<p><strong>Lands' End</strong>（LE -0.39%），一家以数字优先运营而闻名的服装和家居用品零售商，于 2025 年 9 月 9 日发布了 2025 财年第二季度的财报。财报显示，随着在线销售疲软，收入和利润趋势下降，而毛利率的改善主要得益于更好的促销效率和许可业务的扩展。管理层下调了 2025 财年的全年展望，反映出持续的收入挑战和供应链阻力。</p>
<p>总体而言，本季度突显了持续的收入压力和在库存及毛利管理方面的运营进展。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>调整后每股收益</td>
<td>$(0.06)</td>
<td>$(0.02)</td>
<td>(0.04)</td>
</tr>
<tr>
<td>收入</td>
<td>$2.941 亿</td>
<td>$3.172 亿</td>
<td>(7.3%)</td>
</tr>
<tr>
<td>调整后息税折旧摊销前利润</td>
<td>$1410 万</td>
<td>$1710 万</td>
<td>(17.5%)</td>
</tr>
<tr>
<td>毛利率</td>
<td>48.8%</td>
<td>47.9%</td>
<td>0.9 个百分点</td>
</tr>
<tr>
<td>库存</td>
<td>$3.018 亿</td>
<td>$3.120 亿</td>
<td>(3.3%)</td>
</tr>
</tbody>
</table>
<p>来源：Lands' End。注：2025 财年的第二季度截至 2025 年 8 月 1 日。2024 财年的第二季度截至 2024 年 8 月 2 日。</p>
<h2>公司概况及关键驱动因素</h2>
<p>Lands' End 主要销售服装、配饰和家居用品，超过 90% 的业务通过在线渠道进行。其数字平台使客户能够直接购买，赋予公司广泛的覆盖面和强大的数据能力。该品牌因其质量、实用设计和客户服务而广受认可。</p>
<p>近年来，公司专注于加强数字零售运营、提高供应链效率，并扩展到企业对企业（B2B）制服销售和第三方在线市场。公司的成功依赖于数字渠道的增长、库存控制、供应链的可靠性以及品牌对忠实客户的持续吸引力。</p>
<h2>季度业绩：财务、细分市场和运营</h2>
<p>2025 财年第二季度的收入为$2.941 亿，同比下降 7.3%。下降主要源于核心美国电子商务业务的疲软，游泳衣订单的开始时间比往年晚 11.2%。覆盖直接消费者和企业客户的更广泛美国数字市场下降了 5.6%，降至$2.553 亿。欧洲的电子商务收入因供应链中断和区域需求疲软而下降了 14.8%。</p>
<p>负责学校和企业制服的 Outfitters 部门表现亮眼，净收入增长了 5.1%。这一增长来自于新学校制服客户的增加，因为一位竞争对手退出了市场，以及企业制服订单的增加。通过 <strong>Amazon</strong> 和 <strong>Macy’s</strong> 等在线市场销售的第三方产品增长了 14.3%，得益于针对性的产品组合和更好的曝光。许可收入也增长了 19%，但整体许可与零售类别因美国公司直营店表现疲软而下降了 19.7%。</p>
<p>毛利率改善至 48.8%，比去年提高了 0.9 个百分点，主要得益于谨慎的折扣策略和高毛利许可协议的增长。尽管毛利率有所改善，但由于整体收入缩减，美元毛利下降。运营成本降至$1.294 亿，但占收入的比例上升至 44%，高于 42.7%，这反映出销售下降对成本杠杆的负面影响。调整后的息税折旧摊销前利润（EBITDA）较 2024 财年第二季度下降了 17.5%，降至$1410 万。</p>
<p>公司报告调整后的净亏损为$190 万，或每股$0.06，较去年同期的$70 万亏损有所恶化。库存下降 3%，降至$3.018 亿，标志着连续九个季度的逐步减少，因为公司继续紧密关注供应链管理。管理层强调，这种纪律使公司能够更快地适应外部压力，例如关税变化或运输延误。现金和流动性略有收紧，手头现金为$2130 万，信用额度的使用增加，但公司在季度末的可用借款为$8760 万。</p>
<p>管理层指出毛利率的进展和库存管理是关键的积极因素，同时也提到核心数字业务表现和成本吸收方面的阻力。首席执行官 Andrew McLean 表示：“关键产品类别、渠道和客户参与度的实质性改善增强了我们对提供每位客户旅程解决方案的战略有效性的信心。” 然而，董事会对战略选择的持续审查——可能包括出售、合并或类似结果——仍未解决，增加了未来的不确定性。</p>
<h2>展望未来：指导和关注的关键领域</h2>
<p>管理层下调了 2025 财年收入和毛商品价值（GMV）的全年展望，反映出对消费者需求的持续谨慎以及对国际和美国渠道表现的预期。更新后的指导预计净收入在$13.3 亿至$14 亿之间，削减了之前提供的上限。根据公司预期，GMV 现在预计将以 “低到中个位数” 的百分比增长，低于之前提到的 “中到高个位数” 范围。对于 2025 财年第三季度，预计净收入在$3.2 亿至$3.5 亿之间，净利润预计在$200 万至$600 万之间。</p>
<p>未来几个季度仍存在不确定性，包括持续的关税水平的影响、国内和国际渠道的供应链摩擦，以及董事会战略审查的任何进展。公司未宣布本季度的任何股息。LE 目前不支付股息。</p>
<p><em>收入和净利润按美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

<p>Lands' End 报告称，2025 财年第二季度收入下降 7.3%，总计 2.941 亿美元，主要由于在线销售疲软。调整后的每股收益为 $(0.06)，比去年同期的亏损更糟。尽管毛利率改善至 48.8%，调整后的 EBITDA 下降 17.5% 至 1410 万美元。管理层下调了 2025 财年的展望，预计净收入在 13.3 亿美元至 14 亿美元之间。公司面临供应链问题和关税影响的挑战，同时正在探索战略替代方案。本季度未宣布分红</p>

<p><strong>Lands' End</strong>(LE -0.39%), an apparel and home goods retailer best known for its digital-first operations, released its earnings for the second quarter of fiscal 2025 on Sept. 9, 2025. The release showed declining revenue and profit trends as online sales weakened, while gross margins improved primarily due to better promotional productivity and the expansion of the licensing business. Management revised its full-year outlook for FY2025 downward, reflecting ongoing top-line challenges and supply chain headwinds.</p>
<div class="lb-trans"><p><strong>Lands' End</strong>（LE -0.39%），一家以数字优先运营而闻名的服装和家居用品零售商，于 2025 年 9 月 9 日发布了 2025 财年第二季度的财报。财报显示，随着在线销售疲软，收入和利润趋势下降，而毛利率的改善主要得益于更好的促销效率和许可业务的扩展。管理层下调了 2025 财年的全年展望，反映出持续的收入挑战和供应链阻力。</p>
</div><p>Overall, the quarter highlighted persistent revenue pressure and operational progress in inventory and margin management.</p>
<div class="lb-trans"><p>总体而言，本季度突显了持续的收入压力和在库存及毛利管理方面的运营进展。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>Adjusted EPS</td>
<td>$(0.06)</td>
<td>$(0.02)</td>
<td>(0.04)</td>
</tr>
<tr>
<td>Revenue</td>
<td>$294.1 million</td>
<td>$317.2 million</td>
<td>(7.3%)</td>
</tr>
<tr>
<td>Adj. EBITDA</td>
<td>$14.1 million</td>
<td>$17.1 million</td>
<td>(17.5%)</td>
</tr>
<tr>
<td>Gross margin</td>
<td>48.8%</td>
<td>47.9%</td>
<td>0.9 ppt</td>
</tr>
<tr>
<td>Inventory</td>
<td>$301.8 million</td>
<td>$312.0 million</td>
<td>(3.3%)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>调整后每股收益</td>
<td>$(0.06)</td>
<td>$(0.02)</td>
<td>(0.04)</td>
</tr>
<tr>
<td>收入</td>
<td>$2.941 亿</td>
<td>$3.172 亿</td>
<td>(7.3%)</td>
</tr>
<tr>
<td>调整后息税折旧摊销前利润</td>
<td>$1410 万</td>
<td>$1710 万</td>
<td>(17.5%)</td>
</tr>
<tr>
<td>毛利率</td>
<td>48.8%</td>
<td>47.9%</td>
<td>0.9 个百分点</td>
</tr>
<tr>
<td>库存</td>
<td>$3.018 亿</td>
<td>$3.120 亿</td>
<td>(3.3%)</td>
</tr>
</tbody>
</table>
</div><p>Source: Lands' End. Note: Fiscal 2025's second quarter ended Aug. 1, 2025. Fiscal 2024's Q2 ended Aug. 2, 2024.</p>
<div class="lb-trans"><p>来源：Lands' End。注：2025 财年的第二季度截至 2025 年 8 月 1 日。2024 财年的第二季度截至 2024 年 8 月 2 日。</p>
</div><h2>Company Overview and Key Drivers</h2>
<div class="lb-trans"><h2>公司概况及关键驱动因素</h2>
</div><p>Lands' End mainly sells clothing, accessories, and home goods, with over 90 % of its business handled online. Its digital platform lets customers buy directly, giving the company a broad reach and strong data capabilities. The brand is widely recognized for quality, practical design, and customer service.</p>
<div class="lb-trans"><p>Lands' End 主要销售服装、配饰和家居用品，超过 90% 的业务通过在线渠道进行。其数字平台使客户能够直接购买，赋予公司广泛的覆盖面和强大的数据能力。该品牌因其质量、实用设计和客户服务而广受认可。</p>
</div><p>Recent years have seen it focus on strengthening its digital retail operations, improving supply chain efficiency, and expanding into business-to-business (B2B) uniform sales and third-party online marketplaces. The company’s success hinges on digital channel growth, inventory control, supply chain reliability, and the brand’s ongoing appeal to loyal customers.</p>
<div class="lb-trans"><p>近年来，公司专注于加强数字零售运营、提高供应链效率，并扩展到企业对企业（B2B）制服销售和第三方在线市场。公司的成功依赖于数字渠道的增长、库存控制、供应链的可靠性以及品牌对忠实客户的持续吸引力。</p>
</div><h2>Quarterly Performance: Financials, Segments, and Operations</h2>
<div class="lb-trans"><h2>季度业绩：财务、细分市场和运营</h2>
</div><p>Revenue for Q2 FY2025 was $294.1 million, a drop of 7.3% compared to the year-earlier quarter. The decrease mainly came from weakness in the core U.S. ecommerce business, which saw sales fall 11.2% as swimwear orders started later than usual. The wider U.S. digital segment, covering both direct consumer and business customers, dropped 5.6% to $255.3 million. Europe's ecommerce revenue declined by 14.8% amid supply chain disruptions and softer regional demand.</p>
<div class="lb-trans"><p>2025 财年第二季度的收入为$2.941 亿，同比下降 7.3%。下降主要源于核心美国电子商务业务的疲软，游泳衣订单的开始时间比往年晚 11.2%。覆盖直接消费者和企业客户的更广泛美国数字市场下降了 5.6%，降至$2.553 亿。欧洲的电子商务收入因供应链中断和区域需求疲软而下降了 14.8%。</p>
</div><p>The Outfitters segment, which handles school and corporate uniforms, was a bright spot with net revenue up 5.1%. This growth came from new school uniform customers, as a competitor exited the market, and higher business uniform orders. Third-party sales -- products sold via online marketplaces like <strong>Amazon</strong> and <strong>Macy’s</strong> -- increased 14.3% due to focused product assortments and better exposure. Licensing revenue also rose by 19%, but the overall Licensing &amp; Retail category fell 19.7% due to weaker performance in U.S. company-operated stores.</p>
<div class="lb-trans"><p>负责学校和企业制服的 Outfitters 部门表现亮眼，净收入增长了 5.1%。这一增长来自于新学校制服客户的增加，因为一位竞争对手退出了市场，以及企业制服订单的增加。通过 <strong>Amazon</strong> 和 <strong>Macy’s</strong> 等在线市场销售的第三方产品增长了 14.3%，得益于针对性的产品组合和更好的曝光。许可收入也增长了 19%，但整体许可与零售类别因美国公司直营店表现疲软而下降了 19.7%。</p>
</div><p>Gross profit margin improved to 48.8%, up 0.9 percentage points from the prior year, driven by careful discounting and growth in high-margin licensing agreements. Despite this improvement, dollar gross profit declined as overall revenue shrank. Operating costs fell to $129.4 million, but represented a higher percentage of revenue -- 44%, up from 42.7% -- due to the negative impact of lower sales on cost leverage. Adjusted EBITDA, which measures operational cash earnings before interest, taxes, and certain accounting adjustments, decreased 17.5% from Q2 FY2024, landing at $14.1 million.</p>
<div class="lb-trans"><p>毛利率改善至 48.8%，比去年提高了 0.9 个百分点，主要得益于谨慎的折扣策略和高毛利许可协议的增长。尽管毛利率有所改善，但由于整体收入缩减，美元毛利下降。运营成本降至$1.294 亿，但占收入的比例上升至 44%，高于 42.7%，这反映出销售下降对成本杠杆的负面影响。调整后的息税折旧摊销前利润（EBITDA）较 2024 财年第二季度下降了 17.5%，降至$1410 万。</p>
</div><p>The company reported an adjusted net loss of $1.9 million, or $0.06 per share -- worse than the $0.7 million loss a year earlier. Inventory dropped 3% to $301.8 million, marking nine quarters of sequential reductions, as it continued to focus tightly on supply chain management. Management highlighted that this discipline allows for quicker adaptation to external pressures such as tariff changes or shipping delays. Cash and liquidity tightened modestly, with cash on hand at $21.3 million and more drawn from credit lines, but the company ended the quarter with $87.6 million in available borrowings.</p>
<div class="lb-trans"><p>公司报告调整后的净亏损为$190 万，或每股$0.06，较去年同期的$70 万亏损有所恶化。库存下降 3%，降至$3.018 亿，标志着连续九个季度的逐步减少，因为公司继续紧密关注供应链管理。管理层强调，这种纪律使公司能够更快地适应外部压力，例如关税变化或运输延误。现金和流动性略有收紧，手头现金为$2130 万，信用额度的使用增加，但公司在季度末的可用借款为$8760 万。</p>
</div><p>Management pointed to gross margin progress and inventory management as key positives, while noting headwinds in core digital performance and cost absorption. CEO Andrew McLean said, “tangible improvements in key product categories, channels, and customer engagement reinforce our confidence that our strategy of providing solutions for every customer journey is working.” However, the board’s ongoing review of strategic alternatives -- which could include a sale, merger, or similar outcome -- remains unresolved and adds uncertainty going forward.</p>
<div class="lb-trans"><p>管理层指出毛利率的进展和库存管理是关键的积极因素，同时也提到核心数字业务表现和成本吸收方面的阻力。首席执行官 Andrew McLean 表示：“关键产品类别、渠道和客户参与度的实质性改善增强了我们对提供每位客户旅程解决方案的战略有效性的信心。” 然而，董事会对战略选择的持续审查——可能包括出售、合并或类似结果——仍未解决，增加了未来的不确定性。</p>
</div><h2>Looking Ahead: Guidance and Key Areas to Watch</h2>
<div class="lb-trans"><h2>展望未来：指导和关注的关键领域</h2>
</div><p>Management reduced its full-year outlook for both revenue and gross merchandise value (GMV) in FY2025, reflecting continued caution around consumer demand and expectations for international and U.S. channel performance. The updated guidance calls for net revenue between $1.33 billion and $1.40 billion, trimming the upper end previously provided. GMV is now expected to grow by “low to mid-single digit” percentages, according to the company, down from the “mid to high-single digit” range previously referenced. For Q3 FY2025, expected net revenue is in the range of $320 million to $350 million, with net income projected between $2 million and $6 million.</p>
<div class="lb-trans"><p>管理层下调了 2025 财年收入和毛商品价值（GMV）的全年展望，反映出对消费者需求的持续谨慎以及对国际和美国渠道表现的预期。更新后的指导预计净收入在$13.3 亿至$14 亿之间，削减了之前提供的上限。根据公司预期，GMV 现在预计将以 “低到中个位数” 的百分比增长，低于之前提到的 “中到高个位数” 范围。对于 2025 财年第三季度，预计净收入在$3.2 亿至$3.5 亿之间，净利润预计在$200 万至$600 万之间。</p>
</div><p>Uncertainties remain for the coming quarters, including the impact of ongoing tariff levels, continued supply chain friction in both domestic and international channels, and any developments from the board’s strategic review. The company did not announce any dividend for the quarter. LE does not currently pay a dividend.</p>
<div class="lb-trans"><p>未来几个季度仍存在不确定性，包括持续的关税水平的影响、国内和国际渠道的供应链摩擦，以及董事会战略审查的任何进展。公司未宣布本季度的任何股息。LE 目前不支付股息。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净利润按美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
</div>

Lands End 在第二财季的营收下降了 7%