A classic American apparel and home-goods retailer, Lands' End sells dependable casual clothing — fleece jackets, Oxford shirts, and its signature Squall parkas — through its catalog, stores, and website. It began in 1963 as a Chicago mail-order business selling sailboat gear, and founder Gary Comer borrowed the name from Land's End, the rocky tip of Cornwall, England, a beloved landmark for sailors. Its durable, hard-wearing staples have made it a family favorite for generations.
Lands' End reports Q1 FY2026 net revenue of $238.9M, down 8.5% YoY, with net income of $330.7M driven by WHP Global transaction.
Net revenue for Q1 ended May 1, 2026 was $238.9 million, down 8.5% from $261.2 million in Q1 2025, primarily due to a temporary distribution center disruption.
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Net income was $330.7 million ($10.56 per diluted share) versus a net loss of $8.3 million ($0.27 loss per share) in Q1 2025, driven by the WHP Global transaction.
Adjusted net loss was $3.5 million ($0.11 adjusted diluted loss per share), compared to an adjusted net loss of $5.4 million ($0.18 per share) in Q1 2025.
Adjusted EBITDA was negative $6.2 million, down 165% from $9.5 million in Q1 2025.
For Q2 FY2026, the company expects net revenue between $290.0 million and $310.0 million, and for full-year FY2026, net revenue between $1.30 billion and $1.40 billion.
2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Lands' End stockholders elect seven directors and approve executive compensation and Deloitte ratification at 2026 Annual Meeting.
At the May 7, 2026 Annual Meeting, stockholders elected Robert Galvin, Gordon Hartogensis, Elizabeth Leykum, Josephine Linden, John T. McClain, Andrew J. McLean, and Alicia Parker to the Board of Directors, each to serve until the 2027 Annual Meeting.
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The director election votes ranged from 24,017,696 to 24,264,697 votes 'for' each nominee, with broker non-votes of 692,044 for each.
Stockholders approved, on a non-binding advisory basis, the compensation of the named executive officers, with 24,068,089 votes for, 155,243 against, and 55,950 abstaining.
Stockholders ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2026, with 24,964,394 votes for, 4,838 against, and 2,094 abstaining.
The report was filed under Item 5.07 to disclose the results of the stockholder votes at the annual meeting.
5.07 Submission of Matters to a Vote of Security Holders
Lands' End closes $300M sale of 50% IP JV stake to WHP Global
On April 1, 2026, Lands' End and its subsidiary sold a 50% controlling stake in newly formed LE Topco, holding the Lands' End brand IP, to WHP Global for $300 million in cash.
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WHP's tender offer for up to 2,222,222 shares of Lands' End common stock at $45.00 per share expired on March 31, 2026, and WHP accepted all tendered shares, representing about 7.2% of outstanding shares.
Lands' End entered into a royalty-bearing license agreement with LE Topco, with a guaranteed minimum royalty of $50 million per year for the first 11 contract years, increasing 1% annually for years 12-21.
The companies entered into an amended LLC agreement for LE Topco, with a board of four managers (two from each side) and WHP holding a controlling extra vote.
Lands' End prepaid and terminated its Term Loan Credit Agreement and related Guaranty and Security Agreement, both dated December 29, 2023.
The sale of LE Topco units was exempt from registration under Section 4(a)(2) of the Securities Act.
1.01 Entry into a Material Definitive Agreement · 1.02 Termination of a Material Definitive Agreement · 2.01 Completion of Acquisition or Disposition of Assets · 3.02 Unregistered Sales of Equity Securities · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Buyback8-K
Lands' End board authorizes $100 million share repurchase program through March 31, 2029.
Repurchases may be made via open market purchases, privately negotiated transactions, or other means, including a Rule 10b5-1 plan.
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On April 1, 2026, Lands' End, Inc. announced its Board authorized repurchases of up to $100 million of common stock through March 31, 2029.
Funding will come from existing cash, operations, joint venture distributions, or borrowings under its asset-based credit facility.
The prior repurchase program expired on March 31, 2026, under which 1.26 million shares were repurchased for $16.0 million since April 2024.
The company cited balance sheet strength after repaying term loan debt with proceeds from its WHP Global intellectual property joint venture.
8.01 Other Events · 9.01 Financial Statements and Exhibits
Lands' End reports Q4 net revenue up 4.7% to $462.4M; full-year revenue down 2.0% to $1.34B.
Fourth quarter net revenue was $462.4 million, up 4.7% from $441.7 million in the prior-year quarter.
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Fourth quarter net income was $12.3 million ($0.40 per diluted share), down from $18.5 million ($0.59 per diluted share) a year ago.
Full-year net revenue was $1.34 billion, down 2.0% from $1.36 billion in fiscal 2024.
Full-year adjusted EBITDA grew 10% to $102.3 million from $92.6 million in fiscal 2024.
Company announced a joint venture with WHP Global, which will pay $300 million for a 50% controlling stake in Lands' End's IP; proceeds will repay term loan debt.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits