Lands' End (NASDAQ:LE) has reported its financial results for the second quarter of the fiscal year 2024.
The company witnessed a slight dip in net revenue, which totaled $317.2 million compared to $323.3 million in the same period last year.
Despite this decrease, Lands' End highlighted significant enhancements in its profitability metrics.
The apparel retailer saw its gross profit increase by 8.8% to $151.9 million, with a substantial gross margin expansion of approximately 470 basis points.
The company also achieved its sixth consecutive quarter of improved inventory levels.
The net loss for the quarter was reduced to $5.3 million, or $0.17 per diluted share, down from a net loss of $8 million, or $0.25 per diluted share, reported in the second quarter of the previous fiscal year.
Adjusted EBITDA also showed improvement, rising to $17.1 million from $15.8 million in the prior year's quarter.
Looking ahead, Lands' End has set its revenue expectations for the third quarter of fiscal 2024 to range between $300 million and $340 million.
As of the time of writing this report, Lands' End's share price stood at $15.11, down over 1% in early trading.