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BRIEF-Lands' End sees preliminary Q4 loss per share between $2.90-$3.08
February 9, 2017 / 12:17 PM / 10 months ago

BRIEF-Lands' End sees preliminary Q4 loss per share between $2.90-$3.08

Feb 9 (Reuters) - Lands End Inc

* Lands’ End provides preliminary financial results for the fourth quarter of fiscal 2016

* Sees Q4 2016 loss per share $2.90 to $3.08 including items

* Sees Q4 2016 revenue down about 3 percent

* Lands End Inc says gross margin is expected to be approximately 38.5 pct in q4 of fiscal 2016

* Lands End Inc - expects to write down approximately $2.3 million of aged canvas by Lands’ End inventory in Q4 of fiscal 2016

* Lands End Inc - inventory is expected to be approximately $325 million on January 27, 2017, as compared to $329 million on January 29, 2016

* Gross margin is expected to be approximately 38.5 pct in Q4 of fiscal 2016

* Lands End Inc - evaluating results of its annual impairment testing of goodwill and indefinite-lived intangible assets

* In Q4 of 2015 company recorded an impairment of its lands’ end trade name of $98.3 million

* Company has determined that an impairment of Lands’ End trade name is required

* Lands End Inc - has determined that an impairment of Lands’ End trade name is required

* Lands End Inc - estimated impairment of $170 million to $180 million will reduce value of asset to between $250 million and $260 million, from $430 million

* Lands End Inc says in Q4 of 2015 company recorded an impairment of its Lands’ End trade name of $98.3 million

* Lands End Inc - non-cash accounting charge will not impact company’s liquidity, cash flows, compliance with debt covenants or any future operations

* Continue to see sequential improvement in sales and gross margin performance, despite ongoing headwinds in retail environment Source text for Eikon: Further company coverage:

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