Lands’ End Announces $50 Million Share Repurchase Authorization


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DODGEVILLE, Wis., June 28, 2022 (GLOBE NEWSWIRE) — Lands’ End, Inc. (NASDAQ: LE) today announced that its Board of Directors has authorized the repurchase of up to $50 million of shares of the Company’s common stock until February 2, 2024, the conclusion of its 2023 fiscal year. Under the program, the Company may purchase its shares from time to time in the open market, in privately negotiated transactions. over the counter or by other means in accordance with federal securities laws. At the same time, the Company continues to explore debt refinancing options as part of its ongoing commitment to generating shareholder value.

Jim Gooch, President and Chief Financial Officer of Lands’ End, said: “This share buyback authorization illustrates the confidence of the Board of Directors and management in the strength of our business model and our prospects for future growth. long term. We believe that a balanced capital allocation strategy supported by a share buyback program, an optimized debt structure and continued investment in our growth strategies will generate long-term value for our shareholders.

The Company expects purchases to be funded with existing cash on hand, cash from operations, borrowings under its senior, asset-based secured credit facility or combination of the above. The amount and timing of purchases will depend on a number of factors, including the price and availability of the Company’s shares, trading volume and general market conditions. Redemptions may also be made under a plan under Rule 10b5-1, which would allow shares to be redeemed when the Company might otherwise be prevented from doing so under insider trading laws. The share buyback program may be suspended or terminated at any time.

About Lands’ End, Inc.

Lands’ End, Inc. (NASDAQ: LE) is a leading single-channel retailer of casual apparel, accessories, footwear and home products. We offer products online at www.landsend.com, through company-operated stores and third-party distribution channels. We are a classic American lifestyle brand with a passion for quality, legendary service and real value and seek to deliver timeless style for women, men, kids and the home.

CONTACTS

Lands’ End, Inc.James GoochPresident and Chief Financial Officer(608) 935-9341

Investor Relations:ICR, Inc.Jean Fontana(646) 277-1214[email protected]

Forward-looking statements

This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding the Company’s plans regarding the authorization of share repurchases by the Board of Directors, prospects for refinancing of existing debt of the Company, the Company’s confidence in the strength of its business model, the Company’s assessment of its long-term growth prospects and the prospects for long-term value creation for its shareholders. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the share repurchase program may not be fully executed during its term, due to commercial or market conditions; global supply chain challenges have resulted in significantly increased inbound transportation costs and delays in product receipt; further disruption to the Company’s supply chain, including with respect to its distribution centers, third-party manufacturing partners and logistics partners, caused by freight capacity limitations, increased transportation costs , port congestion, other logistical constraints and the closure of certain manufacturing facilities and production lines due to COVID-19 and other global economic conditions; the impact of global economic conditions, including inflation, on consumer discretionary spending; the impact of COVID-19 on the Company’s operations, customer demand and supply chain, as well as on its consolidated results of operations, financial condition and cash flows; the Company may not be able to refinance its existing debt on commercially acceptable terms or at all, due, in addition to other factors, to the condition of the credit and debt markets; the Company may fail to implement its strategic initiatives, or its initiatives may not have the desired impact on its business; the Company’s ability to offer goods and services that customers wish to purchase; changes in customer preference for the Company’s branded merchandise; the Company’s results could be materially affected if tariffs on imports into the United States increase and if it is unable to offset increased costs of current or future tariffs through price negotiations with its base from suppliers, moving production out of countries affected by the tariffs, through a portion of customer cost increases or other savings opportunities; customers’ use of the Company’s digital platform, including customers’ acceptance of its efforts to improve its e-commerce websites, including the Outfitters website; customer response to the Company’s marketing efforts across all types of media; the Company’s maintenance of a strong client list; the Company’s retail store strategy may fail; the Company’s relationship with Kohl’s may not develop as expected or have the desired impact; the Company’s dependence on information technology and a failure of information technology systems, including with respect to its e-commerce operations, or an inability to upgrade or adapt its systems; fluctuations and increases in raw material costs and fluctuations in other production and distribution costs; the deterioration of the Company’s relations with its suppliers; the Company’s inability to maintain the security of customer, employee or company information; the Company’s inability to compete effectively in the apparel industry; legal, regulatory, economic and political risks associated with international trade and the markets in which the Company operates and sources its goods; the Company’s inability to protect or preserve the image of its brands and its intellectual property rights; increases in postage, paper and printing costs; the failure of third parties who provide the Company with services related to certain aspects of its business to perform their obligations; the Company’s inability to obtain timely and efficient shipments of products from its suppliers and to deliver goods to its customers; the use of promotions and markdowns to encourage customer purchases; the Company’s inability to effectively manage inventory levels; exceptional or extreme weather conditions; the adverse effect on the Company’s reputation if its independent suppliers do not use ethical business practices or fail to comply with applicable laws and regulations; assessments for additional state taxes; the occurrence of charges due to the impairment of goodwill, other intangible assets and long-lived assets; the impact on the company’s business of adverse global economic and market conditions, including inflation and other economic factors that negatively impact consumer spending on discretionary items; potential indemnification obligations to Sears Holdings under the Separation and Distribution Agreement in connection with the Company’s separation from Sears Holdings; the ability of the main shareholders of the Company to exercise substantial influence over the Company; potential liabilities under fraudulent conveyancing laws and statutory capital requirements; and other risks, uncertainties and factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2022. The Company intends that forward-looking statements not speak only as of the time made and does not undertake to update or revise them as new information becomes available, except as required by law.

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Source: Lands’ End, Inc.

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