Lands' End, Inc. Files 2024 10-K Report

TL;DR

<b>Lands' End, Inc. has filed its annual 10-K report detailing financial performance and operational aspects for the fiscal year 2023.</b>

AI Summary

LANDS' END, INC. (LE) filed a Annual Report (10-K) with the SEC on April 3, 2024. Lands' End, Inc. filed its 10-K report for the fiscal year ended February 2, 2024. The filing covers the fiscal year 2023, with prior year data for 2022 and 2021. Key financial metrics and disclosures related to assets, liabilities, and equity are presented. Information regarding debt facilities, including the ABL Facility and Current Term Loan Facility, is detailed. The report includes data on various asset categories such as buildings, leasehold improvements, and computer hardware.

Why It Matters

For investors and stakeholders tracking LANDS' END, INC., this filing contains several important signals. This 10-K provides a comprehensive overview of Lands' End's financial health, including debt structures and asset valuations, crucial for investors assessing the company's stability. The detailed segment and asset information allows stakeholders to understand the company's operational footprint and investment in its infrastructure.

Risk Assessment

Risk Level: medium — LANDS' END, INC. shows moderate risk based on this filing. The company's financial performance and market position are subject to the competitive retail landscape, as indicated by the SIC code 'RETAIL-FAMILY CLOTHING STORES'.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Lands' End's current financial standing and future outlook.

Key Numbers

• 2024-02-02 — Fiscal Year End (Reported period)
• 2023 — Fiscal Year (Reported period)
• 2022 — Fiscal Year (Prior year)
• 2021 — Fiscal Year (Prior year)

Key Players & Entities

• LANDS' END, INC. (company) — Filer name
• 0000799288 (company) — Central Index Key
• 2024-02-02 (date) — Fiscal year end
• 2024-04-03 (date) — Filing date
• DODGEVILLE, WI (location) — Business address
• 5651 (industry) — Standard Industrial Classification
• le:ABLFacilityMember (financial) — Debt facility
• le:CurrentTermLoanFacilityMember (financial) — Debt facility

FAQ

Risk Factors

• Competition [medium — market]: The company operates in a highly competitive retail environment, facing competition from various sources, including other apparel retailers and direct-to-consumer businesses.
• Supply Chain and Inventory Management [medium — operational]: Disruptions in the supply chain or ineffective inventory management could adversely affect the company's ability to meet customer demand and manage costs.
• Indebtedness [medium — financial]: The company's level of indebtedness could limit its flexibility in operations and future business activities.

Key Dates

• 2024-02-02: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-03: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share LE The Nasdaq Stock Marke
• $1.47 billion — generated Net revenue of approximately $1.47 billion. Net revenue was generated worldwide wi
• $32.7 million — and Fiscal 2021 includes Net revenue of $32.7 million and $43.3 million, respectively, from t
• $43.3 m — cludes Net revenue of $32.7 million and $43.3 million, respectively, from the Japan eCo

Filing Documents

• le-20240202.htm (10-K) — 3036KB
• le-ex4_8.htm (EX-4.8) — 9KB
• le-ex10_26.htm (EX-10.26) — 10KB
• le-ex10_27.htm (EX-10.27) — 56KB
• le-ex21.htm (EX-21) — 13KB
• le-ex23_1.htm (EX-23.1) — 4KB
• le-ex23_2.htm (EX-23.2) — 4KB
• le-ex31_1.htm (EX-31.1) — 12KB
• le-ex31_2.htm (EX-31.2) — 13KB
• le-ex32_1.htm (EX-32.1) — 8KB
• le-ex97_1.htm (EX-97.1) — 58KB
• img250091096_0.jpg (GRAPHIC) — 105KB
• 0000950170-24-041066.txt (&nbsp;) — 13657KB
• le-20240202.xsd (EX-101.SCH) — 1582KB
• le-20240202_htm.xml (XML) — 2854KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 26 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 27 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. [Reserved] 29 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 82 Item 9A.

Controls and Procedures

Controls and Procedures 82 Item 9B. Other Information 84 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 PART III Item 10. Directors, Executive Officers and Corporate Governance 85 Item 11.

Executive Compensation

Executive Compensation 86 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 87 Item 13. Certain Relationships and Related Transactions, and Director Independence 88 Item 14. Principal Accounting Fees and Services 89 PART IV Item 15. Exhibit and Financial Statement Schedules 90 Item 16. Form 10-K Summary 93

Signatures

Signatures 94 1 Table of Contents PART I

B USINESS

ITEM 1. B USINESS As used in this Annual Report on Form 10-K, references to the "Company", "Lands' End", "we", "us", "our" and similar terms refer to Lands' End, Inc. and its subsidiaries. Our fiscal year ends on the Friday preceding the Saturday closest to January 31. Other terms commonly used in this Annual Report on Form 10-K are defined as follows: ABL Facility – Asset-based senior secured credit agreements, providing for a revolving facility, dated as of November 16, 2017, with Wells Fargo, N.A. and certain other lenders, as amended to date Adjusted EBITDA – Net income/(loss) appearing on the Consolidated Statements of Operations net of Income tax expense/(benefit), Interest expense, Depreciation and amortization and other 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 Adjusted net income (loss) – Net income (loss) appearing on the Consolidated Statements of Operations excluding significant non-recurring or non-operational items. Adjusted net income (loss) is also presented on a diluted per share basis Company Operated stores – Lands' End retail stores in the Retail distribution channel Current Term Loan Facility – Term loan credit agreement, dated as of December 29, 2023, among the Company, Blue Torch Capital, as Administrative Agent and Collateral Agent, and the lenders party thereto Debt Facilities – Collectively, the Current Term Loan Facility and ABL Facility First Quarter 2024 – The 13 weeks ending May 3, 2024 Fiscal 2024 – The 52 weeks ending January 31, 2025 Fiscal 2023 – The 53 weeks ended February 2, 2024 Fiscal 2022 – The 52 weeks ended January 27, 2023 Fiscal 2021 – The 52 weeks ended January 28, 2022 Former Term Loan Facility – Term loan credit agreement, dated as of September 9, 2020, among the Co

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View this 10-K filing on SEC EDGAR