DODGEVILLE, Wis. (AP) — Lands’ End, which was recently spun off by Sears, reported a 68 percent increase in its fiscal first-quarter profit on Thursday as shoppers have responded favorably to a better merchandise assortment and targeted promotions.
Lands’ End started trading as a public company in April. It had been publicly traded before Sears Holdings Corp. purchased it in 2002 for nearly $2 billion. Sears announced in December that it was going to spin off the clothing business as a separate company by distributing stock to its shareholders.
For the period ended May 2, Lands’ End earned $10.9 million, or 34 cents per share. That’s up from $6.5 million, or 23 cents per share, a year earlier.
Revenue for the Dodgeville, Wisconsin, retailer climbed 4 percent to $330.5 million from $319 million.
Sales at stores open at least a year, a key gauge of a retailer’s health, rose 3.4 percent. This metric excludes results from stores recently opened or closed.