8-K

LANDS' END, INC. (LE)

8-K 2023-01-09 For: 2023-01-09
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Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGECOMMISSION

WASHINGTON, D.C. 20549

FORM

8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) ofthe

Securities Exchange Act of 1934

Date of report (Date of earliest event reported):January 9, 2023

LANDS'

END, INC.

**(**ExactName of Registrant as Specified in its Charter)

Delaware 001-09769 36-2512786
(State or other jurisdiction ofincorporation) (Commission File Number) (IRS EmployerIdentification No.)
1 Lands’ End Lane<br><br> <br>Dodgeville, Wisconsin 53595
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(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including

area code: (608) 935-9341

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of theAct:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share LE The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01 Regulation FD Disclosure.

As previously announced, on January 10, 2023, Lands’ End, Inc. (the “Company”) is participating in a fireside chat at the 25^th^ Annual ICR Conference. The Company plans to make the investor presentation substantially in the form included as Exhibit 99.1 hereto and incorporated herein by reference (the “Investor Presentation”) available on its website at http://investors.landsend.com prior to the fireside chat and may use it in meetings with investors, analysts and others.

The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this Item 7.01, including Exhibit 99.1 hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The furnishing of this information shall not be deemed an admission as to the materiality of any such information.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number Description
99.1 Investor Presentation
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE


Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LANDS' END, INC.
Date: January 9, 2023 By: /s/ Peter L. Gray
Name: Peter L. Gray
Title: Executive Vice President, Chief Administrative Officer and General Counsel

Exhibit 99.1

JANUARY 6260623<br>Investor Presentation
2<br>This presentation contains forward<br>-<br>looking statements that involve risks and uncertainties, including statements regarding the C<br>ompany’s opportunities for growth and value creation, ability to build, positioning for long<br>long<br>-<br>term success, focus on growing and retaining its customer base, ability to capitalize on its strengths, simplify its approa<br>ch and drive profitability, the potential of new customers and prospect, understanding of<br>customer needs, ability to retain customers, efficiency of targeted print and digital campaigns, ability to leverage customer<br>pu<br>rchasing history, first party online interactions, and third party behaviors and demographics,<br>providing a great shopping experience, continued digital innovation by way of artificial intelligence & machine learning, enh<br>anc<br>ed mobile customer experience, and strategic infrastructure advancements, projections<br>relating customer care and self<br>-<br>service, continued shifts of commerce and social shopping increases, plans for the Company’s Ent<br>erprise Order Management system, Warehouse Management System and PLM and their<br>projected impact, focus on driving brand expansion and profitability, the ability to find partners who can accelerate brand r<br>eac<br>h, minimize capital expense and drive profitability, the pursuit of growth opportunities and<br>licensing, the ability to expand on third party online marketplaces and build collaborations to drive engagement with new and<br>ex<br>isting customers, opportunities for growth and value creation, leveraging data and analytics to<br>engage existing and new customers, and the Company’s positioning for long term success. The following important factors and u<br>nce<br>rtainties, among others, could cause actual results to differ materially from those<br>described in these forward<br>-<br>looking statements: global supply chain challenges have resulted in a significant increase in inbound<br>transportation costs and delays in receiving product over the past year; further disruption in<br>the Company’s supply chain, including with respect to its distribution centers, third<br>-<br>party manufacturing partners and logistics<br>partners, caused by limits in freight capacity, increases in transportation costs, port<br>congestion, other logistics constraints, and closure of certain manufacturing facilities and production lines due to COVID<br>-<br>19 an<br>d other global economic conditions; the impact of global economic conditions, including<br>inflation, on consumer discretionary spending; the impact of COVID<br>-<br>19 on operations, customer demand and the Company’s supply ch<br>ain, as well as its consolidated results of operation, financial position and cash flows;<br>the Company may be unsuccessful in implementing its strategic initiatives, or its initiatives may not have their desired impa<br>ct<br>on its business; the Company’s ability to offer merchandise and services that customers want to<br>purchase; changes in customer preference from the Company’s branded merchandise; the Company’s results may be materially impa<br>cte<br>d if tariffs on imports to the United States increase and it is unable to offset the<br>increased costs from current or future tariffs through pricing negotiations with its vendor base, moving production out of co<br>unt<br>ries impacted by the tariffs, passing through a portion of the cost increases to the customer, or<br>other savings opportunities; customers’ use of the Company’s digital platform, including customer acceptance of its efforts t<br>o e<br>nhance its eCommerce websites, including the Outfitters website; customer response to the<br>Company’s marketing efforts across all types of media; the Company’s maintenance of a robust customer list; the Company’s ret<br>ail<br>store strategy may be unsuccessful; the Company’s Third Party channel may not develop<br>as planned or have its desired impact; the Company’s dependence on information technology and a failure of information techno<br>log<br>y systems, including with respect to its eCommerce operations, or an inability to upgrade<br>or adapt its systems; fluctuations and increases in costs of raw materials as well as fluctuations in other production and di<br>str<br>ibution<br>-<br>related costs; impairment of the Company’s relationships with its vendors; the Company’s<br>failure to maintain the security of customer, employee or company information; the Company’s failure to compete effectively i<br>n t<br>he apparel industry; legal, regulatory, economic and political risks associated with<br>international trade and those markets in which the Company conducts business and sources its merchandise; the Company’s failu<br>re<br>to protect or preserve the image of its brands and its intellectual property rights;<br>increases in postage, paper and printing costs; failure by third parties who provide the Company with services in connection<br>wit<br>h certain aspects of its business to perform their obligations; the Company’s failure to timely<br>and effectively obtain shipments of products from its vendors and deliver merchandise to its customers; reliance on promotion<br>s a<br>nd markdowns to encourage customer purchases; the Company’s failure to efficiently<br>manage inventory levels; unseasonal or severe weather conditions; the adverse effect on the Company’s reputation if its indep<br>end<br>ent vendors do not use ethical business practices or comply with applicable laws and<br>regulations; assessments for additional state taxes; incurrence of charges due to impairment of goodwill, other intangible as<br>set<br>s and long<br>-<br>lived assets; the impact on the Company’s business of adverse worldwide<br>economic and market conditions, including inflation and other economic factors that negatively impact consumer spending on di<br>scr<br>etionary items; the ability of the Company’s principal stockholders to exert substantial<br>influence over the Company; and other risks, uncertainties and factors discussed in the “Risk Factors” section of the Company<br> ’s<br>Annual Report on Form 10<br>-<br>K for the fiscal year ended January 28, 2022. The Company<br>intends the forward<br>-<br>looking statements to speak only as of the time made and does not undertake to update or revise them as more<br>information becomes available, except as required by law.<br>Forward Looking Statements
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Lands’ End is an iconic American brand with two<br>profitable, digitally<br>-<br>enabled e<br>-<br>commerce<br>businesses, deep customer relationships and many<br>opportunities for growth and value creation.<br>Key Investment Highlights<br>We have a tremendously<br>loyal customer base<br>with an<br>average tenure of more than 18<br>years who come back to Lands’<br>End time and again for our<br>broad product portfolio.<br>The use o6f ou6r existing buye6r 6file (cu6r6rently<br>~7 million custome6rs) enables mo6re tailo6red<br>p6roduct me6rchandising decisions and<br>customized, automated ma6rketing<br>campaigns enabled by machine lea6rning.<br>Ou6r consume6r business 6reaches consume6rs<br>whe6re they a6re:<br>LandsEnd.com<br>, Company<br>sto6res and th6rough pa6rtne6rs like Kohl’s,<br>Amazon and Ta6rget.<br>Lands’ End Out6fitte6rs se6rves businesses o6f<br>all sizes and ove6r 4,500 schools ac6ross the<br>US.<br>We are digitally driven,<br>leveraging our proprietary data<br>and analytics to engage existing<br>and new<br>-<br>to<br>-<br>brand customers<br>while building on our DTC roots.<br>We have successfully e<br>xecuted<br>on our strategy to<br>drive<br>growth, improve profitability<br>and invest in infrastructure<br>,<br>resulting in the Company<br>realizing operating efficiencies.<br>2017<br> –<br>2021 US e<br>-<br>comme6rce Revenue<br>CAGR o6f 7% and adjusted EBITDA CAGR o6f<br>20%. 2022 6results we6re a6f6fected by<br>mac6roeconomic 6facto6rs and global supply<br>chain dis6ruption, but<br>Lands’ End is well<br>-<br>positioned for long<br>-<br>term success.<br>3
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4<br>Our Brand<br>Every day comfort<br>OUR PURPOSE<br>An American family lifestyle brand.<br>Inspired by life lived with purpose.<br>OUR POSITIONING<br>Timeless Quality. Products with Purpose.<br>Trusted Service. Family Spirit.<br>OUR CORE VALUES<br>Product innovation. Direct Merchant value. Functionally<br>Superior. Inspired by a focus on customer and employee first.<br>OUR DIFFERENCE<br>Why we do what we do.<br>Where we stand in the marketplace.<br>What we do.<br>How we do what we do.
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5<br>Own the vacation<br>#1 Online Retaile6r in women’s swim.<br>#2 Online Retaile6r in total swim.<br>Source: NPD 12 months through October 31, 2022<br>Own the weather<br>We o6f6fe6r a 366rnc~f5 day oute6rwea6r collection 6featu6ring all<br>-<br>weathe6r p6rotection, wa6rm/wa6rme6r/wa6rmest<br>designations, and indust6ry<br>-<br>leading value.<br>#66 Online Retaile6r in coats 6fo6r the 6family.<br>Own the fit<br>We d<br>6rive loyalty and 6rebuy th6rough tops<br>and<br>bottoms.<br>40% o6f ou6r custome6rs wea6r extended sizes (plus,<br>petite, tall, big & tall, mastectomy and mo6re).<br>Co6re demog6raphic 6rates Lands’ End #4 in 6fit within<br>T6rueFit’s<br>netwo6rk o6f 10,000 b6rands.<br>Our Competitive Advantages
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6<br>As we embark on<br>the<br>next phase of our<br>strategy, we aim to<br>capitalize on our<br>strengths, simplify our approach<br>and<br>drive profitability.<br>Ou6r m<br>e6rchandising<br>st6rategy is 6focused on<br>growing key items, categories and franchises:<br>We lead with a<br>d<br>igitally<br>-<br>native<br>cultu6re and app6roach.<br>Product<br>Digital<br>Customer<br>Focused on Three<br>Strategic Pillars<br>Swimwear<br>Outerwear<br>Bottoms<br>School/Business<br>Uniforms<br>94% of our online<br>business is done with a<br>click.<br>We leverage data to<br>attract and retain<br>customers.<br>We leverage<br>AI<br>to<br>inform marketing and<br>promotion tactics.<br>Our conversion rate is<br>consistently<br>greater<br>than 62x<br>apparel<br>industry norms.<br>We are focused on<br>growing and retaining our loyal customer base<br>of ~7 million. Our average customer has<br>shopped with our brand<br>for more than<br>18 years.
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7<br>Women<br>31%<br>Men<br>16%<br>Swim<br>19%<br>Kids<br>4<br>%<br>Home<br>9<br>%<br>Outerwear<br>14<br>%<br>Footwear &<br>Accessories<br>7<br>%<br>We m<br>eet<br>our customers where they are and serve the whole family.<br>US eCommerce<br>63%<br>Retail<br>3<br>%<br>Outfitters<br>16%<br>Third Party<br>5<br>%<br>Kohl’s, Amazon and others<br>International<br>eCommerce<br>14<br>%<br>Our Business<br>US eCommerce Product Splits. All figures based on 2021 performance.
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Lands’ End Outfitters provides<br>a compelling opportunity to reach new customers.<br>4,500 schools cu6r6rently pa6rtne6ring with Lands’<br>End ac6ross the US.<br>~<br>12% o6f US p6rivate school ma6rket.<br>Full 6range o6f school uni6fo6rm items available.<br>Collabo6rating with la6rge businesses to delive6r high<br>quality uni6fo6rm solutions unde6r multi<br>-<br>yea6r<br>cont6racts.<br>150,000 accounts cu6r6rently pa6rtne6ring with Lands’ End<br>ac6ross the US with 22,000 unique online sto6re6f6ronts.<br>Focus on business un<br>i6fo6rms<br>and othe6r customized,<br>company<br>-<br>b6randed goods such as luggage, d6rinkwa6re,<br>stationa6ry and leisu6re p6roducts.<br>School Uniform<br>Small & Mid<br>-<br>sized Businesses<br>National Accounts<br>Differentiation with B2B Offering<br>8
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Our<br>existing customers<br>are<br>extremely<br>valuable to Lands’ End.<br>Our<br>new customers and prospects<br>have high potential.<br>81% female<br>Average age 59<br>College educated<br>More affluent<br>Married and more likely to have<br>children at home<br>Household income +209% vs.<br>US population<br>Existing customers spend +100% more in a year than new<br>-<br>to<br>-<br>brand customers.<br>70% female<br>Average age 49<br>College educated<br>Affluent<br>More than half are single<br>Less than half have children at<br>home<br>Fit is absolutely critical to this customer as their changing<br>body is a primary concern.<br>Customer Attribute Source: Acxiom, addressable US population<br>9<br>As a digital company,<br>we target behaviors, not specific demographics.<br>We prioritize high<br>-<br>value audiences rather<br>than broad ones.<br>We Know our Customers
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Lands’ End shows up<br>when the<br>customer is ready to buy.<br>New customers are primarily acquired via<br>search<br>channels.<br>We retain her with relevant contacts such as<br>catalogs<br>and<br>connected digital campaigns.<br>Social<br>is increasingly important to all customer segments at<br>all points in the funnel.<br>10<br>90% of our marketing campaigns are engineered by machine learning.<br>We leverage:<br>-<br>O<br>ur<br>deep customer<br>purchase history.<br>-<br>F<br>irst<br>-<br>party<br>online interactions.<br>-<br>Third<br>-<br>party behaviors<br>and<br>demographics.<br>CONSUMER<br>-<br>LED<br>We drive highly<br>efficient, targeted<br>print and digital campaigns.<br>RESPONSIVE<br>We Know How to Meet Her and Keep Her
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Continued Digital Innovation<br>11<br> ü<br>Target<br>gross profit optimization through<br>continued build<br>-<br>out of Dynamic Promo.<br> ü<br>Drive cross<br>-<br>category shopping by<br>interpretation of “next product to buy.”<br> ü<br>Integration of SKU optimization, demand<br>forecasting and promotion planning.<br>Artificial Intelligence &<br>Machine Learning<br> ü<br>Continue to tack on capabilities of<br>Enterprise Order Management system.<br> ü<br>Implementing multi<br>-<br>phase Warehouse<br>Management System.<br> ü<br>Improve concept<br>-<br>to<br>-<br>customer timelines with<br>planned new PLM and product development<br>calendars.<br>Strategic Infrastructure<br>Advancements<br> ü<br>Easy order management<br> –<br>one click<br>checkout, alternative payment options, easy<br>returns.<br> ü<br>By 2025, 50% customer care to be<br>sel<br>f<br>-<br>service.<br> ü<br>Continued shift of commerce up the funnel:<br>increased importance of social shopping<br>and product pages.<br>Enhanced mobile customer<br>experience<br>During Cyber Week 2022,<br>LandsEnd.com<br>converted<br>3x better than the industry.<br>*<br>*Source: Adobe Analytics & Adobe 2022 Holiday Shopping Trends & Insights Report
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Expanding on<br>third party online<br>marketplaces:<br>Kohls.com<br>, Amazon,<br>Walmart.com<br>and<br>Target.com<br>..<br>75% of customers reached through these partners are<br>new to brand or reacquired after 5+ years.<br>Pursuing<br>international<br>growth opportunities<br>and<br>licensing of non<br>-<br>core product<br>offerings<br>to<br>accelerate brand reach,<br>minimize capital cost and drive profitability.<br>Building<br>collaborations<br>to drive engagement<br>with new and existing customers.<br>We are focused on driving brand expansion and profitability.<br>12<br>OUTLOOK
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Global Customer File<br>Our active customer file reached a<br>record high in 2021 as customers<br>came back to re<br>-<br>buy from categories<br>such as swim, knits and outerwear.<br>4.3M<br>Existing<br>1.1M<br>New to Brand<br>5.4M<br>Total<br>6260166<br>4.6M<br>Existing<br>1.3M<br>New to Brand<br>5.9M<br>Total<br>626017<br>4.8M<br>Existing<br>1.4M<br>New to Brand<br>6.2M<br>Total<br>626018<br>4.9M<br>Existing<br>1.5M<br>New to Brand<br>6.4M<br>Total<br>626019<br>4.9M<br>Existing<br>1.8M<br>New to Brand<br>6.7M<br>Total<br>62606260<br>5.2M<br>Existing<br>1.9M<br>New to Brand<br>7.1M<br>Total<br>6260621<br>13
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14<br>FY 626017<br>FY 626019<br>FY 6260621<br>TTM*<br>$1.41B<br>Total<br>$171M<br>Retail<br>$259M<br>Outfitters<br>$179M<br>International eCommerce<br>$798M<br>US eCommerce<br>$1.64B<br>Total<br>$47M<br>Retail<br>$87M<br>Third Party<br>$254M<br>Outfitters<br>$222M<br>International eCommerce<br>$1.03B<br>US eCommerce<br>$1.58B<br>Total<br>$48M<br>Retail<br>$116M<br>Third Party<br>$267M<br>Outfitters<br>$189M<br>International eCommerce<br>$961M<br>US eCommerce<br>$1.45B<br>Total<br>$59M<br>Retail<br>$286M<br>Outfitters<br>$182M<br>International eCommerce<br>$910M<br>US eCommerce<br>$14M<br>Third Party<br>$58M<br>Adjusted EBITDA<br>$28M<br>Net Income<br>$78M<br>Adjusted EBITDA<br>$19M<br>Net Income<br>$121M<br>Adjusted EBITDA<br>$33M<br>Net Income<br>$74M<br>Adjusted EBITDA<br>$(2)M<br>Net Loss<br>Historical Revenue Performance<br>Historical Profitability Performance<br>Financial Profile<br>FY 626017<br>FY 626019<br>FY 6260621<br>TTM*<br>*<br>TTM<br>reflects results from Q4 2021 through Q3 2022.<br>See Appendix for reconciliation of Adjusted EBITDA to Net Income.
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Lands’ End is an iconic American brand with two<br>profitable, digitally<br>-<br>enabled e<br>-<br>commerce<br>businesses, deep customer relationships and many<br>opportunities for growth and value creation.<br>Key Investment Highlights<br>We have a tremendously<br>loyal customer base<br>with an<br>average tenure of more than 18<br>years who come back to Lands’<br>End time and again for our<br>broad product portfolio.<br>The use o6f ou6r existing buye6r 6file (cu6r6rently<br>~7 million custome6rs) enables mo6re tailo6red<br>p6roduct me6rchandising decisions and<br>customized, automated ma6rketing<br>campaigns enabled by machine lea6rning.<br>Ou6r consume6r business 6reaches consume6rs<br>whe6re they a6re:<br>LandsEnd.com<br>, Company<br>sto6res and th6rough pa6rtne6rs like Kohl’s,<br>Amazon and Ta6rget.<br>Lands’ End Out6fitte6rs se6rves businesses o6f<br>all sizes and ove6r 4,500 schools ac6ross the<br>US.<br>We are digitally driven,<br>leveraging our proprietary data<br>and analytics to engage existing<br>and new<br>-<br>to<br>-<br>brand customers<br>while building on our DTC roots.<br>We have successfully e<br>xecuted<br>on our strategy to<br>drive<br>growth, improve profitability<br>and invest in infrastructure<br>,<br>resulting in the Company<br>realizing operating efficiencies.<br>2017<br> –<br>2021 US e<br>-<br>comme6rce Revenue<br>CAGR o6f 7% and adjusted EBITDA CAGR o6f<br>20%. 2022 6results we6re a6f6fected by<br>mac6roeconomic 6facto6rs and global supply<br>chain dis6ruption, but<br>Lands’ End is well<br>-<br>positioned for long<br>-<br>term success.<br>15
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APPENDIX
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17<br>Reconciliation of Non<br>-<br>GAAP Measures<br>(in millions)<br>FY 2017<br>FY 2019<br>FY 2021<br>TTM*<br>Net Income/ (loss)<br>$28.2<br>$19.3<br>$33.4<br>$(2.1)<br>Taxes<br>(27.7)<br>2.1<br>12.6<br>(4.4)<br>Interest<br>25.9<br>26.0<br>34.4<br>36.0<br>Depreciation<br>24.9<br>31.1<br>39.2<br>38.9<br>Other Adjustments<br>7.0<br>(0.6)<br>1.3<br>5.2<br>Adjusted EBITDA<br>$58.3<br>$77.9<br>$120.9<br>$73.6<br>*<br>TTM<br>reflects results from Q4 2021 through Q3 2022<br>..
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