A famous clothing retailer now begins unexpected layoffs, affecting the company’s corporate workforce.
Lands’ End Chief Financial Officer Bernie McCracken during the retailer’s fourth-quarter earnings call Wednesday announced that the company “executed a high single-digit percent reduction in corporate headcount in January.”
The job cuts, along with earlier changes in its sourcing organization, represent a total reduction of about 10% of corporate headcount.
Fourth-quarter net revenue at Lands’ End fell nearly 3% year over year to $515 million from $530 million last year, the company said in an earnings announcement.
The company posted a quarterly net loss of $8.6 million.
Gross profit for Q4 was $195.4 million, a 13.5% increase from $172.1 million a year ago.
Net revenue for the year was down 5.3% year over year to $1.47 billion versus $1.56 billion a year earlier.
The company reported a net loss of $130.7 million from $12.5 million last year and a gross profit of $625.5 million, up 5.3%, from $593.8 million a year earlier.
The layoffs came as Lands’ End faced growing losses and declining sales in the fourth quarter.
Global e-commerce revenue for the year decreased 7.1% to $1 billion. Excluding Lands’ End Japan, which the company closed at the end of 2022, global e-commerce decreased 4.3%.
E-commerce net revenue for the U.S. fell by 2.7%.
However, the company said its exclusive swim offering in 200 Target stores is performing well and that it plans to add “a couple of elevated partners” to its roster in the future, CEO Andrew McLean said Wednesday.
“There’s one [partner] we’re hoping to talk about in the next few months, and I think at the same time, it’s about continuing to work with the partners we’ve got.”
For more news and updates like this, opt-in for push notifications.
Also Read: A Massive Chain with 6,805 Locations Now Begins To Close
Other Economy News Today
A beloved retailer with 600 outlets now announces an unexpected closure of one of its major locations in California.
Barnes & Noble announced that they are closing down its Merced, California location, which is said to be one of the biggest stores in the city.
The 21,714-square-foot store’s final day will be May 12, according to the manager.
The Barnes & Noble store almost shut down in 2013, before the landlord agreed to reduce the lease to allow it to stay open, reports The-Sun.
Members of the community were shocked to hear the news of the bookstore’s closing.
“It’s my understanding that they will be putting up ‘store closing’ signs relatively soon and closing up,” Merced Mayor Matthew Serratto told Merced Sun-Star.
“It’s terrible news. You want to see all businesses thrive in our community, especially a store like that which provides a valuable service.”
Merced City Council Member Sarah Boyle also revealed she was heartbroken by the closure.
“I’m extremely sad to hear the news,” Boyle said.
“Part of it is because I actually worked there while I was going to Merced College back in 2010 before transferring to Fresno State.”
“Some of the people I worked with are still there today. Now that I’m in the capacity of city council, I’m disheartened to hear it’s happening.”
After hearing about the news, Boyle reached out to the managers of the location, where they revealed that Barnes & Noble would love to find another location in the area.
“My hope that this is a similar situation to Best Buy, when they closed and eventually opened another store in Merced,” Boyle said.
“Talking to the local manager, Barnes & Noble wants to stay in Merced.
What I’ve been told is they still want to be in the Merced market.
They never wanted to close. They have to find another, smaller location that suits them.”
For more news and updates like this, opt-in for push notifications.
Also Read: A Giant Company Now Announces Unexpected Layoffs in Maryland
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.