Shares of Lands’ End (NASDAQ: LE) dropped by more than 15% in morning trading on Thursday after the clothing and home decor retailer reported disappointing Q3 results.
Revenues declined 1.3% year-over-year to $371 million in Q3. The retailer posted a net loss of $0.14 per diluted share compared to earnings of $0.22 per share in the same period last year. Analysts were expecting earnings to come in at $0.06.
LE is currently trading nearer to its 52-week low of $7.60 and the stock has tanked by more than 40% this year.
The retailer also revised its FY22 outlook and now expects revenues to be between $1.54 billion and $1.56 billion. Adjusted EBITDA is forecasted to be in the range of $66.5 million to $71.5 million.