million but less than $180 million | 1.50% | |||||
Variable rate spread on outstanding loans greater than or equal to $180 million | 1.75% | |||||
ABL Facility | Secured Debt | Base Rate | ||||||
Line Of Credit Facility [Line Items] | ||||||
Variable rate spread on outstanding loans less than $95 million | 0.50% | 0.50% | ||||
Variable rate spread on outstanding loans equal to or greater than $95 million but less than $180 million | 0.75% | 0.75% | ||||
Variable rate spread on outstanding loans greater than or equal to $180 million | 1% | 1% | ||||
ABL Facility | Secured Debt | One Month Adjusted SOFR | ||||||
Line Of Credit Facility [Line Items] | ||||||
Spread on variable rate | 1% | |||||
ABL Facility | Secured Debt | Adjusted SOFR | ||||||
Line Of Credit Facility [Line Items] | ||||||
Variable rate spread on outstanding loans less than $95 million | 1.25% | |||||
Variable rate spread on outstanding loans equal to or greater than $95 million but less than $180 million | 1.50% | |||||
Variable rate spread on outstanding loans greater than or equal to $180 million | 1.75% | |||||
Spread on variable rate | 0.10% | |||||
Percentage of benchmark floor rate | 0% | |||||
Term Loan Facility | ||||||
Line Of Credit Facility [Line Items] | ||||||
Secured debt | $ 275,000,000 | $ 240,625,000 | $ 244,063,000 | $ 254,375,000 | ||
Debt origination fees | $ 5,100,000 | |||||
Percentage of original issue discount | 3% | |||||
Percentage of prepayment premium to voluntary prepayments and mandatory prepayments | 3% | |||||
Prepayments premium 3% payment start date | Sep. 09, 2022 | |||||
Prepayments premium 3% payment end date | Sep. 09, 2023 | |||||
Percentage of prepayments made | 1% | |||||
Prepayments 1% premium payment start date | Sep. 09, 2023 | |||||
Prepayments 1% premium payment end date | Sep. 09, 2024 | |||||
Term Loan Facility | Fortress Credit Corp | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, amortization rate | 1.25% | |||||
Term Loan Facility | Secured Debt | Minimum | ||||||
Line Of Credit Facility [Line Items] | ||||||
Federal funds rate | 0% | |||||
Term Loan Facility | Secured Debt | Minimum | Fortress Credit Corp | ||||||
Line Of Credit Facility [Line Items] | ||||||
Mandatory prepayment terms, amount equal to borrowers' excess cash flows, percentage | 0% | |||||
Term Loan Facility | Secured Debt | Maximum | Fortress Credit Corp | ||||||
Line Of Credit Facility [Line Items] | ||||||
Mandatory prepayment terms, amount equal to borrowers' excess cash flows, percentage | 75% | |||||
Term Loan Facility | Secured Debt | Federal Funds Rate | ||||||
Line Of Credit Facility [Line Items] | ||||||
Spread on variable rate | 0.50% | 0.50% | 0.50% | |||
Term Loan Facility | Secured Debt | One Month LIBOR | ||||||
Line Of Credit Facility [Line Items] | ||||||
Spread on variable rate | 1% | 1% | ||||
Term Loan Facility | Secured Debt | Adjusted LIBOR | ||||||
Line Of Credit Facility [Line Items] | ||||||
Spread on variable rate | 0% | 9.75% | ||||
Minimum LIBOR rate | 1% | |||||
Term Loan Facility | Secured Debt | Alternate Base Rate | ||||||
Line Of Credit Facility [Line Items] | ||||||
Spread on variable rate | 8.75% |
Debt - Summary of Company's Max
Debt - Summary of Company's Maximum Borrowing Availability Under ABL Facility (Details) - ABL Facility - USD ($) | 3 Months Ended | 12 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | Jan. 27, 2023 | |
Line Of Credit Facility [Line Items] | |||
ABL Facility maximum borrowing | $ 275,000,000 | $ 275,000,000 | $ 275,000,000 |
Borrowing base | 245,179,000 | 238,134,000 | 274,354,000 |
Less: Outstanding borrowings | 100,000,000 | 125,000,000 | 100,000,000 |
Less: Outstanding letters of credit | 9,095,000 | 14,619,000 | 10,557,000 |
Utilization of ABL Facility at end of period | 109,095,000 | 139,619,000 | 110,557,000 |
Borrowing availability under ABL Facility | $ 136,084,000 | $ 98,515,000 | $ 163,797,000 |
Interest Rate | 6.89% | 1.84% | 6.27% |
Debt - Schedule of Company's Lo
Debt - Schedule of Company's Long Term Debt (Details) - USD ($) $ in Thousands | Apr. 28, 2023 | Jan. 27, 2023 | Apr. 29, 2022 | Sep. 09, 2020 |
Line Of Credit Facility [Line Items] | ||||
Less: Current portion of long-term debt | $ 13,750 | $ 13,750 | $ 13,750 | |
Less: Unamortized debt issuance costs | 6,089 | 6,807 | 8,922 | |
Long-term debt, net | 220,786 | 223,506 | 231,703 | |
Term Loan Facility | ||||
Line Of Credit Facility [Line Items] | ||||
Secured debt | $ 240,625 | $ 244,063 | $ 254,375 | $ 275,000 |
Debt instrument, interest rate, stated percentage | 14.77% | 14.13% | 10.76% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) | 3 Months Ended |
Apr. 28, 2023 USD ($) shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Target shares earned | 100% |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Target shares earned | 50% |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Target shares earned | 200% |
Deferred Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 3 years |
Compensation expense not yet recognized | $ 6,100,000 |
Compensation expense not yet recognized, recognition period | 1 year 9 months 18 days |
Fair value of awards, vested | $ 5,000,000 |
Performance Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period | 3 years |
Compensation expense not yet recognized | $ 0 |
Option Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options awards expiration period | 10 years |
Compensation expense not yet recognized, recognition period | 2 years 7 months 6 days |
Options award activity | shares | 0 |
Compensation expense not yet recognized | $ 1,000,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | $ 1,083 | $ 1,484 |
Deferred Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | 979 | 1,555 |
Performance Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | $ (71) | |
Option Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation | $ 104 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Deferred Awards Activity (Details) - Deferred Awards shares in Thousands | 3 Months Ended |
Apr. 28, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Unvested deferred awards at beginning of year | shares | 906 |
Number of Shares, Vested | shares | (406) |
Number of Shares, Forfeited | shares | (65) |
Number of Shares, Unvested deferred awards at end of quarter | shares | 435 |
Weighted Average Grant Date Fair Value, Unvested awards at beginning of year | $ / shares | $ 16.46 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 12.39 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 21 |
Weighted Average Grant Date Fair Value, Unvested awards at end of year | $ / shares | $ 19.57 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Performance Awards Activity (Details) - Performance Awards | 3 Months Ended |
Apr. 28, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Unvested deferred awards at beginning of year | shares | 355,000 |
Number of Shares, Forfeited | shares | (55,000) |
Number of Shares, Unvested deferred awards at end of quarter | shares | 300,000 |
Weighted Average Grant Date Fair Value, Unvested awards at beginning of year | $ / shares | $ 24.39 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 24.33 |
Weighted Average Grant Date Fair Value, Unvested awards at end of year | $ / shares | $ 24.40 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Information about Option Awards Vested and Expected to Vest (Details) - Option Awards | 3 Months Ended |
Apr. 28, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Option Awards, Option Awards vested and expected to vest | shares | 511,000 |
Option Awards, Option Awards exercisable | shares | 343,000 |
Weighted Average Remaining Contractual Life (Years), Option Awards vested and expected to vest | 5 years 8 months 26 days |
Weighted Average Remaining Contractual Life (Years), Option Awards vested and expected to vest, Option Awards exercisable | 3 years 10 months 17 days |
Weighted Average Exercise Price, Option Awards vested and expected to vest | $ / shares | $ 16.08 |
Weighted Average Exercise Price, Option Awards exercisable | $ / shares | $ 18.66 |
Stockholders Equity - Additiona
Stockholders Equity - Additional Information (Details) - USD ($) | 3 Months Ended | |
Jun. 28, 2022 | Apr. 28, 2023 | |
Equity Class Of Treasury Stock [Line Items] | ||
Stock repurchased and retired during period, value | $ 3,781,000 | |
2022 Share Repurchase Program | ||
Equity Class Of Treasury Stock [Line Items] | ||
Stock repurchase program, authorized amount | $ 50,000,000 | |
Stock repurchase program expiration date | Feb. 02, 2024 | |
Stock repurchase program, additional purchases could be made | 37,800,000 | |
2022 Share Repurchase Program | Retained Earnings | ||
Equity Class Of Treasury Stock [Line Items] | ||
Stock repurchased and retired during period, value | $ 0 |
Stockholder' Equity - Summary o
Stockholder' Equity - Summary of Share Repurchases (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Apr. 28, 2023 USD ($) $ / shares shares | |
Equity Class Of Treasury Stock [Line Items] | |
Total cost | $ 3,781 |
Share Repurchase Program | |
Equity Class Of Treasury Stock [Line Items] | |
Number of shares repurchased | shares | 430 |
Total cost | $ 3,772 |
Average per share cost | $ / shares | $ 8.77 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 28, 2023 | Jan. 27, 2023 | Apr. 29, 2022 | Jan. 28, 2022 |
Other Liabilities Current [Abstract] | ||||
Deferred gift card revenue | $ 34,222 | $ 33,029 | $ 32,015 | $ 33,070 |
Reserve for sales returns and allowances | 17,755 | 25,030 | 15,583 | |
Accrued employee compensation and benefits | 15,204 | 18,125 | 19,313 | |
Deferred revenue | 6,019 | 7,484 | 6,074 | |
Accrued property, sales and other taxes | 7,945 | 9,780 | 9,794 | |
Other | 7,071 | 13,308 | 7,998 | |
Total Accrued expenses and other current liabilities | $ 88,216 | $ 106,756 | $ 90,777 |
Lands' End Japan Closing - Addi
Lands' End Japan Closing - Additional Information (Details) $ in Thousands | 3 Months Ended |
Apr. 28, 2023 USD ($) | |
Other Operating Expense (Income) | |
Restructuring Cost And Reserve [Line Items] | |
One-time closing costs | $ 79 |
Lands' End Japan Closing- Summa
Lands' End Japan Closing- Summary of Accrued Closing Cost Activity Related to Lands' End Japan Included in Accrued Expenses and Other Current Liabilities in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Apr. 28, 2023 | Jan. 27, 2023 | |
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | $ 1,556 | |
Estimated costs payable in cash | 79 | $ 3,908 |
Cash payments | (1,135) | (2,836) |
Foreign currency translation | (28) | 484 |
Ending balance | 472 | 1,556 |
Employee Severance and Benefit Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 1,067 | |
Estimated costs payable in cash | 2,812 | |
Cash payments | (974) | (2,076) |
Foreign currency translation | (14) | 331 |
Ending balance | 79 | 1,067 |
Leased Facilities Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 472 | |
Estimated costs payable in cash | 749 | |
Cash payments | (141) | (381) |
Foreign currency translation | (14) | 104 |
Ending balance | 317 | 472 |
Other Closing Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 17 | |
Estimated costs payable in cash | 79 | 347 |
Cash payments | (20) | (379) |
Foreign currency translation | 49 | |
Ending balance | $ 76 | $ 17 |
Fair Value Measurements of Fi_3
Fair Value Measurements of Financial Assets and Liabilities - Additional Information (Details) - USD ($) | Apr. 28, 2023 | Jan. 27, 2023 | Apr. 29, 2022 |
Nonrecurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Nonfinancial assets fair value disclosure | $ 0 | $ 0 | $ 0 |
Nonfinancial liabilities fair value disclosure | 0 | 0 | 0 |
Fair Value | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Restricted cash fair value | $ 2,100,000 | $ 1,800,000 | $ 2,100,000 |
Fair Value Measurements of Fi_4
Fair Value Measurements of Financial Assets and Liabilities - Schedule of Carrying Amounts and Fair Values of Long-term Debt, Including Current Portion (Details) - USD ($) $ in Thousands | Apr. 28, 2023 | Jan. 27, 2023 | Apr. 29, 2022 |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | $ 240,625 | $ 244,063 | $ 254,375 |
Fair Value | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including current portion | $ 227,109 | $ 241,728 | $ 245,139 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Income Tax Examination [Line Items] | ||
Effective income tax expense (benefit), percentage | (24.10%) | (42.30%) |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 3 Months Ended |
Apr. 28, 2023 Segment Channel | |
Segment Reporting [Abstract] | |
Number of external reportable segment | Segment | 1 |
Number of distribution channels for revenue reporting purposes | Channel | 5 |
Segment Reporting - Summary of
Segment Reporting - Summary of Net Revenue by Distribution Channel (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | ||
Segment Reporting Information [Line Items] | |||
Net revenue | $ 309,558 | $ 303,665 | |
US eCommerce | |||
Segment Reporting Information [Line Items] | |||
Net revenue | $ 177,702 | $ 174,893 | |
Percentage of net revenue | 57.40% | 57.60% | |
International | |||
Segment Reporting Information [Line Items] | |||
Net revenue | [1] | $ 25,392 | $ 44,178 |
Percentage of net revenue | 8.20% | 14.50% | |
Outfitters | |||
Segment Reporting Information [Line Items] | |||
Net revenue | $ 73,969 | $ 53,962 | |
Percentage of net revenue | 23.90% | 17.80% | |
Third Party | |||
Segment Reporting Information [Line Items] | |||
Net revenue | $ 22,989 | $ 21,642 | |
Percentage of net revenue | 7.40% | 7.10% | |
Retail | |||
Segment Reporting Information [Line Items] | |||
Net revenue | $ 9,506 | $ 8,990 | |
Percentage of net revenue | 3.10% | 3% | |
[1] he 13 weeks ended April 29, 2022 includes Net revenue of $ 8.5 million from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closing . |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Net Revenue by Distribution Channel (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Segment Reporting Information [Line Items] | ||
Net revenue | $ 309,558 | $ 303,665 |
Japan eCommerce | ||
Segment Reporting Information [Line Items] | ||
Net revenue | $ 8,500 |
Revenue - Disaggregated of Reve
Revenue - Disaggregated of Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 28, 2023 | Apr. 29, 2022 | ||
Disaggregation of Revenue [Line Items] | |||
Net revenue | $ 309,558 | $ 303,665 | |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | 280,404 | 255,274 | |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | 25,877 | 36,129 | |
Asia | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | [1] | 157 | 8,697 |
Other Geographical Location | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue | $ 3,120 | $ 3,565 | |
[1] The 13 weeks ended April 29, 2022 includes Net revenue of $ 8.5 million from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closing . |
Revenue - Disaggregated of Re_2
Revenue - Disaggregated of Revenue by Geographic Location (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Net revenue | $ 309,558 | $ 303,665 |
Japan eCommerce | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenue | $ 8,500 |
Revenue - Summary of Deferred R
Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Revenue From Contract With Customer [Abstract] | ||
Deferred revenue beginning of period | $ 7,484 | $ 8,560 |
Deferred revenue recognized in period | (7,270) | (8,346) |
Revenue deferred in period | 5,805 | 5,860 |
Deferred revenue end of period | $ 6,019 | $ 6,074 |
Revenue - Reconciliation of Gif
Revenue - Reconciliation of Gift Card Contract Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 28, 2023 | Apr. 29, 2022 | |
Revenue From Contract With Customer [Abstract] | ||
Balance as of beginning of period | $ 33,029 | $ 33,070 |
Gift cards sold | 15,616 | 14,628 |
Gift cards redeemed | (13,635) | (15,468) |
Gift card breakage | (788) | (215) |
Balance as of end of period | $ 34,222 | $ 32,015 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | Apr. 28, 2023 | Jan. 27, 2023 | Apr. 29, 2022 |
Accrued Expenses and Other Current Liabilities | |||
Deferred Revenue Arrangement [Line Items] | |||
Refund liabilities | $ 17.8 | $ 25 | $ 15.6 |