Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended August 2, 2024

-OR-


☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to .

Commission File Number: 001-09769

Lands’ End, Inc.

(Exact name of registrant as specified in its charter)



Delaware		36-2512786

(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)


1 Lands’ End Lane Dodgeville, Wisconsin		53595

(Address of principal executive offices)		(Zip Code)

(608) 935-9341

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	LE	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of September 3, 2024, the registrant had 31,192,577 shares of common stock, $0.01 par value, outstanding.

LANDS’ END, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED AUGUST 2, 2024

TABLE OF CONTENTS


		Page

	PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	1

	Condensed Consolidated Statements of Operations	1

	Condensed Consolidated Statements of Comprehensive Operations	2

	Condensed Consolidated Balance Sheets	3

	Condensed Consolidated Statements of Cash Flows	4

	Condensed Consolidated Statements of Changes in Stockholders’ Equity	5

	Notes to Condensed Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	33

Item 4.	Controls and Procedures	34

	PART II. OTHER INFORMATION	35

Item 1.	Legal Proceedings	35

Item 1A.	Risk Factors	36

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37

Item 5.	Other Information	37

Item 6.	Exhibits	38



	Signatures		39

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LANDS’ END, INC.

Condensed Consolidated Statements of Operations

(Unaudited)


	13 Weeks Ended						26 Weeks Ended
(in thousands, except per share data)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Net revenue	$	317,173		$	323,363		$	602,644		$	632,921
Cost of sales (exclusive of depreciation and amortization)		165,288			183,766			311,779			355,387
Gross profit		151,885			139,597			290,865			277,534

Selling and administrative		135,510			123,866			262,911			242,380
Depreciation and amortization		8,692			9,543			17,697			18,844
Other operating expense, net		5,197			390			5,538			592
Operating income		2,486			5,798			4,719			15,718
Interest expense		10,447			12,024			20,783			24,307
Other (income), net		(84	)		(169	)		(172	)		(356	)
Loss before income taxes		(7,877	)		(6,057	)		(15,892	)		(8,233	)
Income tax (benefit) expense		(2,626	)		1,961			(4,199	)		1,437
NET LOSS	$	(5,251	)	$	(8,018	)	$	(11,693	)	$	(9,670	)
NET LOSS PER COMMON SHARE
Basic:	$	(0.17	)	$	(0.25	)	$	(0.37	)	$	(0.30	)
Diluted:	$	(0.17	)	$	(0.25	)	$	(0.37	)	$	(0.30	)

Basic weighted average common shares outstanding		31,376			32,117			31,407			32,280
Diluted weighted average common shares outstanding		31,376			32,117			31,407			32,280

See accompanying Notes to Condensed Consolidated Financial Statements.

LANDS’ END, INC.

Condensed Consolidated Statements of Comprehensive Operations

(Unaudited)


	13 Weeks Ended						26 Weeks Ended
(in thousands)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
NET LOSS	$	(5,251	)	$	(8,018	)	$	(11,693	)	$	(9,670	)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		299			700			(214	)		781
COMPREHENSIVE LOSS	$	(4,952	)	$	(7,318	)	$	(11,907	)	$	(8,889	)

See accompanying Notes to Condensed Consolidated Financial Statements.

LANDS’ END, INC.

Condensed Consolidated Balance Sheets

(Unaudited)


(in thousands, except per share data)	August 2, 2024			July 28, 2023			February 2, 2024
ASSETS
Current assets
Cash and cash equivalents	$	25,648		$	26,610		$	25,314
Restricted cash		2,239			1,833			1,976
Accounts receivable, net		27,420			25,095			35,295
Inventories, net		312,014			396,087			301,724
Prepaid expenses and other current assets		47,443			43,195			45,951
Total current assets		414,764			492,820			410,260
Property and equipment, net		106,758			125,325			118,033
Operating lease right-of-use asset		21,182			29,685			23,438
Goodwill		—			106,700			—
Intangible asset		257,000			257,000			257,000
Other assets		2,812			2,949			2,748
TOTAL ASSETS	$	802,516		$	1,014,479		$	811,479
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current portion of long-term debt	$	13,000		$	13,750		$	13,000
Accounts payable		143,886			156,342			131,922
Lease liability – current		5,351			5,643			6,024
Accrued expenses and other current liabilities		91,190			100,632			108,972
Total current liabilities		253,427			276,367			259,918
Long-term borrowings under ABL Facility		20,000			70,000			—
Long-term debt, net		230,227			218,022			236,170
Lease liability – long-term		20,843			29,973			22,952
Deferred tax liabilities		48,631			51,066			48,020
Other liabilities		2,874			3,283			2,826
TOTAL LIABILITIES		576,002			648,711			569,886
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 authorized: 480,000 shares; issued and outstanding: 31,256, 32,087 and 31,433, respectively		313			321			315
Additional paid-in capital		354,768			360,091			356,764
(Accumulated deficit) Retained earnings		(112,284	)		21,597			(99,417	)
Accumulated other comprehensive loss		(16,283	)		(16,241	)		(16,069	)
TOTAL STOCKHOLDERS’ EQUITY		226,514			365,768			241,593
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	802,516		$	1,014,479		$	811,479

See accompanying Notes to Condensed Consolidated Financial Statements.

LANDS’ END, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	26 Weeks Ended
(in thousands)	August 2, 2024			July 28, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(11,693	)	$	(9,670	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		17,697			18,844
Amortization of debt issuance costs		1,354			1,634
Loss on disposal of property and equipment		52			100
Stock-based compensation		2,658			1,893
Deferred income taxes		329			4,905
Long-lived asset impairment		2,805			—
Other		(276	)		(255	)
Change in operating assets and liabilities:
Accounts receivable, net		7,834			19,861
Inventories, net		(10,346	)		30,427
Accounts payable		14,023			(8,988	)
Other operating assets		(2,031	)		2,354
Other operating liabilities		(17,497	)		(6,278	)
Net cash provided by operating activities		4,909			54,827
CASH FLOWS FROM INVESTING ACTIVITIES
Sales of property and equipment		20			—
Purchases of property and equipment		(11,470	)		(22,862	)
Net cash used in investing activities		(11,450	)		(22,862	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings under ABL Facility		49,000			118,000
Payments of borrowings under ABL Facility		(29,000	)		(148,000	)
Payments on term loan		(6,500	)		(6,875	)
Payments of debt issuance costs		(724	)		(45	)
Payments for taxes related to net share settlement of equity awards		(1,041	)		(1,199	)
Purchases and retirement of common stock, including excise tax paid		(4,845	)		(6,789	)
Net cash provided by (used in) financing activities		6,890			(44,908	)
Effects of exchange rate changes on cash, cash equivalents and restricted cash		248			(5	)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		597			(12,948	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		27,290			41,391
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	27,887		$	28,443
SUPPLEMENTAL CASH FLOW DATA
Unpaid liability to acquire property and equipment	$	1,698		$	3,551
Income taxes paid (refunded)	$	67		$	(298	)
Interest paid	$	20,636		$	22,138
Operating lease right-of-use-assets obtained in exchange for lease liabilities	$	—		$	1,542

See accompanying Notes to Condensed Consolidated Financial Statements.

LANDS’ END, INC.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the 26 weeks ended August 2, 2024

(Unaudited)


	Common Stock Issued						Additional Paid-in			Accumulated			Accumulated Other Comprehensive			Total Stockholders’
(in thousands)	Shares			Amount			Capital			Deficit			Loss			Equity
Balance at February 2, 2024		31,433		$	315		$	356,764		$	(99,417	)	$	(16,069	)	$	241,593
Net loss		—			—			—			(6,442	)		—			(6,442	)
Cumulative translation adjustment, net of tax		—			—			—			—			(513	)		(513	)
Stock-based compensation expense		—			—			1,226			—			—			1,226
Vesting of restricted shares		90			—			—			—			—			—
Common stock withheld related to net share settlement of equity awards		(31	)		—			(249	)		—			—			(249	)
Purchases and retirement of common stock		(85	)		(1	)		(870	)		(143	)		—			(1,014	)
Balance at May 3, 2024		31,407		$	314		$	356,871		$	(106,002	)	$	(16,582	)	$	234,601
Net loss		—			—			—			(5,251	)		—			(5,251	)
Cumulative translation adjustment, net of tax		—			—			—			—			299			299
Stock-based compensation expense		—			—			1,432			—			—			1,432
Vesting of restricted shares		160			1			(1	)		—			—			—
Common stock withheld related to net share settlement of equity awards		(57	)		—			(792	)		—			—			(792	)
Purchases and retirement of common stock, including excise tax		(254	)		(2	)		(2,742	)		(1,031	)		—			(3,775	)
Balance at August 2, 2024		31,256		$	313		$	354,768		$	(112,284	)	$	(16,283	)	$	226,514

For the 26 weeks ended July 28, 2023

(Unaudited)


	Common Stock Issued						Additional Paid-in			(Accumulated Deficit) Retained			Accumulated Other Comprehensive			Total Stockholders’
(in thousands)	Shares			Amount			Capital			Earnings			Loss			Equity
Balance at January 27, 2023		32,626		$	326		$	366,181		$	31,267		$	(17,022	)	$	380,752
Net loss		—			—			—			(1,652	)		—			(1,652	)
Cumulative translation adjustment, net of tax		—			—			—			—			81			81
Stock-based compensation expense		—			—			1,083			—			—			1,083
Vesting of restricted shares		408			3			(3	)		—			—			—
Common stock withheld related to net share settlement of equity awards		(144	)		—			(1,199	)		—			—			(1,199	)
Purchases and retirement of common stock		(430	)		(4	)		(3,777	)		—						(3,781	)
Balance at April 28, 2023		32,460		$	325		$	362,285		$	29,615		$	(16,941	)	$	375,284
Net loss		—			—			—			(8,018	)		—			(8,018	)
Cumulative translation adjustment, net of tax		—			—			—			—			700			700
Stock-based compensation expense		—			—			810			—			—			810
Vesting of restricted shares		2			—			—			—			—			—
Purchases and retirement of common stock		(375	)		(4	)		(3,004	)		—			—			(3,008	)
Balance at July 28, 2023		32,087		$	321		$	360,091		$	21,597		$	(16,241	)	$	365,768

See accompanying Notes to Condensed Consolidated Financial Statements.

LANDS’ END, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. BACKGROUND AND BASIS OF PRESENTATION

Description of Business

Lands’ End, Inc. (“Lands’ End” or the “Company”) is a leading digital retailer of solution-based apparel, swimwear, outerwear, accessories, footwear, home products and uniforms. Lands’ End offers products online at www.landsend.com, through third-party distribution channels, our own Company Operated stores and third-party license agreements. Lands’ End also offers products to businesses and schools, for their employees and students, through the Outfitters distribution channel. Lands’ End is a classic American lifestyle brand that creates solutions for life’s every journey. References to www.landsend.com do not constitute incorporation by reference of the information at www.landsend.com, and such information is not part of this Quarterly Report on Form 10-Q or any other filings with the SEC, unless otherwise explicitly stated.

Terms that are commonly used in the Company’s Notes to Condensed Consolidated Financial Statements are defined as follows:

•

ABL Facility – Asset-based senior secured credit agreement, providing for a revolving facility, dated as of November 16, 2017, with Wells Fargo Bank, N.A. and certain other lenders, as amended to date

•

ASC – Financial Accounting Standards Board Accounting Standards Codification, which serves as the source for authoritative GAAP, as supplemented by rules and interpretive releases by the SEC which are also sources of authoritative GAAP for SEC registrants

•

Company Operated stores – Lands’ End retail stores in the Retail distribution channel

•

Current Term Loan Facility – Term loan credit agreement, dated as of December 29, 2023, among the Company, Blue Torch Capital, as Administrative Agent and Collateral Agent, and the lenders party thereto

•

Debt Facilities – Collectively, the Current Term Loan Facility and ABL Facility

•

Deferred Awards – Time vesting stock awards

•

FASB – Financial Accounting Standards Board

•

Fiscal 2024 – The 52 weeks ending January 31, 2025

•

Fiscal 2023 – The 53 weeks ended February 2, 2024

•

Former Term Loan Facility – Term loan credit agreement, dated as of September 9, 2020, among the Company, Fortress Credit Corp., as Administrative Agent and Collateral Agent, and the lenders party thereto

•

GAAP – Accounting principles generally accepted in the United States

•

LIBOR – London inter-bank offered rate

•

Option Awards – Stock option awards

•

Performance Awards – Performance-based stock awards

•

SEC – United States Securities and Exchange Commission

•

SOFR – Secured Overnight Funding Rate

•

Target Shares – Number of restricted stock units awarded to a recipient which reflects the number of shares to be delivered based on achievement of target performance goals

•

Term Loan Adjusted SOFR – SOFR plus adjustments of either (a) 0.11448% for a one-month interest period, (b) 0.26161% for a three-month interest period, or (c) 0.42826% for a six-month interest period

Basis of Presentation

The Condensed Consolidated Financial Statements include the accounts of Lands’ End, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated.

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all material adjustments which are of a normal and recurring nature necessary for a fair presentation of the results for the periods presented have been reflected. Dollar amounts are reported in thousands, except per share data, unless otherwise noted. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with information included in the Lands’ End Annual Report on Form 10-K filed with the SEC on April 3, 2024.

Macroeconomic Challenges

Macroeconomic issues which impact consumer discretionary spending, such as realized inflation-based price increases and high interest rates have continued to have an impact on our business. Apparel purchases historically have been influenced by domestic and global economic conditions, which may negatively impact customer demand and may require higher levels of promotion in order to attract and retain customers. Additionally, the variable interest rates associated with our Debt Facilities are negatively affected by higher interest rate environments. Macroeconomic challenges may lead to increased cost of raw materials, packaging materials, labor, energy, fuel, debt and other inputs necessary for the production and distribution of our products.

Restructuring

During Fiscal 2023, the Company reduced approximately 10% of its corporate office and Hong Kong sourcing office positions and incurred restructuring charges, primarily severance and benefit and other related costs. The reductions in the Hong Kong sourcing office were organizational changes to move positions to the Company’s corporate headquarters to centralize product development to better align with the Company’s speed-to-market initiatives. The reductions in the corporate office positions were made to better align with the evolving needs of the business and to invest in key growth areas. For the 26 weeks ended August 2, 2024, the Company incurred restructuring charges, primarily severance and benefit costs, related to cost optimization of business operations and strategic initiatives.

The Company incurred $2.3 million and $0.4 million of restructuring costs during the 13 weeks ended August 2, 2024 and July 28, 2023, respectively. Restructuring costs of $2.7 million and $0.4 million were incurred during the 26 weeks ended August 2, 2024 and July 28, 2023, respectively, and were recorded in Other operating expense, net in the Condensed Consolidated Statements of Operations. As of August 2, 2024, approximately $2.9 million of the restructuring costs had yet to be paid and are included in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets.

Long-lived Asset Impairment Analysis

Property and equipment are subject to a review for impairment if events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. In accordance with ASC 360, Property, Plant and Equipment (“ASC 360”) the Company reviewed the long-lived asset groups for impairment as of August 2, 2024.

During the 13 weeks ended August 2, 2024, the Company considered management’s decision to replace the existing information technology infrastructure with an enterprise resource planning (“ERP”) software system within the next 18 to 24 months to be a triggering event. The Company determined that certain long-lived assets, primarily capitalized internal-use software projects and computer software, would no longer be utilized or have future benefit with the planned ERP platform and recognized impairment in the amount of $2.8 million during the 13 weeks and 26 weeks ended August 2, 2024, respectively, recorded in Other operating expense, net in the Condensed Consolidated Statement of Operations.

The Company Operated store long-lived asset group, including Operating right-of-use assets, are regularly reviewed for impairment indicators. Impairment is assessed at the individual store level which is the lowest level of identifiable cash flows and considers the estimated undiscounted cash flows over the asset’s remaining life. If estimated undiscounted cash flows are insufficient to recover the investment, an impairment loss is recognized equal to the difference between the estimated fair value of the asset and its

carrying value, net of salvage, and any costs of disposition. The fair value estimate is generally the discounted amount of estimated store-specific cash flows. No impairment was recognized for Operating lease right-of-use assets and property and equipment, net for individual identified Company Operated stores as of August 2, 2024 and July 28, 2023, respectively.

The Company reviewed the remaining long-lived asset groups for impairment as of August 2, 2024. The Company assessed the recoverability of our long-lived asset groups by comparing their projected undiscounted cash flows associated over remaining estimated useful lives of the primary asset in the long-lived asset group against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. As a result of the testing, the undiscounted cash flows of the remaining asset groups exceeded their respective carrying amounts resulting in no impairment as of August 2, 2024.

NOTE 2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The Company is currently assessing the impact of ASU 2023-07 on the Company’s Condensed Consolidated Financial Statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which includes requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling items that are greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income rate. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) each disaggregated between domestic and foreign. ASU 2023-09 is effective for the annual periods beginning after December 15, 2024. The Company is currently assessing the impact of ASU 2023-09 on the Company’s Condensed Consolidated Financial Statement disclosures.

In March 2024, FASB issued ASU 2024-02, Codification Improvements—Amendments to Remove References to the Concepts Statements (“ASU 2024-02”), which is intended to simplify the Codification and draw a distinction between authoritative and non-authoritative literature. ASU 2024-02 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently assessing the impact of ASU 2024-02 on the Company’s Condensed Consolidated Financial Statements.

NOTE 3. LOSS PER SHARE

The numerator for both basic and diluted earnings (loss) per share is net income (loss) attributable to the Company. The denominator for basic earnings (loss) per share is based upon the number of weighted average shares of the Company’s common stock outstanding during the reporting periods. The denominator for diluted earnings (loss) per share is based upon the number of weighted average shares of the Company’s common stock and common stock equivalents outstanding during the reporting periods using the treasury stock method in accordance with ASC 260, Earnings Per Share. Potentially dilutive securities for the diluted earnings (loss) per share calculations consist of non-vested equity shares of common stock and in-the-money outstanding options where the current stock price exceeds the option strike price.

The following table summarizes the components of basic and diluted loss per share:


	13 Weeks Ended						26 Weeks Ended
(in thousands, except per share amounts)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Net loss	$	(5,251	)	$	(8,018	)	$	(11,693	)	$	(9,670	)

Basic weighted average common shares outstanding		31,376			32,117			31,407			32,280
Dilutive impact of stock awards		—			—			—			—
Diluted weighted average common shares outstanding		31,376			32,117			31,407			32,280

Loss per share
Basic	$	(0.17	)	$	(0.25	)	$	(0.37	)	$	(0.30	)
Diluted	$	(0.17	)	$	(0.25	)	$	(0.37	)	$	(0.30	)

Anti-dilutive shares excluded from diluted loss per common share calculation		509			1,618			806			1,411

Stock awards are considered anti-dilutive based on the application of the treasury stock method or in the event of a net loss.

NOTE 4. OTHER COMPREHENSIVE LOSS

Other comprehensive income (loss) encompasses all changes in equity other than those arising from transactions with stockholders and is comprised solely of foreign currency translation adjustments. Our foreign subsidiaries use their foreign currency as their functional currency. Functional currency assets and liabilities are translated into U.S. Dollars using exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates during the period. Resulting translation gains and losses are reported in other comprehensive income (loss), until the substantial liquidation of a subsidiary, at which time accumulated transactions gains or losses are reclassified into net income.


	13 Weeks Ended						26 Weeks Ended
(in thousands)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,068, $4,503, $4,271 and $4,525, respectively)	$	(16,582	)	$	(16,941	)	$	(16,069	)	$	(17,022	)
Other comprehensive income (loss):
Foreign currency translation adjustments (net of tax of ($79), ($186), ($282) and ($208), respectively)		299			700			(214	)		781
Ending balance: Accumulated other comprehensive loss (net of tax of $3,989, $4,317, $3,989 and $4,317, respectively)	$	(16,283	)	$	(16,241	)	$	(16,283	)	$	(16,241	)

No amounts were reclassified out of Accumulated other comprehensive loss during any of the periods presented.

NOTE 5. DEBT

ABL Facility

The Company’s $275.0 million committed revolving ABL Facility includes a $70.0 million sublimit for letters of credit and is available for working capital and other general corporate liquidity needs and matures on July 29, 2026. The amount available to borrow is the lesser of (1) the Aggregate Commitments of $275.0 million (“ABL Facility Limit”) or (2) the Borrowing Base or Loan Cap which

is calculated from Eligible Inventory, Trade Receivables and Credit Card Receivables, all foregoing capitalized terms not defined herein are as defined in the ABL Facility.

The following table summarizes the Company’s ABL Facility borrowing availability:


	August 2, 2024			July 28, 2023			February 2, 2024
(in thousands)	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
ABL Facility limit	$	275,000		$	275,000		$	275,000
Borrowing Base		145,620			207,326			176,311

Outstanding borrowings		20,000	6.68%		70,000	6.82%		—
Outstanding letters of credit		8,101			8,554			9,070
ABL Facility utilization at end of period		28,101			78,554			9,070

ABL Facility borrowing availability	$	117,519		$	128,772		$	167,241

Effective with the Fourth Amendment to the ABL Facility executed May 12, 2023, the benchmark interest rate was changed from LIBOR to SOFR plus an adjustment of 0.10% for all loans (“ABL Adjusted SOFR”). Loan interest rates are selected at the borrower’s election, is either (1) ABL Adjusted SOFR, or (2) a base rate which is the greater of (a) the federal funds rate plus 0.50%, (b) the one-month ABL Adjusted SOFR rate plus 1.00%, or (c) the Wells Fargo “prime rate”. The borrowing margin for ABL Adjusted SOFR loans is (i) less than $95.0 million, 1.25%, (ii) equal to or greater than $95.0 million but less than $180.0 million, 1.50%, and (iii) greater than or equal to $180.0 million, 1.75%. For base rate loans, the borrowing margin is (i) less than $95.0 million, 0.50%, (ii) equal to or greater than $95.0 million but less than $180.0 million, 0.75%, and (iii) greater than or equal to $180.0 million, 1.00% (“Applicable Borrowing Margin”). The Applicable Borrowing Margin for all loans is based upon the average daily total loans outstanding for the previous quarter. The Fourth Amendment had no material interest rate impact.

The ABL Facility fees include (i) commitment fees of 0.25% based upon the average daily unused commitment (aggregate commitment less loans and letter of credit outstanding) under the ABL Facility for the preceding fiscal quarter, (ii) customary letter of credit fees and (iii) customary annual agent fees. As of August 2, 2024, the Company had $20.0 million borrowings outstanding under the ABL Facility.

Long-Term Debt

On December 29, 2023, the Company entered into the Current Term Loan Facility which provides borrowings of $260.0 million, the proceeds of which were used to repay all of the indebtedness under the Former Term Loan Facility and to pay fees and expenses in connection with the financing. Origination costs, including a 3% original issue discount of $7.8 million and debt origination fees of $3.8 million, were incurred in connection with entering into the Current Term Loan Facility. The original issue discount and the debt origination fees are presented as a direct deduction from the carrying value of the Current Term Loan Facility and Former Term Loan Facility and are amortized over the term of the loan to Interest expense in the Condensed Consolidated Statements of Operations.

The Current Term Loan Facility will mature on December 29, 2028, and will amortize at a rate equal to 1.25% per quarter. Depending upon the Company’s Total Leverage Ratio, as defined in the Current Term Loan Facility, mandatory prepayments in an amount equal to a percentage of the Company’s excess cash flows in each fiscal year, ranging from 0% to 75% are required. The Current Term Loan Facility also has typical prepayment requirements for the proceeds of certain asset sales, casualty events and extraordinary receipts. Voluntary prepayment and certain mandatory prepayments made (i) on or before December 29, 2024 would result in a prepayment premium equal to 3% of the principal amount of the loan prepaid plus a yield maintenance fee, (ii) between December 30, 2024 and December 29, 2025 would result in a prepayment premium equal to 2% of the principal amount of the loan prepaid, (iii) between December 30, 2025 and December 29, 2026, would result in a prepayment premium equal to 1% of the principal amount of the loan prepaid, (iv) between December 30, 2026 and December 29, 2027, would result in a prepayment premium equal to 0.5% of the principal amount of the loan prepaid and (v) thereafter no prepayment premium is due.

The Company’s long-term debt consisted of the following:


	August 2, 2024			July 28, 2023			February 2, 2024
(in thousands)	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Former Term Loan Facility	$	—	—%	$	237,188	14.97%	$	—	—%
Current Term Loan Facility		253,500	13.70%		—	—%		260,000	13.70%
Less: Current portion of long-term debt		13,000			13,750			13,000
Less: Unamortized debt issuance costs		10,273			5,416			10,830
Long-term debt, net	$	230,227		$	218,022		$	236,170

The interest rates per annum applicable to the loans under the Current Term Loan Facility are based on a fluctuating rate of interest equal to, at the Company’s election, either (1) Term Loan Adjusted SOFR loan (subject to a 2% floor) plus an applicable margin, or (2) an alternative base rate loan plus an applicable margin. The applicable margin is based on the Company’s net leverage and will be, (i) for Term Loan Adjusted SOFR loans, 8.25% per annum if the total leverage ratio is greater than or equal to 2.75:1.00, 8.00% per annum if the total leverage ratio is less than 2.75:1.00 but greater than or equal to 2.25:1.00, and 7.75% per annum if the total leverage ratio is less than 2.25:1.00 and (ii) for base rate loans, 7.25% per annum if the total leverage ratio is greater than or equal to 2.75:1.00, 7.00% per annum if the total leverage ratio is less than 2.75:1.00 but greater than or equal to 2.25:1.00, and 6.75% per annum if the total leverage ratio is less than 2.25:1.00. In each case, the net leverage is determined as of the last day of each applicable measurement period.

Effective with the First Amendment to the Former Term Loan Facility executed June 22, 2023, the interest rate benchmark changed from LIBOR to Term Loan Adjusted SOFR. The annual interest rate applicable to the loans under the Former Term Loan Facility was based on a fluctuating rate of interest measured by reference to, at the borrower’s election, either (1) a Term Loan Adjusted SOFR rate plus 9.75% or (2) an alternative base rate (which is the greater of (i) the prime rate published in the Wall Street Journal, (ii) the federal funds rate, which was to be no lower than 0.00% plus ½ of 1.00%, or (iii) the one month Term Loan Adjusted SOFR rate plus 1.00% per annum) plus 8.75%.

Both the Current and Former Term Loan Facilities contain customary agency fees.

Debt Facilities

Guarantees; Security

All obligations under the Debt Facilities are unconditionally guaranteed by Lands’ End, Inc. and, subject to certain exceptions, each of its existing and future direct and indirect subsidiaries. The ABL Facility is secured by a first priority security interest in certain working capital of the borrowers and guarantors consisting primarily of accounts receivable and inventory. The Current Term Loan Facility is also secured by a second priority security interest in the same collateral, with certain exceptions.

The Current Term Loan Facility is also secured by a first priority security interest in certain property and assets, including certain fixed assets such as real estate, stock of subsidiaries and intellectual property, in each case, subject to certain exceptions. The ABL Facility is also secured by a second priority interest in the same collateral, with certain exceptions.

Representations and Warranties; Covenants

Subject to specified exceptions, the Debt Facilities contain various representations and warranties and restrictive covenants that, among other things, restrict Lands’ End, Inc.’s and its subsidiaries’ ability to incur indebtedness (including guarantees), grant liens, make investments, make dividends or distributions with respect to capital stock, make prepayments on other indebtedness, engage in mergers or change the nature of their business.

The Current Term Loan Facility contains financial covenants, including a quarterly maximum total leverage ratio test and a monthly minimum liquidity test.

Under the ABL Facility, if excess availability falls below the greater of 10% of the Loan Cap amount or $15.0 million, the Company will be required to comply with a minimum fixed charge coverage ratio of 1.0 to 1.0.

The Debt Facilities contain certain affirmative covenants, including reporting requirements such as delivery of financial statements, certificates and notices of certain events, maintaining insurance and providing additional guarantees and collateral in certain circumstances.

As of August 2, 2024, the Company was in compliance with its financial covenants in the Debt Facilities.

Events of Default

The Debt Facilities include customary events of default including non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross defaults related to certain other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of guarantees or security interests, material judgments and change of control.

NOTE 6. STOCK-BASED COMPENSATION

The Company expenses the fair value of all stock awards over their requisite service period, ensuring that the amount of cumulative stock-based compensation expense recognized at any date is at least equal to the portion of the grant-date fair value of the award that is vested at that date. The Company has elected to adjust stock-based compensation expense for an estimated forfeiture rate for those shares not expected to vest and to recognize stock-based compensation expense on a straight-line basis for awards that only have a service requirement with multiple vest dates.

The Company has granted the following types of stock awards to employees at management levels and above, each of which are granted under the Company’s stockholder approved stock plans, other than inducement grants outside of the Company’s stockholder approved stock plans in accordance with Nasdaq Listing Rule 5635(c)(4):

•

Deferred Awards are in the form of restricted stock units and only require each recipient to complete a service period for the awards to be earned. Deferred Awards generally vest over three years. The fair value of Deferred Awards is based on the closing price of the Company’s common stock on the grant date. Stock-based compensation expense is recognized ratably over the service period and is reduced for estimated forfeitures of those awards not expected to vest due to employee turnover.

•

Performance Awards are in the form of restricted stock units and have, in addition to a service requirement, financial performance criteria and/or stock performance criteria that must be achieved for the awards to be earned. For the Performance Awards granted in Fiscal 2024, a portion have financial performance criteria and a portion have stock performance criteria. Certain Performance Awards granted in Fiscal 2024 vest up to 100% of the specified number of shares, contingent upon the Company’s common stock achieving a specified average per share closing stock price over a specified number of trading days, and other Performance Awards granted in Fiscal 2024 vest based on financial performance criteria. For Performance Awards with financial performance criteria, the Target Shares earned can range from 50% to 200% (such result, the “Earned Shares”) once minimum thresholds have been reached and depend on the achievement of certain financial measures for the cumulative period comprised of three-consecutive fiscal years beginning with the fiscal year of the grant date. The Performance Awards granted in Fiscal 2023 are also subject to a relative total shareholder return (“TSR”) modifier which is based on the Company’s total return to stockholders over the measurement period relative to a custom peer group. The Fiscal 2023 Performance Award TSR modifier can result in an adjustment of 75% to 125% of the Earned Shares, subject to an overall cap of 200% of Target Shares and a modifier limitation to 100% of Target Shares in the event TSR is negative. For Fiscal 2024 Performance Awards with stock performance criteria, the Target Shares earned can range from 0% to 100% based on the Company’s highest average per share common stock closing stock price measured over any 20 consecutive trading-day period for the cumulative period comprised of three-consecutive fiscal years beginning with the fiscal year of the grant date. Performance Awards are also subject to limitations under the Company’s stockholder approved stock plans. The applicable percentage of the Target Shares, as determined by financial performance or stock price performance, vest after the completion of the applicable three-year performance period and upon determination of achievement of the performance measures by the Compensation Committee of the Board of Directors, and unearned Target Shares are forfeited. The fair value of the Performance Awards granted prior to Fiscal 2023, as well as the portion of the Fiscal 2024 Performance Awards with financial performance criteria, are based on the closing price of the Company’s common stock on the grant date. For the portion of the Performance Awards granted in Fiscal 2024 with stock performance criteria and the Performance Awards granted in Fiscal 2023 with a relative TSR modifier, the grant date fair value is based on the Monte Carlo simulation model. Stock-based compensation expense, including awards with market conditions, is recognized ratably over the related service period, reduced for estimated forfeitures of those awards not expected to vest due to employee turnover and adjusted based on the Company’s estimate of the percentage of the aggregate Target Shares expected to be earned. The Company accrues for Performance Awards

on a 100% payout unless it becomes probable that the outcome will be significantly different, or the performance can be accurately measured.

•

Option Awards provide the recipient with the option to purchase a set number of shares at a stated exercise price over the term of the contract, which is ten years for all Option Awards currently outstanding. Options are granted with a strike price equal to the stock price on the date of grant and vest over the requisite service period of the award. The fair value of each Option Award is estimated on the grant date using the Black-Scholes option pricing model.

The following table provides a summary of the Company’s stock-based compensation expense, which is included in Selling and administrative expense in the Condensed Consolidated Statements of Operations:


	13 Weeks Ended					26 Weeks Ended
(in thousands)	August 2, 2024		July 28, 2023			August 2, 2024		July 28, 2023
Deferred awards	$	943	$	1,242		$	1,865	$	2,221
Performance awards (1)		385		(536	)		585		(536	)
Option awards		104		104			208		208
Total stock-based compensation expense	$	1,432	$	810		$	2,658	$	1,893

(1)

Net credit expense for the 13 and 26 weeks ended July 28, 2023 includes a reduction of the accrual for Performance Awards based on actual and projected results relative to performance measures.

Deferred Awards

The following table provides a summary of the Deferred Awards activity for the 26 weeks ended August 2, 2024:


	Deferred Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested Deferred Awards as of February 2, 2024		959		$	11.44
Granted		307			11.34
Vested		(250	)		14.78
Forfeited or expired		(75	)		10.97
Unvested Deferred Awards as of August 2, 2024		941		$	10.56

Total unrecognized stock-based compensation expense related to unvested Deferred Awards was approximately $7.0 million as of August 2, 2024, which is expected to be recognized ratably over a weighted average period of 2.1 years. The total fair value of Deferred Awards vested during the 26 weeks ended August 2, 2024 and July 28, 2023 was $3.7 million and $5.1 million, respectively. The Deferred Awards granted to employees during the 26 weeks ended August 2, 2024 vest over a period of three years.

Performance Awards

The following table provides a summary of the Performance Awards activity for the 26 weeks ended August 2, 2024:


	Performance Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested Performance Awards as of February 2, 2024		607		$	13.14
Granted		264			10.30
Change in estimate - performance		(57	)		29.95
Vested		—			—
Forfeited or expired		(23	)		12.87
Unvested Performance Awards as of August 2, 2024		791		$	11.00

Total unrecognized stock-based compensation expense related to unvested Performance Awards was approximately $3.7 million as of August 2, 2024 which is expected to be recognized ratably over a weighted average period of 2.2 years. The Performance Awards granted to employees during the 26 weeks ended August 2, 2024 vest, if earned, after completion of the applicable three-year performance period.

Option Awards

The following table provides a summary of the Option Awards activity for the 26 weeks ended August 2, 2024:


	Option Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Option Awards outstanding as of February 2, 2024		511		$	16.08
Granted		—			—
Exercised		—			—
Forfeited		—			—
Expired		(294	)		18.10
Option Awards outstanding as of August 2, 2024		217		$	13.34

The following table provides a summary of information about the Option Awards vested and expected to vest during the contractual term, as well as Option Awards exercisable as of August 2, 2024:


(in thousands, except contractual life and exercise price amounts)	Option Awards		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
Option Awards vested and expected to vest		217		7.02	$	13.34	$	854
Option Awards exercisable		91		5.30	$	16.84	$	213

Total unrecognized stock-based compensation expense related to Option Awards expected to vest was approximately $0.5 million as of August 2, 2024, which is expected to be recognized over a weighted average period of 1.3 years.

NOTE 7. STOCKHOLDERS’ EQUITY

Share Repurchase Program

On June 28, 2022, the Company announced that its Board of Directors authorized the Company to repurchase up to $50.0 million of the Company’s common stock through February 2, 2024 (the “2022 Share Repurchase Program”). Under the 2022 Share Repurchase Program, the Company could repurchase its common stock through open market purchases, in privately negotiated transactions, or by other means in accordance with federal securities laws, including Rule 10b-18 of the Exchange Act. The amount and timing of purchases were determined by the Company’s management depending upon market conditions and other factors and at times were made pursuant to a Rule 10b5-1 trading plan. The 2022 Share Repurchase Program expired on February 2, 2024.

On March 15, 2024, the Company announced that its Board of Directors authorized the Company to repurchase up to $25.0 million of the Company’s common stock through March 31, 2026 (the “2024 Share Repurchase Program”). Under the 2024 Share Repurchase Program, the Company may repurchase its common stock through open market purchases, in privately negotiated transactions, or by other means in accordance with federal securities laws, including Rule 10b-18 of the Exchange Act. The amount and timing of purchases will be determined by the Company’s management depending upon market conditions and other factors and may be made pursuant to a Rule 10b5-1 trading plan. The 2024 Share Repurchase Program may be suspended or discontinued at any time. As of August 2, 2024, additional purchases of up to $20.3 million could be made under the 2024 Share Repurchase Program. All repurchases are subject to compliance with the Current Term Loan Facility which imposes a per fiscal year limitation on share repurchases.

The following table summarizes the Company’s share repurchases for the 13 and 26 weeks ended August 2, 2024 (under the 2024 Share Repurchase Program) and July 28, 2023 (under the 2022 Share Repurchase Program):


	13 Weeks Ended				26 Weeks Ended
(Shares and $ in thousands except average per share cost)	August 2, 2024		July 28, 2023		August 2, 2024		July 28, 2023
Number of shares repurchased		254		403		339		833
Total cost	$	3,731	$	3,000	$	4,744	$	6,772
Average per share cost (1)	$	14.70	$	7.45	$	13.99	$	8.13

(1)

Average price paid per share excludes broker commissions and excise tax.

The Company retired all shares that were repurchased through the 2024 Share Repurchase Program and the 2022 Share Repurchase Program during the 26 weeks ended August 2, 2024 and July 28, 2023, respectively. In accordance with the FASB ASC 505—Equity, the par value of the shares retired was charged against Common stock and the remaining purchase price was allocated between Additional paid-in capital and (Accumulated deficit) Retained earnings. The portion charged against Additional paid-in capital is determined based on the Additional paid-in capital per share amount recorded in the initial issuance of the shares with the remaining to (Accumulated deficit) Retained earnings. Shares purchased at a price less than that of initial issuance is charged only against Additional paid-in capital. The total cost of the broker commissions and excise tax is charged directly to (Accumulated deficit) Retained earnings. For the shares retired during the 13 and 26 weeks ended August 2, 2024, $1.0 million and $1.2 million, respectively, was charged to (Accumulated deficit) Retained Earnings. For the shares retired during the 13 and 26 weeks ended July 28, 2023, no amount was charged to (Accumulated deficit) Retained earnings.

NOTE 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	August 2, 2024		July 28, 2023		February 2, 2024
Deferred gift card revenue	$	34,179	$	33,556	$	35,604
Accrued employee compensation and benefits		20,238		22,922		28,449
Reserve for sales returns and allowances		14,907		18,404		21,560
Deferred revenue		9,302		8,081		4,314
Accrued property, sales and other taxes		7,412		8,300		8,795
Other		5,152		9,369		10,250
Total Accrued expenses and other current liabilities	$	91,190	$	100,632	$	108,972

NOTE 9. FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS AND LIABILITIES

Cash and cash equivalents and restricted cash is reflected on the Condensed Consolidated Balance Sheets at fair value based on Level 1 inputs. Cash and cash equivalents and restricted cash amounts are valued based upon statements received from financial institutions. The fair value of restricted cash was $2.2 million, $1.8 million and $2.0 million as of August 2, 2024, July 28, 2023 and February 2, 2024, respectively.

Carrying amounts and fair values of long-term debt, including current portion, in the Condensed Consolidated Balance Sheets are as follows:


	August 2, 2024				July 28, 2023				February 2, 2024
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	253,500	$	246,160	$	237,188	$	226,786	$	260,000	$	258,139

The Company’s valuation of long-term debt, including current portion, at fair value is considered a Level 3 instrument under the fair value hierarchy. The Company’s valuation techniques include the Black-Derman-Toy (“BDT”) model as well as market inputs from management. The BDT modeling approach is particularly relevant given the Current Term Loan Facility’s features, including the optional redemption provision. There were no nonfinancial assets or nonfinancial liabilities recognized at fair value on a nonrecurring basis as of August 2, 2024, July 28, 2023 and February 2, 2024.

NOTE 10. INCOME TAXES

Provision for Income Taxes

At the end of each quarter, the Company estimates its effective income tax rate pursuant to ASC 740. The rate for the period consists of the tax rate expected to be applied for the full year to ordinary income adjusted for any discrete items recorded in the period.

The Company recorded a tax benefit at an overall effective tax rate of 33.4% for the 13 weeks ended August 2, 2024, and a tax expense at an overall effective tax rate of (32.4)% for the 13 weeks ended July 28, 2023. The Company recorded a tax benefit at an overall rate of 26.4% for the 26 weeks ended August 2, 2024 and a tax expense at an overall rate of (17.5)% for the 26 weeks ended July 28, 2023. The overall effective tax rates for the 13 and 26 weeks ended August 2, 2024 vary from the U.S. federal statutory rate of 21% as a result of state taxes, non-deductible expenses, and the impact of stock-based compensation adjustments. The overall effective tax rate for the 13 and 26 weeks ended July 28, 2023 reflects a one-time tax expense related to the write-off of deferred tax benefits for stock-based compensation.

NOTE 11. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company is party to various claims, legal proceedings and investigations arising in the ordinary course of business. Some of these actions involve complex factual and legal issues and are subject to uncertainties. At this time, the Company is not able to either predict the outcome of these legal proceedings or reasonably estimate a potential range of loss with respect to the proceedings. While it is not feasible to predict the outcome of such pending claims, proceedings and investigations with certainty, management is of the opinion that their ultimate resolution should not have a material adverse effect on results of operations, cash flows or financial position taken as a whole.

NOTE 12. SEGMENT REPORTING

For the 26 weeks ended August 2, 2024, the Company’s operating segments consisted of: U.S. eCommerce, Europe eCommerce, Outfitters, Third Party and Retail.

The Company determined that each of the operating segments have similar economic and other qualitative characteristics, thus the results of the operating segments are aggregated into one external reportable segment.

Lands’ End identifies five separate distribution channels for revenue reporting purposes:

•

U.S. eCommerce offers products through the Company’s eCommerce website.

•

International offers products primarily to consumers located in Europe and through the Company’s eCommerce international websites and third-party affiliates.

•

Outfitters sells uniform and logo apparel to businesses and their employees, as well as to student households through school relationships, located primarily in the U.S.

•

Third Party sells the same products as U.S. eCommerce but direct to consumers through third-party marketplace websites and through domestic wholesale relationships. In addition, Third Party generates revenue from licensing agreements.

•

Retail sells products through the Company Operated stores.

Net revenue is presented by distribution channel in the following tables:


	13 Weeks Ended		% of Net			13 Weeks Ended		% of Net
(in thousands)	August 2, 2024		Revenue			July 28, 2023		Revenue
Net revenue:
U.S. eCommerce	$	188,336		59.4	%	$	195,921		60.6	%
International		22,950		7.2	%		22,818		7.1	%
Outfitters		63,159		19.9	%		67,984		21.0	%
Third Party		30,114		9.5	%		24,395		7.5	%
Retail		12,614		4.0	%		12,245		3.8	%
Total Net revenue	$	317,173				$	323,363


	26 Weeks Ended		% of Net			26 Weeks Ended		% of Net
(in thousands)	August 2, 2024		Revenue			July 28, 2023		Revenue
Net revenue:
U.S. eCommerce	$	358,868		59.5	%	$	373,623		59.0	%
International		47,918		8.0	%		48,210		7.6	%
Outfitters		105,836		17.6	%		141,953		22.4	%
Third Party		67,568		11.2	%		47,384		7.5	%
Retail		22,454		3.7	%		21,751		3.5	%
Total Net revenue	$	602,644				$	632,921

NOTE 13. REVENUE

Net Revenue

Product Sales

Revenue includes sales of merchandise and delivery revenue related to merchandise sold. Substantially all of the Company’s revenue is recognized when control of product passes to customers, which for the U.S. eCommerce, International, Outfitters and Third Party distribution channels is when the merchandise is expected to be received by the customer and for the Retail distribution channel is at the time of sale in the store. The Company recognizes revenue, including shipping and handling fees billed to customers, in the amount expected to be received when control of the Company’s products transfers to customers, and is presented net of various forms of promotions, which range from contractually fixed percentage price reductions to sales returns, discounts, and other incentives that may vary in amount. Variable amounts are estimated based on an analysis of historical experience and adjusted as better estimates become available.

The Company’s revenue is disaggregated by distribution channel and geographic location. Revenue by distribution channel is presented in Note 12, Segment Reporting. Revenue by geographic location was:


	13 Weeks Ended				26 Weeks Ended
(in thousands)	August 2, 2024		July 28, 2023		August 2, 2024		July 28, 2023
Net revenue:
United States	$	291,041	$	296,653	$	548,548	$	577,057
Europe		23,330		23,305		48,638		49,182
Other		2,802		3,405		5,458		6,682
Total Net revenue	$	317,173	$	323,363	$	602,644	$	632,921

Licensing Agreements

The Company generates royalty revenue from licensing the right to use its trademarks to third parties. The licensing agreements generally are exclusive to a product category, selling channel and/or geography, have terms in excess of one year, provide for annual guaranteed minimum royalties and, in most cases, include renewal options. In certain agreements, the licensee pays the Company a fulfillment fee for licensed product sold on the Company’s website and fulfilled from the Company’s distribution center. The trademark royalty revenue and fulfillment fee are included in Net revenue and reported in the Third Party distribution channel. See Note 12, Segment Reporting.

In exchange for providing these rights, the license agreements require the licensees to pay the Company a trademark royalty based on net sales as defined in the license agreements. The Company recognizes sales-based royalty revenue at the later of (i) when the related sales of the licensed product occur, or (ii) when the performance obligation has been satisfied, when the Company expects the annual guaranteed minimums will be met, where such provisions exist. If a sales-based royalty is not ultimately expected to exceed a contractually guaranteed minimum royalty amount, the minimum is recognized straight-line as revenue over the contractual period, if all other criteria of revenue recognition have been met.

In certain agreements, the Company agreed to perform transitional activities, such as marketing costs, for the licensed products. The Company receives reimbursement for such costs. The amount of these reimbursements, which are recorded as a reduction of Selling and administrative expenses in the Condensed Consolidated Statements of Operations, for the 13 and 26 weeks ended August 2, 2024 was $2.1 million and $3.3 million, respectively.

Contract Liabilities

Contract liabilities consist of payments received in advance of the transfer of control to the customer. As products are delivered and control transfers, the Company recognizes the deferred revenue in Net revenue in the Condensed Consolidated Statements of Operations. The following table summarizes the deferred revenue associated with payments received in advance of the transfer of control to the customer, reported in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets, and amounts recognized through Net revenue for each period presented. The majority of deferred revenue as of August 2, 2024 is expected to be recognized in Net revenue in the fiscal quarter ending November 1, 2024, as products are delivered to customers.


	13 Weeks Ended						26 Weeks Ended
(in thousands)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Deferred revenue beginning of period	$	9,340		$	6,019		$	4,314		$	7,484
Deferred revenue recognized in period		(9,125	)		(5,805	)		(4,100	)		(7,270	)
Revenue deferred in period		9,087			7,867			9,088			7,867
Deferred revenue end of period	$	9,302		$	8,081		$	9,302		$	8,081

Revenue from gift cards is recognized when (i) the gift card is redeemed by the customer for merchandise, or (ii) as gift card breakage, an estimate of gift cards which will not be redeemed where the Company does not have a legal obligation to remit the value of the unredeemed gift cards to the relevant jurisdictions. Gift card breakage is recorded within Net revenue in the Condensed Consolidated Statements of Operations. Prior to their redemption, gift cards are recorded as a liability and included within Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. The liability is estimated based on expected breakage that considers historical patterns of redemption. The following table provides the reconciliation of the contract liability related to gift cards:


	13 Weeks Ended						26 Weeks Ended
(in thousands)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Balance as of beginning of period	$	35,119		$	34,222		$	35,604		$	33,029
Gift cards sold		14,562			13,171			29,617			28,786
Gift cards redeemed		(14,019	)		(13,048	)		(28,212	)		(26,682	)
Gift card breakage		(1,483	)		(789	)		(2,830	)		(1,577	)
Balance as of end of period	$	34,179		$	33,556		$	34,179		$	33,556

Refund Liabilities

Refund liabilities, primarily associated with product sales returns and retrospective volume rebates, represent variable consideration and are estimated and recorded as a reduction to Net revenue based on historical experience. Refund liabilities, primarily associated with estimated product returns, were $14.9 million, $18.4 million and $21.6 million as of August 2, 2024, July 28, 2023 and February 2, 2024, respectively, and reported in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion in conjunction with the Condensed Consolidated Financial Statements and accompanying notes included elsewhere in this Quarterly Report on Form 10-Q. This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those made, projected or implied in the forward-looking statements. See “Cautionary Statement concerning Forward-Looking Statements” below, “Item 1A. Risk Factors” in our Annual Report filed on Form 10-K for the year ended February 2, 2024 and “Part II, Item 1A Risk Factors” of this Quarterly Report on Form 10-Q, for a discussion of the uncertainties, risks and assumptions associated with these statements.

As used in this Quarterly Report on Form 10-Q, references to the “Company”, “Lands’ End”, “we”, “us”, “our” and similar terms refer to Lands’ End, Inc. and its subsidiaries. Our fiscal year ends on the Friday preceding the Saturday closest to January 31. Other terms that are commonly used in this Quarterly Report on Form 10-Q are defined as follows:

•

Adjusted EBITDA – Net income (loss) appearing on the Condensed Consolidated Statements of Operations net of Income tax expense/(benefit), Interest expense, Depreciation and amortization and other significant items

•

Adjusted net income (loss) – Net income (loss) appearing on the Condensed Consolidated Statements of Operations excluding significant non-recurring or non-operational items. Adjusted net income (loss) is also presented on a diluted per share basis

•

Company Operated stores – Lands’ End retail stores in the Retail distribution channel

•

Debt Facilities – Collectively, the Current Term Loan Facility and ABL Facility

•

First Quarter 2024 – The 13 weeks ended May 3, 2024

•

First Quarter 2023 – The 13 weeks ended April 28, 2023

•

Fiscal 2024 – The 52 weeks ending January 31, 2025

•

Fiscal 2023 – The 53 weeks ended February 2, 2024

•

Fiscal 2022 – The 52 weeks ended January 27, 2023

•

GAAP – Accounting principles generally accepted in the United States

•

GMV – Gross merchandise value equals total order value of all merchandise sold to customers through business-to-consumer and business-to-business channels, as well as the retail value of the merchandise sold through third party distribution channels.

•

LIBOR – London inter-bank offered rate

•

Second Quarter 2024 – The 13 weeks ended August 2, 2024

•

Second Quarter 2023 – The 13 weeks ended July 28, 2023

•

SOFR – Secured Overnight Funding Rate

•

Year-to-Date 2024 – The 26 weeks ended August 2, 2024

•

Year-to-Date 2023 – The 26 weeks ended July 28, 2023

Executive Overview

Description of the Company

Lands’ End is a leading digital retailer of solution-based apparel, swimwear, outerwear, accessories, footwear, home products and uniforms. We offer products online at www.landsend.com, through third-party distribution channels, our own Company Operated stores and third-party license agreements. We also offer products to businesses and schools, for their employees and students, through the Outfitters distribution channel. We are a classic American lifestyle brand that creates solutions for life’s every journey.

Lands’ End was founded in 1963 by Gary Comer and his partners to sell sailboat hardware and equipment by catalog. While our product focus has shifted significantly over the years, we have continued to adhere to our founder’s motto as one of our guiding principles: “Take care of the customer, take care of the employee and the rest will take care of itself.”

We have one external reportable segment and identify our operating segments according to how our business activities are managed and evaluated. Our operating segments consisted of: U.S. eCommerce, Europe eCommerce, Outfitters, Third Party and Retail.

We have determined that each of our operating segments share similar economic and other qualitative characteristics, and therefore, the results of our operating segments are aggregated into one external reportable segment.

Distribution Channels

We identify five separate distribution channels for revenue reporting purposes:

•

U.S. eCommerce offers products through our eCommerce website.

•

International offers products primarily to consumers located in Europe and through our eCommerce international websites and third-party affiliates.

•

Outfitters sells uniform and logo apparel to businesses and their employees, as well as to student households through school relationships, located primarily in the U.S.

•

Retail sells products through our Company Operated stores.

Macroeconomic Challenges

Macroeconomic issues which impact consumer discretionary spending, such as realized inflation-based price increases and high interest rates, have continued to have an impact on our business. Apparel purchases historically have been influenced by domestic and global economic conditions, which may negatively impact customer demand and may require higher levels of promotion in order to attract and retain customers. Additionally, the variable interest rates associated with our Debt Facilities are negatively affected by higher interest rate environments. Macroeconomic challenges may lead to increased cost of raw materials, packaging materials, labor, energy, fuel, debt and other inputs necessary for the production and distribution of our products.

Restructuring

During Fiscal 2023, we reduced approximately 10% of our corporate office and Hong Kong sourcing office positions and incurred restructuring charges, primarily severance and benefit and other related costs. The reductions in the Hong Kong sourcing office

were organizational changes to move positions to our corporate headquarters to centralize product development to better align with our speed-to-market initiatives. The reductions in the corporate office positions were made to better align with the evolving needs of our business and to invest in key growth areas. For the 26 weeks ended August 2, 2024, we incurred restructuring charges, primarily severance and benefit costs, related to cost optimization of business operations and strategic initiatives.

We incurred $2.3 million and $0.4 million of restructuring costs during the Second Quarter 2024 and Second Quarter 2023, respectively. Restructuring costs of $2.7 million and $0.4 million were incurred Year-to-Date 2024 and Year-to-Date 2023, respectively, and were recorded in Other operating expense, net in the Condensed Consolidated Statements of Operations. As of August 2, 2024, approximately $2.9 million of the restructuring costs had yet to be paid and are included in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets.

Basis of Presentation

The Condensed Consolidated Financial Statements have been prepared in accordance with GAAP and include the accounts of Lands’ End, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated.

Seasonality

We experience seasonal fluctuations in our Net revenue and operating results and historically have realized a significant portion of our net revenue and earnings for the year during our fourth fiscal quarter. We generated approximately 34.0% of our net revenue in the fourth quarters of Fiscal 2023 and Fiscal 2022.

Working capital requirements typically increase during the second and third quarters of the fiscal year as inventory builds to support peak selling periods and, accordingly, working capital requirements typically decrease during the fourth quarter of the fiscal year as inventory is sold. Cash provided by operating activities is typically higher in the fourth quarter of the fiscal year due to reduced working capital requirements during that period.

Results of Operations

The following tables set forth, for the periods indicated, selected income statement data, both in dollars and as a percentage of Net revenue:


	13 Weeks Ended
(in thousands)	August 2, 2024					July 28, 2023
Net revenue	$	317,173		100.0	%	$	323,363		100.0	%
Cost of sales (exclusive of depreciation and amortization)		165,288		52.1	%		183,766		56.8	%
Gross profit		151,885		47.9	%		139,597		43.2	%
Selling and administrative		135,510		42.7	%		123,866		38.3	%
Depreciation and amortization		8,692		2.7	%		9,543		3.0	%
Other operating expense, net		5,197		1.6	%		390		0.1	%
Operating income		2,486		0.8	%		5,798		1.8	%
Interest expense		10,447		3.3	%		12,024		3.7	%
Other (income), net		(84	)	(0.0	)%		(169	)	(0.1	)%
Loss before income taxes		(7,877	)	(2.5	)%		(6,057	)	(1.9	)%
Income tax (benefit) expense		(2,626	)	(0.8	)%		1,961		0.6	%
NET LOSS	$	(5,251	)	(1.7	)%	$	(8,018	)	(2.5	)%


	26 Weeks Ended
(in thousands)	August 2, 2024					July 28, 2023
Net revenue	$	602,644		100.0	%	$	632,921		100.0	%
Cost of sales (exclusive of depreciation and amortization)		311,779		51.7	%		355,387		56.2	%
Gross profit		290,865		48.3	%		277,534		43.8	%
Selling and administrative		262,911		43.6	%		242,380		38.3	%
Depreciation and amortization		17,697		2.9	%		18,844		3.0	%
Other operating expense, net		5,538		0.9	%		592		0.1	%
Operating income		4,719		0.8	%		15,718		2.5	%
Interest expense		20,783		3.4	%		24,307		3.8	%
Other (income), net		(172	)	(0.0	)%		(356	)	(0.1	)%
Loss before income taxes		(15,892	)	(2.6	)%		(8,233	)	(1.3	)%
Income tax (benefit) expense		(4,199	)	(0.7	)%		1,437		0.2	%
NET LOSS	$	(11,693	)	(1.9	)%	$	(9,670	)	(1.5	)%

Depreciation and amortization are not included in our cost of sales because we are a reseller of inventory and do not believe that including depreciation and amortization is meaningful. As a result, our gross margins may not be comparable to other entities that include depreciation and amortization related to the sale of their product in their gross margin measure.

Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

In addition to our Net income (loss) determined in accordance with GAAP, for purposes of evaluating operating performance, we report the following non-GAAP measures: Adjusted net income (loss) and Adjusted EBITDA. Adjusted net income (loss) is also expressed on a diluted per share basis.

We believe presenting non-GAAP financial measures provides useful information to investors, allowing them to assess how the business performed excluding the effects of significant non-recurring or non-operational amounts. We believe the use of the non-GAAP financial measures facilitates comparing the results being reported against past and future results by eliminating amounts that we believe are not comparable between periods and assists investors in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s own methods for evaluating business performance.

Our management uses Adjusted net income (loss) and Adjusted EBITDA to evaluate the operating performance of our business for comparable periods and to discuss our business with our Board of Directors, institutional investors and other market participants. Adjusted EBITDA is also used as the basis for a performance measure used in executive incentive compensation.

The methods we use to calculate our non-GAAP financial measures may differ significantly from methods other companies use to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. Adjusted net income (loss) and Adjusted EBITDA should not be used by investors or other third parties as the sole basis for formulating investment decisions as these measures may exclude a number of important cash and non-cash recurring items.

Adjusted net income (loss) is defined as net income (loss) excluding significant non-recurring or non-operational items as set forth below. Adjusted net income (loss) is also presented on a diluted per share basis. While Adjusted net income (loss) is a non-GAAP measurement, management believes that it is an important indicator of operating performance and useful to investors.

•

Other significant non-recurring or non-operational items, while periodically affecting our results, may vary significantly from period to period and have a disproportionate effect in a given period, which affects comparability of results and are described below:

•

Long-lived asset impairment – charges associated with the non-cash write down of certain long-lived assets for the 13 and 26 weeks ended August 2, 2024.

•

Exit costs – charges associated to exit the kids and footwear lines of business including excess and obsolescence reserves, inventory discounts and operational charges recorded in the 13 and 26 weeks ended August 2, 2024 in conjunction with our licensing arrangements which commenced in Fiscal 2024.

•

Restructuring – primarily severance and benefit costs for the 13 and 26 weeks ended August 2, 2024 and July 28, 2023.

•

Lands’ End Japan closure – net operating income (loss) from liquidation and closing costs recorded for the 13 and 26 weeks ended July 28, 2023.

The following tables set forth, for the periods indicated, a reconciliation of Net loss to Adjusted net loss and Adjusted diluted net loss per share:


Unaudited	13 Weeks Ended
(in thousands, except per share amounts)	August 2, 2024			July 28, 2023
Net loss	$	(5,251	)	$	(8,018	)
Long-lived asset impairment		2,805			—
Exit costs		687			—
Restructuring		2,338			390
Lands’ End Japan closure		—			23
Tax effects on adjustments (1)		(1,297	)		(22	)
ADJUSTED NET LOSS	$	(718	)	$	(7,627	)
ADJUSTED DILUTED NET LOSS PER SHARE	$	(0.02	)	$	(0.24	)

Diluted weighted average common shares outstanding		31,376			32,117

(1)

The tax impact of adjustments is calculated at the applicable U.S. and non-U.S. Federal and State statutory rates.


Unaudited	26 Weeks Ended
(in thousands, except per share amounts)	August 2, 2024			July 28, 2023
Net loss	$	(11,693	)	$	(9,670	)
Long-lived asset impairment		2,805			—
Exit costs		687			—
Restructuring		2,680			390
Lands’ End Japan closure		—			99
Tax effects on adjustments (1)		(1,384	)		(41	)
ADJUSTED NET LOSS	$	(6,905	)	$	(9,222	)
ADJUSTED DILUTED NET LOSS PER SHARE	$	(0.22	)	$	(0.29	)

Diluted weighted average common shares outstanding		31,407			32,280

(1)

The tax impact of adjustments is calculated at the applicable U.S. and non-U.S. Federal and State statutory rates.

While Adjusted EBITDA is a non-GAAP measurement, management believes that it is an important indicator of operating performance, and is useful to investors, because EBITDA excludes the effects of financings, investing activities and tax structure by eliminating the effects of interest, depreciation and income tax.

•

Other significant items, while periodically affecting our results, may vary significantly from period to period and have a disproportionate effect in a given period, which affects comparability of results and are described below:

•

Long-lived asset impairment – charges associated with the non-cash write down of certain long-lived assets for the 13 and 26 weeks ended August 2, 2024.

•

Restructuring – primarily severance and benefit costs for the 13 and 26 weeks ended August 2, 2024 and July 28, 2023.

•

Lands’ End Japan closure – net operating income (loss) from liquidation and closing costs recorded for the 13 and 26 weeks ended July 28, 2023.

•

Net gain or loss on disposal of property and equipment – disposal of property and equipment for the 13 and 26 weeks ended August 2, 2024 and July 28, 2023.

•

Other – amortization of transaction related costs associated with our Third Party distribution channel expenses for the 13 and 26 weeks July 28, 2023.

The following table sets forth, for the periods indicated, selected income statement data, both in dollars and as a percentage of Net revenue and a reconciliation of Net loss to Adjusted EBITDA:


Unaudited	13 Weeks Ended
(in thousands)	August 2, 2024					July 28, 2023
Net loss	$	(5,251	)	(1.7	)%	$	(8,018	)	(2.5	)%
Income tax benefit		(2,626	)	(0.8	)%		1,961		0.6	%
Interest expense		10,447		3.3	%		12,024		3.7	%
Other (income), net		(84	)	(0.0	)%		(169	)	(0.1	)%
Operating income		2,486		0.8	%		5,798		1.8	%
Depreciation and amortization		8,692		2.7	%		9,543		3.0	%
Long-lived asset impairment		2,805		0.9	%		—		—	%
Exit costs		687		0.2	%		—		—	%
Restructuring		2,338		0.7	%		390		0.1	%
Lands’ End Japan closure		—		—	%		23		0.0	%
Loss (gain) on disposal of property and equipment		53		0.0	%		(23	)	(0.0	)%
Other		—		—	%		94		0.0	%
Adjusted EBITDA	$	17,061		5.4	%	$	15,825		4.9	%


Unaudited	26 Weeks Ended
(in thousands)	August 2, 2024					July 28, 2023
Net loss	$	(11,693	)	(1.9	)%	$	(9,670	)	(1.5	)%
Income tax benefit		(4,199	)	(0.7	)%		1,437		0.2	%
Interest expense		20,783		3.4	%		24,307		3.8	%
Other (income), net		(172	)	(0.0	)%		(356	)	(0.1	)%
Operating income		4,719		0.8	%		15,718		2.5	%
Depreciation and amortization		17,697		2.9	%		18,844		3.0	%
Long-lived asset impairment		2,805		0.5	%		—		—	%
Exit costs		687		0.1	%		—		—	%
Restructuring		2,680		0.4	%		390		0.1	%
Lands’ End Japan closure		—		—	%		99		0.0	%
Loss on disposal of property and equipment		52		0.0	%		100		0.0	%
Other		—		—	%		189		0.0	%
Adjusted EBITDA	$	28,640		4.8	%	$	35,340		5.6	%

In assessing the operational performance of our business, we consider a variety of financial measures. We operate in five separate distribution channels for revenue reporting purposes: U.S. eCommerce, International, Outfitters, Third Party and Retail. A key measure in the evaluation of our business is revenue performance by distribution channel. We also consider gross margin and Selling and administrative expenses in evaluating the performance of our business.

We use Net revenue to evaluate revenue performance for the U.S. eCommerce, International, Outfitters and Third Party distribution channels. We use GMV, which equals total order value of all merchandise sold to customers through business-to-consumer and business-to-business channels, as well as the retail value of the merchandise sold through third party distribution channels, as an important indicator of the performance of the comparable growth of the total brand. For our Retail distribution channel, we use Same Store Sales as a key measure in evaluating performance. A Company Operated store is included in U.S. Same Store Sales calculations when it has been open for at least 14 months. Online sales and sales generated through our in-store web portal are considered revenue in our U.S. eCommerce and are excluded from U.S. Same Store Sales.

Discussion and Analysis

Second Quarter 2024 compared with Second Quarter 2023

Gross Merchandise Value

Gross Merchandise Value (“GMV”) increased mid-single digits compared to Second Quarter 2023.

Net Revenue

Net revenue was $317.2 million for Second Quarter 2024, a decrease of $6.1 million or 1.9%, from $323.3 million during Second Quarter 2023.

U.S. eCommerce Net revenue was $188.3 million for Second Quarter 2024, a decrease of $7.6 million or 3.9%, from $195.9 million during Second Quarter 2023. The decrease in U.S. eCommerce was primarily driven by the transition of kids and footwear products from a direct to a license model, lower promotional activity and improved inventory management resulting in increased gross profit from higher gross margins. Excluding the impact of transitioning the kids and footwear products to licensing arrangements, U.S. eCommerce revenue increased by mid-single digits year-over-year.

International eCommerce Net revenue was $23.0 million for Second Quarter 2024, an increase of $0.2 million or 0.9%, from $22.8 million during Second Quarter 2023. The increase in International eCommerce was primarily driven by an increase in full price sales, lower promotional activity and improved inventory management resulting in increased gross profit from higher gross margins.

Outfitters Net revenue was $63.2 million for Second Quarter 2024, a decrease of $4.8 million or 7.1%, from $68.0 million during Second Quarter 2023. The school uniform channel delivered a strong start to back to school season with a mid-single digit revenue increase over last year. The business uniform channel decreased year-over-year primarily due to the timing changes with certain national accounts and some pricing resistance from smaller accounts as a result of macroeconomic challenges.

Third Party Net revenue was $30.1 million for Second Quarter 2024, an increase of $5.7 million or 23.4%, from $24.4 million during Second Quarter 2023. The increase was primarily due to revenue generated from licensing and wholesale arrangements.

Retail Net revenue was $12.6 million for Second Quarter 2024, an increase of $0.4 million or 3.3%, from $12.2 million during Second Quarter 2023. Our U.S. Company Operated stores experienced an increase of 11.7% in Same Store Sales as compared to Second Quarter 2023. On August 2, 2024 there were 24 U.S. Company Operated stores, compared to 27 U.S. Company Operated stores on July 28, 2023.

Gross Profit

Gross profit was $151.9 million for Second Quarter 2024, an increase of $12.3 million or 8.8% from $139.6 million during Second Quarter of 2023. Gross margin increased approximately 470 basis points to 47.9% in Second Quarter 2024, compared with 43.2% in Second Quarter 2023. The gross margin improvement was primarily driven by leveraging the strength in product solutions and newness across the channels, lower promotional activity, reduction in clearance inventory and improved supply chain costs.

Selling and Administrative Expenses

Selling and administrative expenses increased $11.6 million to $135.5 million or 42.7% of total Net revenue in Second Quarter 2024 compared with $123.9 million or 38.3% of Net revenue in Second Quarter 2023. The approximately 440 basis points increase was driven by higher digital marketing spend focused on new customer acquisition, third party professional services and higher incentive related personnel costs.

Depreciation and Amortization

Depreciation and amortization expense decreased $0.8 million to $8.7 million in Second Quarter 2024 compared with $9.5 million in Second Quarter 2023.

Other Operating Expense

Other operating expense, net was $5.2 million in Second Quarter 2024 compared to $0.4 million in Second Quarter 2023. The increase was primarily attributed to a $2.8 million non-cash charge related to long-lived asset impairment and $2.3 million of restructuring costs.

Operating Income (Loss)

As a result of above factors, Operating income was $2.5 million in Second Quarter 2024 compared to $5.8 million of Operating income in Second Quarter 2023.

Interest Expense

Interest expense was $10.4 million in Second Quarter 2024 compared to $12.0 million in Second Quarter 2023. The $1.6 million decrease was driven by lower ABL Facility interest related to lower average outstanding balances.

Other Expense (Income)

Other income was $0.1 million in Second Quarter 2024 compared to $0.2 million in Second Quarter 2023.

Income Tax (Benefit) Expense

We recorded an income tax benefit at an overall effective rate of 33.4% for the Second Quarter 2024 and an income tax expense at an overall effective rate of (32.4)% for the Second Quarter 2023. The overall effective tax rate for the Second Quarter 2024 varies from the U.S. federal statutory rate of 21% as a result of state taxes, non-deductible expenses, and the impact of stock-based compensation adjustments. The overall effective tax rate for the Second Quarter 2023 reflects a one-time tax expense related to the write-off of deferred tax benefits for stock-based compensation.

Net Income (Loss)

As a result of the above factors, Net loss was $5.3 million and diluted net loss per share was $0.17 in Second Quarter 2024 compared with Net loss of $8.0 million and diluted net loss per share was $0.25 in Second Quarter 2023.

Adjusted Net Income (Loss)

Adjusted net loss was $0.7 million and Adjusted diluted net loss per share was $0.02 in Second Quarter 2024, driven by a non-cash charge related to long-lived asset impairment and restructuring costs, compared to Adjusted net loss of $7.6 million and Adjusted diluted net loss per share of $0.24 in Second Quarter 2023.

Adjusted EBITDA

As a result of the above factors, Adjusted EBITDA was $17.1 million in Second Quarter 2024 and $15.8 million in Second Quarter 2023, respectively.

Year-to-Date 2024 compared with Year-to-Date 2023

Gross Merchandise Value

Gross Merchandise Value (“GMV”) increased low single digits compared to Year-to-Date 2023.

Net Revenue

Net revenue was $602.6 million for Year-to-Date 2024 a decrease of $30.3 million or 4.8% from $632.9 million during Year-to-Date 2023. Excluding the $29.6 million in revenue from inventory sales to Delta Air Lines at the conclusion of their five-year contract in the First Quarter 2023, Net revenue Year-to-Date 2024 decreased 0.1%.

U.S. eCommerce Net revenue was $358.9 million for Year-to-Date 2024, a decrease of $14.7 million or 3.9%, from $373.6 million during the Year-to-Date 2023. The decrease in U.S. eCommerce was primarily driven by the transition of kids and footwear

products from a direct to a license model, continued promotional productivity within swim, outerwear and newness in adjacent product categories and improved inventory management resulting in higher margins with lower clearance inventory sales. Excluding the impact of transitioning the kids and footwear products to licensing arrangements, U.S. eCommerce Year-to-Date 2024 revenue increased by mid-single digits year-over-year.

International eCommerce Net revenue was $47.9 million for Year-to-Date 2024, a decrease of $0.3 million or 0.6%, from $48.2 million during the Year-to-Date 2023. The decrease in International eCommerce was due to an increase in full price sales, lower promotional activity and improved inventory management resulting in increased gross profit from higher gross margins.

Outfitters Net revenue was $105.8 million for Year-to-Date 2024, a decrease of $36.2 million or 25.5%, from $142.0 million during the Year-to-Date 2023. Compared to the Year-to-Date 2023, the decrease was primarily driven by inventory sales to Delta Air Lines at the conclusion of their five-year contract in the First Quarter 2023. Excluding the $29.6 million revenue from the Delta Air Lines business, Net revenue for the Outfitters business decreased by 5.9%.

Third Party Net revenue was $67.6 million for Year-to-Date 2024, an increase of $20.2 million or 42.6% from $47.4 million during the Year-to-Date 2023. The increase was primarily due to revenue generated from licensing arrangements including $10.5 million of Lands’ End produced inventory sold to a licensee in First Quarter 2024 in connection with the transition of kids products from a direct to a license model. Online marketplaces saw increased gross profit from improved gross margins primarily driven by the expansion of the Company’s strategy to focus on higher quality sales.

Retail Net revenue was $22.4 million for Year-to-Date 2024, an increase of $0.6 million or 2.8%, from $21.8 million during the Year-to-Date 2023. Our U.S. Company Operated stores experienced an increase of 11.8% in Same Store Sales as compared to Year-to-Date 2023. On August 2, 2024 there were 24 U.S. Company Operated stores compared to 27 U.S. Company Operated stores on July 28, 2023.

Gross Profit

Gross profit was $290.9 million for Year-to-Date 2024, an increase of $13.4 million or 4.8% from $277.5 million during Year-to-Date 2023. Gross margin increased to 48.3% in Year-to-Date 2024, compared with 43.8% in Year-to-Date 2023. The 450 basis point improvement in gross margin was primarily driven by leveraging the strength in the swimwear, outerwear and newness in adjacent product categories across the channels, reduction in clearance inventory and improvements in supply chain costs for Year-to-Date 2024 compared to the prior year.

Selling and Administrative Expenses

Selling and administrative expenses increased $20.5 million to $262.9 million or 43.6% of total Net revenue in Year-to-Date 2024 compared with $242.4 million or 38.3% of Net revenue in Year-to-Date 2023. The approximately 530 basis point increase was driven by deleveraging from lower revenues, higher digital marketing spend focused on new customer acquisition, third party professional services and higher incentive related personnel costs.

Depreciation and Amortization

Depreciation and amortization expense was $17.7 million in Year-to-Date 2024, a decrease of $1.1 million or 5.9%, compared with $18.8 million in Year-to-Date 2023.

Other Operating Expense

Other operating expense, net was $5.5 million in Year-to-Date 2024, an increase of $4.9 million, compared with $0.6 million in Year-to-Date 2023. The increase was primarily attributed to a $2.8 million non-cash charge related to long-lived asset impairment and $2.7 million of restructuring costs.

Operating Income (Loss)

As a result of the above factors, Operating income was $4.7 million in Year-to-Date 2024 compared to Operating income of $15.7 million in Year-to-Date 2023.

Interest Expense

Interest expense was $20.8 million in Year-to-Date 2024 compared to $24.3 million in Year-to-Date 2023. The $3.5 million decrease was driven by lower ABL Facility interest related to lower average outstanding balances.

Other Expense (Income)

Other income was $0.2 million in Year-to-Date 2024 compared to $0.4 million in Year-to-Date 2023.

Income Tax (Benefit) Expense

We recorded an income tax benefit at an overall effective rate of 26.4% for Year-to-Date 2024 and an income tax expense at an overall effective rate of (17.5)% for Year-to-Date 2023. The overall effective tax rate for Year-to-Date 2024 varies from the U.S. federal statutory rate of 21% as a result of state taxes, non-deductible expenses, and the impact of stock-based compensation adjustments. The overall effective tax rate for Year-to-Date 2023 reflects a one-time tax expense related to the write-off of deferred tax benefits for stock-based compensation.

Net Income (Loss)

As a result of the above factors, Net loss was $11.7 million and diluted loss per share was $0.37 in Year-to-Date 2024 compared with Net loss of $9.7 million and diluted loss per share of $0.30 in Year-to-Date 2023.

Adjusted Net Income (Loss)

As a result of the above factors, Adjusted net loss was $6.9 million and Adjusted diluted net loss per share was $0.22 in Year-to-Date 2024 compared with Adjusted net loss of $9.2 million and Adjusted diluted net loss per share of $0.29 in Year-to-Date 2023.

Adjusted EBITDA

As a result of the above factors, Adjusted EBITDA was $28.6 million in Year-to-Date 2024 compared to $35.3 million in Year-to-Date 2023. Excluding the $13.5 million from the conclusion of the Delta Air Lines business in Year-to-Date 2023, Adjusted EBITDA increased by 31.3%.

Liquidity and Capital Resources

Liquidity

Our primary need for liquidity is to fund working capital requirements of our business, which are inventory purchases, payments on debt, capital expenditures and for general corporate purposes. Our cash and cash equivalents and the ABL Facility serve as sources of liquidity for short-term working capital needs and general corporate purposes. The ABL Facility had a balance outstanding of $20.0 million on August 2, 2024, other than letters of credit. Cash generated from our net revenue and profitability, and to a lesser extent our changes in working capital, are driven by the seasonality of our business, with a significant amount of net revenue and operating cash flows generally occurring in the fourth fiscal quarter of each year. We expect that our cash on hand and cash flows from operations, along with revolving on the ABL Facility, will be adequate to meet our capital requirements and operational needs for at least the next 12 months.

ABL Facility

Our $275.0 million committed revolving ABL Facility includes a $70.0 million sublimit for letters of credit and is available for working capital and other general corporate liquidity needs and matures on July 29, 2026. The amount available to borrow is the lesser of (1) the Aggregate Commitments of $275.0 million (“ABL Facility Limit”) or (2) the Borrowing Base or Loan Cap which is calculated from Eligible Inventory, Trade Receivables and Credit Card Receivables, all foregoing capitalized terms not defined herein are as defined in the ABL Facility. The balance outstanding on August 2, 2024 and July 28, 2023 was $20.0 million and $70.0 million, respectively. The balance of outstanding letters of credit was $8.1 million and $8.6 million on August 2, 2024 and July 28, 2023,

respectively. The borrowing availability under the ABL Facility was $117.5 million and $128.8 million as of August 2, 2024 and July 28, 2023, respectively.

The ABL Facility fees include (i) commitment fees of 0.25% based upon the average daily unused commitment (aggregate commitment less loans and letter of credit outstanding) under the ABL Facility for the preceding fiscal quarter, (ii) customary letter of credit fees and (iii) customary annual agent fees. As of August 2, 2024, we had $20.0 million borrowings outstanding under the ABL Facility.

Long-Term Debt

On December 29, 2023, we entered into the Current Term Loan Facility which provides borrowings of $260.0 million, the proceeds of which were used to repay all of the indebtedness under the Former Term Loan Facility and to pay fees and expenses in connection with the financing. Origination costs, including a 3% original issue discount of $7.8 million and debt origination fees of $3.8 million, were incurred in connection with entering into the Current Term Loan Facility.

Both the Current and Former Term Loan Facilities contain customary agency fees.

Debt Facilities

Guarantees; Security

Representations and Warranties; Covenants

The Current Term Loan Facility contains financial covenants, including a quarterly maximum total leverage ratio test and a monthly minimum liquidity test.

As of August 2, 2024, the Company was in compliance with its financial covenants in the Debt Facilities.

Events of Default

Cash Flows and Capital Expenditures

Cash Flows from Operating Activities

Net cash provided by operating activities was $4.9 million during Year-to-Date 2024 compared to $54.8 million during Year-to-Date 2023. Through our concerted efforts to decrease inventory levels during 2023, we provided cash of $30.4 million through the end of Second Quarter 2023. We have maintained our lower inventory level realized at the end of Fiscal 2023 through efficient inventory management and therefore we used cash of $10.3 million through the end of Second Quarter 2024.

Cash Flows from Investing Activities

Net cash used in investing activities was $11.5 million and $22.9 million during Year-to-Date 2024 and Year-to-Date 2023, respectively. Cash used in investing activities for both periods was primarily used for investments to update our digital information technology infrastructure. The decrease in Year-to-Date 2024 was a result of the timing of capitalized expenditures in the second half of Fiscal 2023 and First Quarter 2024.

For Fiscal 2024, we plan to invest approximately $35.0 million in capital expenditures for strategic investments and infrastructure, primarily in technology and general corporate needs.

Cash Flows from Financing Activities

Net cash provided by financing activities was $6.9 million during Year-to-Date 2024, compared with net cash used in financing activities of $44.9 million during Year-to-Date 2023. The increase in net cash provided by financing activities is primarily due to borrowings on the ABL Facility.

Contractual Obligations and Off-Balance-Sheet Arrangements

There have been no material changes to our contractual obligations and off-balance-sheet arrangements as discussed in our Annual Report on Form 10-K for the fiscal year ended February 2, 2024.

Financial Instruments with Off-Balance-Sheet Risk

The ABL Facility is available for working capital and other general corporate liquidity needs. The balance outstanding on August 2, 2024 and July 28, 2023 was $20.0 million and $70.0 million, respectively. The balance of outstanding letters of credit was $8.1 million and $8.6 million on August 2, 2024 and July 28, 2023, respectively.

Application of Critical Accounting Policies and Estimates

We believe that the assumptions and estimates associated with revenue, inventory valuation, goodwill and intangible asset impairment assessments and income taxes have the greatest potential impact on our financial statements. Therefore, we consider these to be our critical accounting policies and estimates.

For a complete discussion of our critical accounting policies, please refer to our Annual Report on Form 10-K for the year ended February 2, 2024. There have been no significant changes in our critical accounting policies or their application since February 2, 2024.

Recent Accounting Pronouncements

See Part I, Item 1, Note 2, Recently Issued Accounting Pronouncements Not Yet Adopted, of the Condensed Consolidated Financial Statements (unaudited) included in this Quarterly Report on Form 10-Q for information regarding recent accounting pronouncements.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This document contains forward-looking statements. Forward-looking statements reflect our current views with respect to, among other things, future events and performance. These statements may discuss, among other things, our GMV, net sales, gross margin, operating expenses, operating income, net income, adjusted net income, adjusted EBITDA, cash flow, financial condition, financings, impairments, expenditures, growth, strategies, plans, achievements, dividends, capital structure, organizational structure, future store openings, market opportunities and general market and industry conditions. We generally identify forward-looking statements by words such as “anticipate,” “estimate,” “expect,” “intend,” “project,” “plan,” “predict,” “believe,” “seek,” “continue,” “outlook,” “may,” “might,” “will,” “should,” “can have,” “likely,” “targeting” or the negative version of these words or comparable words. Forward-looking statements are based on beliefs and assumptions made by management using currently available information. These statements are only predictions and are not guarantees of future performance, actions or events. Forward-looking statements are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, or if management’s underlying beliefs and assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. These risks and uncertainties include those risks, uncertainties and factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended February 2, 2024 and “Part II, Item 1A Risk Factors” of this Quarterly Report on Form 10-Q. Forward-looking statements speak only as of the date on which they are made. We expressly disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws and regulations.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Foreign Currency Exchange Risk

The Company’s international subsidiaries operate with functional currencies other than the U.S. dollar. Since the Company’s Condensed Consolidated Financial Statements are presented in U.S. dollars, the Company must translate all components of these financial statements from the functional currencies into U.S. dollars at exchange rates in effect during or at the end of the reporting period. Net revenue generated from the International distribution channel represented approximately 8% of our total Net revenue during the Year-to-Date 2024. The fluctuation in the value of the U.S. dollar against other currencies affects the reported amounts of net revenue, expenses, assets and liabilities. Assuming a 10% change in foreign currency exchange rates, our Net revenue for Year-to-Date 2024 would have increased or decreased by approximately $4.8 million. Translation gains or losses, which are recorded in other comprehensive income or loss, result from translation of the assets and liabilities of our international subsidiaries into U.S. dollars. Foreign currency translation losses, net, for Year-to-Date 2024 totaled approximately $0.2. million related to our international subsidiaries in United Kingdom and Germany. Additionally, the Company has foreign currency denominated intercompany receivables and payables that when settled result in a transaction gain or loss. A 10% change in foreign currency exchanges rates would not result in a significant transaction gain or loss in earnings. The Company does not utilize financial instruments for trading purposes or hedging and have not used any derivative financial instruments to limit foreign currency exchange rate exposures. The Company does not consider our foreign earnings to be permanently reinvested.

As of August 2, 2024, the Company had $10.7 million of cash and cash equivalents denominated in foreign currency, principally in euro, British pound sterling and Hong Kong dollar.

Interest Rate Risk

The Company is subject to interest rate risk with the Current Term Loan Facility and the ABL Facility, as both require the Company to pay interest on outstanding borrowings at variable rates. Each one percentage point change in interest rates (above the 2.00% SOFR floor) associated with the Current Term Loan Facility would result in a $2.5 million change in our annual cash interest expenses. Assuming our ABL Facility was fully drawn to a principal amount equal to $275.0 million, each one percentage point change in interest rates would result in a $2.8 million change in our annual cash interest expense.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on their evaluation for the period covered by this Quarterly Report on Form 10-Q, our Chief Executive Officer and our Chief Financial Officer have concluded that, as of August 2, 2024, the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) are effective.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal controls over financial reporting identified in connection with the evaluation required by Rules 13a-15 under the Exchange Act during the most recently completed fiscal quarter ended August 2, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is party to various claims, legal proceedings and investigations arising in the ordinary course of business. Some of these actions involve complex factual and legal issues and are subject to uncertainties. At this time, the Company is not able to either predict the outcome of these legal proceedings or reasonably estimate a potential range of loss with respect to the proceedings. While it is not feasible to predict the outcome of pending claims, proceedings and investigations with certainty, management is of the opinion that their ultimate resolution should not have a material adverse effect on our results of operations, cash flows or financial position taken as a whole.

As disclosed in the Company’s Annual Report on Form 10-K for the year ended February 2, 2024, Lands’ End is the defendant in three separate lawsuits, each of which allege adverse health events and personal property damage as a result of wearing uniforms manufactured by Lands’ End: (1) Gilbert et al. v. Lands’ End, Inc., United States District Court for the Western District of Wisconsin, Civil Action No. 3:19-cv-00823-JDP, complaint filed October 3, 2019; (2) Andrews et al. v. Lands’ End, Inc., United States District Court for the Western District of Wisconsin, Civil Action No. 3:19-cv-01066-JDP, complaint filed on December 31, 2019, on behalf of 521 named plaintiffs, later amended to include 1,089 named plaintiffs; and (3) Davis et al. v. Lands’ End, Inc. and Lands’ End Business Outfitters, Inc., United States District Court for the Western District of Wisconsin, Case No. 3:20-cv-00195, complaint filed on March 4, 2020. Plaintiffs in Gilbert, Andrews, and Davis seek nationwide class certification on behalf of similarly situated Delta employees.

By order dated April 20, 2020, the Court consolidated the Gilbert and Andrews cases (the “Consolidated Wisconsin Action”) and stayed the Davis case. Plaintiffs in the Consolidated Wisconsin Action and Davis each assert that the damages sustained by the members of the proposed class exceed $5,000,000. Plaintiffs in each case seek damages for personal injuries, pain and suffering, severe emotional distress, financial or economic loss, including medical services and expenses, lost income and other compensable injuries. Plaintiffs in the Consolidated Wisconsin Action seek class certification with respect to performance of the uniforms and warranty claims and maintain individual claims for personal injury by numerous named plaintiffs.

On August 18, 2021, the Court ruled on several pending motions in the Consolidated Wisconsin Action. The Court denied Plaintiffs’ motion for class certification with respect to performance of the uniforms and warranty claims. The Court denied Plaintiffs’ motion for partial summary judgment regarding crocking claims and granted Lands’ End’s motion for partial summary judgment related to certain warranty claims. In addition, giving effect to both the addition and voluntary dismissal of individual plaintiffs over the course of the litigation, the number of individual plaintiffs had been reduced from 1,089 to 603 as of August 18, 2021. On September 1, 2021, Plaintiffs filed a Rule 23(f) petition, seeking interlocutory review of the Court’s decision denying class certification. On September 22, 2021, the U.S. Court of Appeals for the Seventh Circuit denied plaintiffs’ petition.

On July 8, 2022, the Court issued an Opinion and Order in the Consolidated Wisconsin Action (the “July 8 Opinion”), ruling in the Company’s favor on several additional pending motions. The Court granted the Company’s motion to exclude Plaintiffs’ expert opinions because the opinions were not based on reliably applied and scientifically valid methods. Accordingly, because Plaintiffs failed to submit evidence sufficient to show that the uniforms were defective or that a defect in the uniforms caused Plaintiffs’ alleged health problems, the Court granted the Company’s motion for summary judgement on Plaintiffs’ personal injury claims.

After giving effect to the July 8 Opinion, the remaining claims under the Consolidated Wisconsin Action related to claims for property damage and breach of warranty. Following these rulings and an order of the court dated December 1, 2022, 277 named Plaintiffs remained in the case who claim they have suffered personal property damage as a result of dye transferring to personal items, with aggregate claims of approximately $110,000 in damages. The Court set a deadline for the parties to voluntarily resolve these remaining outstanding claims, and on July 19, 2023 the parties reported to the Court that they had reached a settlement in principle of the matter, and subsequently entered into a Confidential Settlement, fully resolving the outstanding property damage claims, which were the only remaining claims in the action.

Following the entry of the Final Order by the Court on October 12, 2023, Plaintiffs filed an appeal to the Seventh Circuit. On November 13, 2023, the Court of Appeals for the Seventh Circuit issued an Order suspending the briefing schedule pending a remand to the district court for the limited purpose of issuing a revised final judgement order. On February 15, 2024, the Court of Appeals for the Seventh District remanded the case to the District Court for entry of a final judgement. On February 20, 2024, the District Court entered final judgement in favor of Lands’ End. On March 18, 2024, the Court of Appeals for the Seventh Circuit issued a briefing schedule. All briefs have been filed and the parties await the decision of the appellate court. Lands’ End continues its vigorous defense of this case and believes the claims are without merit.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended February 2, 2024, filed with the SEC on April 3, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table presents a month-to-month summary of information with respect to purchases of common stock made during Second Quarter 2024 pursuant to the 2024 Share Repurchase Program announced on March 15, 2024:


Period	Total Number of Shares Purchased (1)		Average Price Paid per Share (2)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (3)		Approximate Dollar Value (in thousands) of Shares that May Yet Be Purchased Under the Plans or Programs (3)
May 4 - May 31		1,500	$	13.48		1,500	$	23,967
June 1 - July 5		152,478	$	13.75		152,478	$	21,984
July 6 - August 2		99,942	$	16.16		99,942	$	20,256
Total		253,920	$	14.70		253,920

(1)

All shares of common stock were retired following purchase.

(2)

Average price paid per share excludes broker commissions and excise tax.

(3)

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the fiscal quarter ended August 2, 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

ITEM 6. EXHIBITS

The following documents are filed as exhibits to this report:


Exhibit Number		Exhibit Description

3.1		Amended and Restated Certificate of Incorporation of Lands’ End, Inc. (incorporated by reference to Exhibit 3.1 of the Annual Report on Form 10-K filed by Lands’ End, Inc. on March 24, 2022 (File No. 001-09769)).

3.2		Amended and Restated Bylaws of Lands’ End, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by Lands’ End, Inc. on April 8, 2014 (File No. 001-09769)).

31.1		Certification of Principal Executive Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended.*

31.2		Certification of Principal Financial Officer Required Under Rule 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended.*

32.1		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF		Inline XBRL Taxonomy Extension Definition Document*

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104		Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)*

* Filed herewith.

** Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Lands’ End, Inc.

(Registrant)


By:	/s/ Bernard McCracken
Name:	Bernard McCracken
Title:	Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)

Date: September 5, 2024

EXHIBIT 31.1

CERTIFICATIONS

I, Andrew J. McLean, certify that:

I have reviewed this quarterly report on Form 10-Q of Lands’ End, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

    /s/ Andrew J. McLean

   

    Andrew J. McLean

   

    Chief Executive Officer

   

    (Principal Executive Officer)

   

    Lands’ End, Inc.

   

    September 5, 2024

   

EXHIBIT 31.2

CERTIFICATIONS

I, Bernard McCracken, certify that:

I have reviewed this quarterly report on Form 10-Q of Lands’ End, Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

    /s/ Bernard McCracken

   

    Bernard McCracken

   

    Chief Financial Officer and Treasurer

   

    (Principal Financial Officer)

   

    Lands’ End, Inc.

   

    September 5, 2024

   

EXHIBIT 32.1

CERTIFICATION

Pursuant to 18 U.S.C. 1350 as adopted by Section 906 of the Sarbanes-Oxley Act of 2002

Each of the undersigned, Andrew J. McLean, Chief Executive Officer of Lands’ End, Inc. (the “Company”) and Bernard McCracken, Chief Financial Officer and Treasurer of the Company, has executed this certification in connection with the filing with the Securities and Exchange Commission of the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended August 2, 2024 (the “Report”).

Each of the undersigned hereby certifies that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

    /s/ Andrew J. McLean

   

    Andrew J. McLean

   

    Chief Executive Officer

   

    (Principal Executive Officer)

   

    September 5, 2024

   

    /s/ Bernard McCracken

   

    Bernard McCracken

   

    Chief Financial Officer and Treasurer

   

    (Principal Financial Officer)

   

    September 5, 2024

   

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Aug. 02, 2024	Sep. 03, 2024
Cover [Abstract]
Entity Registrant Name	Lands’ End, Inc.
Document Type	10-Q
Trading Symbol	LE
Current Fiscal Year End Date	--01-31
Entity Common Stock, Shares Outstanding		31,192,577
Amendment Flag	false
Entity Central Index Key	0000799288
Entity Filer Category	Accelerated Filer
Document Period End Date	Aug. 02, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Security Exchange Name	NASDAQ
Entity File Number	001-09769
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2512786
Entity Address, Address Line One	1 Lands’ End Lane
Entity Address, City or Town	Dodgeville
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53595
City Area Code	608
Local Phone Number	935-9341
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.01 per share

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Jul. 28, 2023	Aug. 02, 2024	Jul. 28, 2023
Income Statement [Abstract]
Net revenue	$ 317,173	$ 323,363	$ 602,644	$ 632,921
Cost of sales (exclusive of depreciation and amortization)	165,288	183,766	311,779	355,387
Gross profit	151,885	139,597	290,865	277,534
Selling and administrative	135,510	123,866	262,911	242,380
Depreciation and amortization	8,692	9,543	17,697	18,844
Other operating expense, net	5,197	390	5,538	592
Operating income	2,486	5,798	4,719	15,718
Interest expense	10,447	12,024	20,783	24,307
Other (income), net	(84)	(169)	(172)	(356)
Loss before income taxes	(7,877)	(6,057)	(15,892)	(8,233)
Income tax (benefit) expense	(2,626)	1,961	(4,199)	1,437
NET LOSS	$ (5,251)	$ (8,018)	$ (11,693)	$ (9,670)
NET LOSS PER COMMON SHARE
Basic:	$ (0.17)	$ (0.25)	$ (0.37)	$ (0.30)
Diluted:	$ (0.17)	$ (0.25)	$ (0.37)	$ (0.30)
Basic weighted average common shares outstanding	31,376	32,117	31,407	32,280
Diluted weighted average common shares outstanding	31,376	32,117	31,407	32,280

Condensed Consolidated Statements of Comprehensive Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Jul. 28, 2023	Aug. 02, 2024	Jul. 28, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (5,251)	$ (8,018)	$ (11,693)	$ (9,670)
Other comprehensive income (loss), net of tax, foreign currency translation adjustments	299	700	(214)	781
COMPREHENSIVE LOSS	$ (4,952)	$ (7,318)	$ (11,907)	$ (8,889)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 02, 2024	Feb. 02, 2024	Jul. 28, 2023
Current assets
Cash and cash equivalents	$ 25,648	$ 25,314	$ 26,610
Restricted cash	2,239	1,976	1,833
Accounts receivable, net	27,420	35,295	25,095
Inventories, net	312,014	301,724	396,087
Prepaid expenses and other current assets	47,443	45,951	43,195
Total current assets	414,764	410,260	492,820
Property and equipment, net	106,758	118,033	125,325
Operating lease right-of-use asset	21,182	23,438	29,685
Goodwill		0	106,700
Intangible asset	257,000	257,000	257,000
Other assets	2,812	2,748	2,949
TOTAL ASSETS	802,516	811,479	1,014,479
Current liabilities
Current portion of long-term debt	13,000	13,000	13,750
Accounts payable	143,886	131,922	156,342
Lease liability – current	5,351	6,024	5,643
Accrued expenses and other current liabilities	91,190	108,972	100,632
Total current liabilities	253,427	259,918	276,367
Long-term borrowings under ABL Facility	20,000	0	70,000
Long-term debt, net	230,227	236,170	218,022
Lease liability – long-term	20,843	22,952	29,973
Deferred tax liabilities	48,631	48,020	51,066
Other liabilities	2,874	2,826	3,283
TOTAL LIABILITIES	576,002	569,886	648,711
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 authorized: 480,000 shares; issued and outstanding: 31,256, 32,087 and 31,433, respectively	313	315	321
Additional paid-in capital	354,768	356,764	360,091
(Accumulated deficit) Retained earnings	(112,284)	(99,417)	21,597
Accumulated other comprehensive loss	(16,283)	(16,069)	(16,241)
TOTAL STOCKHOLDERS’ EQUITY	226,514	241,593	365,768
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 802,516	$ 811,479	$ 1,014,479

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 02, 2024	Feb. 02, 2024	Jul. 28, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	480,000,000	480,000,000	480,000,000
Common stock, shares issued	31,256,000	31,433,000	32,087,000
Common stock, shares outstanding	31,256,000	31,433,000	32,087,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Aug. 02, 2024	Jul. 28, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (11,693)	$ (9,670)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	17,697	18,844
Amortization of debt issuance costs	1,354	1,634
Loss on disposal of property and equipment	52	100
Stock-based compensation	2,658	1,893
Deferred income taxes	329	4,905
Long-lived asset impairment	2,805
Other	(276)	(255)
Change in operating assets and liabilities:
Accounts receivable, net	7,834	19,861
Inventories, net	(10,346)	30,427
Accounts payable	14,023	(8,988)
Other operating assets	(2,031)	2,354
Other operating liabilities	(17,497)	(6,278)
Net cash provided by operating activities	4,909	54,827
CASH FLOWS FROM INVESTING ACTIVITIES
Sales of property and equipment	20
Purchases of property and equipment	(11,470)	(22,862)
Net cash used in investing activities	(11,450)	(22,862)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings under ABL Facility	49,000	118,000
Payments of borrowings under ABL Facility	(29,000)	(148,000)
Payments on term loan	(6,500)	(6,875)
Payments of debt issuance costs	(724)	(45)
Payments for taxes related to net share settlement of equity awards	(1,041)	(1,199)
Purchases and retirement of common stock, including excise tax paid	(4,845)	(6,789)
Net cash provided by (used in) financing activities	6,890	(44,908)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	248	(5)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	597	(12,948)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	27,290	41,391
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	27,887	28,443
SUPPLEMENTAL CASH FLOW DATA
Unpaid liability to acquire property and equipment	1,698	3,551
Income taxes paid (refunded)	67	(298)
Interest paid	20,636	22,138
Operating lease right-of-use-assets obtained in exchange for lease liabilities	$ 0	$ 1,542

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Issued	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balance at Jan. 27, 2023	$ 380,752	$ 326	$ 366,181	$ 31,267	$ (17,022)
Balance, shares at Jan. 27, 2023		32,626
Net loss	(1,652)			(1,652)
Cumulative translation adjustment, net of tax	81				81
Stock-based compensation expense	1,083		1,083
Vesting of restricted shares		$ 3	(3)
Vesting of restricted shares, shares		408
Common stock withheld related to net share settlement of equity awards	(1,199)		(1,199)
Common stock withheld related to net share settlement of equity awards, shares		(144)
Purchases and retirement of common stock	(3,781)	$ (4)	(3,777)
Purchases and retirement of common stock, shares		(430)
Balance at Apr. 28, 2023	375,284	$ 325	362,285	29,615	(16,941)
Balance, shares at Apr. 28, 2023		32,460
Balance at Jan. 27, 2023	380,752	$ 326	366,181	31,267	(17,022)
Balance, shares at Jan. 27, 2023		32,626
Net loss	(9,670)
Cumulative translation adjustment, net of tax	781
Balance at Jul. 28, 2023	365,768	$ 321	360,091	21,597	(16,241)
Balance, shares at Jul. 28, 2023		32,087
Balance at Apr. 28, 2023	375,284	$ 325	362,285	29,615	(16,941)
Balance, shares at Apr. 28, 2023		32,460
Net loss	(8,018)			(8,018)
Cumulative translation adjustment, net of tax	700				700
Stock-based compensation expense	810		810
Vesting of restricted shares, shares		2
Purchases and retirement of common stock	(3,008)	$ (4)	(3,004)
Purchases and retirement of common stock, shares		(375)
Balance at Jul. 28, 2023	365,768	$ 321	360,091	21,597	(16,241)
Balance, shares at Jul. 28, 2023		32,087
Balance at Feb. 02, 2024	241,593	$ 315	356,764	(99,417)	(16,069)
Balance, shares at Feb. 02, 2024		31,433
Net loss	(6,442)			(6,442)
Cumulative translation adjustment, net of tax	(513)				(513)
Stock-based compensation expense	1,226		1,226
Vesting of restricted shares, shares		90
Common stock withheld related to net share settlement of equity awards	(249)		(249)
Common stock withheld related to net share settlement of equity awards, shares		(31)
Purchases and retirement of common stock	(1,014)	$ (1)	(870)	(143)
Purchases and retirement of common stock, shares		(85)
Balance at May. 03, 2024	234,601	$ 314	356,871	(106,002)	(16,582)
Balance, shares at May. 03, 2024		31,407
Balance at Feb. 02, 2024	241,593	$ 315	356,764	(99,417)	(16,069)
Balance, shares at Feb. 02, 2024		31,433
Net loss	(11,693)
Cumulative translation adjustment, net of tax	(214)
Balance at Aug. 02, 2024	226,514	$ 313	354,768	(112,284)	(16,283)
Balance, shares at Aug. 02, 2024		31,256
Balance at May. 03, 2024	234,601	$ 314	356,871	(106,002)	(16,582)
Balance, shares at May. 03, 2024		31,407
Net loss	(5,251)			(5,251)
Cumulative translation adjustment, net of tax	299				299
Stock-based compensation expense	1,432		1,432
Vesting of restricted shares		$ 1	(1)
Vesting of restricted shares, shares		160
Common stock withheld related to net share settlement of equity awards	(792)		(792)
Common stock withheld related to net share settlement of equity awards, shares		(57)
Purchases and retirement of common stock, including excise tax	(3,775)	$ (2)	(2,742)	(1,031)
Purchases and retirement of common stock, including excise tax, shares		(254)
Balance at Aug. 02, 2024	$ 226,514	$ 313	$ 354,768	$ (112,284)	$ (16,283)
Balance, shares at Aug. 02, 2024		31,256

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Aug. 02, 2024	May 03, 2024	Jul. 28, 2023	Apr. 28, 2023	Aug. 02, 2024	Jul. 28, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,251)	$ (6,442)	$ (8,018)	$ (1,652)	$ (11,693)	$ (9,670)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Aug. 02, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Background and Basis of Presentation

6 Months Ended

Aug. 02, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Background and Basis of Presentation

NOTE 1. BACKGROUND AND BASIS OF PRESENTATION

Description of Business

Terms that are commonly used in the Company’s Notes to Condensed Consolidated Financial Statements are defined as follows:

•

Company Operated stores – Lands’ End retail stores in the Retail distribution channel

•

Debt Facilities – Collectively, the Current Term Loan Facility and ABL Facility

•

Deferred Awards – Time vesting stock awards

•

FASB – Financial Accounting Standards Board

•

Fiscal 2024 – The 52 weeks ending January 31, 2025

•

Fiscal 2023 – The 53 weeks ended February 2, 2024

•

GAAP – Accounting principles generally accepted in the United States

•

LIBOR – London inter-bank offered rate

•

Option Awards – Stock option awards

•

Performance Awards – Performance-based stock awards

•

SEC – United States Securities and Exchange Commission

•

SOFR – Secured Overnight Funding Rate

•

Target Shares – Number of restricted stock units awarded to a recipient which reflects the number of shares to be delivered based on achievement of target performance goals

•

Basis of Presentation

The Condensed Consolidated Financial Statements include the accounts of Lands’ End, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated.

Macroeconomic Challenges

Restructuring

Long-lived Asset Impairment Analysis

Recently Issued Accounting Pronouncements Not Yet Adopted

6 Months Ended

Aug. 02, 2024

Accounting Changes and Error Corrections [Abstract]

Recently Issued Accounting Pronouncements Not Yet Adopted

NOTE 2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

Loss Per Share

6 Months Ended

Aug. 02, 2024

Earnings Per Share [Abstract]

Loss Per Share

NOTE 3. LOSS PER SHARE

The following table summarizes the components of basic and diluted loss per share:


	13 Weeks Ended						26 Weeks Ended
(in thousands, except per share amounts)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Net loss	$	(5,251	)	$	(8,018	)	$	(11,693	)	$	(9,670	)

Basic weighted average common shares outstanding		31,376			32,117			31,407			32,280
Dilutive impact of stock awards		—			—			—			—
Diluted weighted average common shares outstanding		31,376			32,117			31,407			32,280

Loss per share
Basic	$	(0.17	)	$	(0.25	)	$	(0.37	)	$	(0.30	)
Diluted	$	(0.17	)	$	(0.25	)	$	(0.37	)	$	(0.30	)

Anti-dilutive shares excluded from diluted loss per common share calculation		509			1,618			806			1,411

Stock awards are considered anti-dilutive based on the application of the treasury stock method or in the event of a net loss.

Other Comprehensive Loss

6 Months Ended

Aug. 02, 2024

Equity [Abstract]

Other Comprehensive Loss

NOTE 4. OTHER COMPREHENSIVE LOSS


	13 Weeks Ended						26 Weeks Ended
(in thousands)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,068, $4,503, $4,271 and $4,525, respectively)	$	(16,582	)	$	(16,941	)	$	(16,069	)	$	(17,022	)
Other comprehensive income (loss):
Foreign currency translation adjustments (net of tax of ($79), ($186), ($282) and ($208), respectively)		299			700			(214	)		781
Ending balance: Accumulated other comprehensive loss (net of tax of $3,989, $4,317, $3,989 and $4,317, respectively)	$	(16,283	)	$	(16,241	)	$	(16,283	)	$	(16,241	)

No amounts were reclassified out of Accumulated other comprehensive loss during any of the periods presented.

Debt

6 Months Ended

Aug. 02, 2024

Debt Disclosure [Abstract]

Debt

NOTE 5. DEBT

ABL Facility

is calculated from Eligible Inventory, Trade Receivables and Credit Card Receivables, all foregoing capitalized terms not defined herein are as defined in the ABL Facility.

The following table summarizes the Company’s ABL Facility borrowing availability:


	August 2, 2024			July 28, 2023			February 2, 2024
(in thousands)	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
ABL Facility limit	$	275,000		$	275,000		$	275,000
Borrowing Base		145,620			207,326			176,311

Outstanding borrowings		20,000	6.68%		70,000	6.82%		—
Outstanding letters of credit		8,101			8,554			9,070
ABL Facility utilization at end of period		28,101			78,554			9,070

ABL Facility borrowing availability	$	117,519		$	128,772		$	167,241

Long-Term Debt

The Company’s long-term debt consisted of the following:


	August 2, 2024			July 28, 2023			February 2, 2024
(in thousands)	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Former Term Loan Facility	$	—	—%	$	237,188	14.97%	$	—	—%
Current Term Loan Facility		253,500	13.70%		—	—%		260,000	13.70%
Less: Current portion of long-term debt		13,000			13,750			13,000
Less: Unamortized debt issuance costs		10,273			5,416			10,830
Long-term debt, net	$	230,227		$	218,022		$	236,170

Both the Current and Former Term Loan Facilities contain customary agency fees.

Debt Facilities

Guarantees; Security

Representations and Warranties; Covenants

The Current Term Loan Facility contains financial covenants, including a quarterly maximum total leverage ratio test and a monthly minimum liquidity test.

As of August 2, 2024, the Company was in compliance with its financial covenants in the Debt Facilities.

Events of Default

Stock-Based Compensation

6 Months Ended

Aug. 02, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

NOTE 6. STOCK-BASED COMPENSATION

•

on a 100% payout unless it becomes probable that the outcome will be significantly different, or the performance can be accurately measured.

•


	13 Weeks Ended					26 Weeks Ended
(in thousands)	August 2, 2024		July 28, 2023			August 2, 2024		July 28, 2023
Deferred awards	$	943	$	1,242		$	1,865	$	2,221
Performance awards (1)		385		(536	)		585		(536	)
Option awards		104		104			208		208
Total stock-based compensation expense	$	1,432	$	810		$	2,658	$	1,893

(1)

Net credit expense for the 13 and 26 weeks ended July 28, 2023 includes a reduction of the accrual for Performance Awards based on actual and projected results relative to performance measures.

Deferred Awards

The following table provides a summary of the Deferred Awards activity for the 26 weeks ended August 2, 2024:


	Deferred Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested Deferred Awards as of February 2, 2024		959		$	11.44
Granted		307			11.34
Vested		(250	)		14.78
Forfeited or expired		(75	)		10.97
Unvested Deferred Awards as of August 2, 2024		941		$	10.56

Performance Awards

The following table provides a summary of the Performance Awards activity for the 26 weeks ended August 2, 2024:


	Performance Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested Performance Awards as of February 2, 2024		607		$	13.14
Granted		264			10.30
Change in estimate - performance		(57	)		29.95
Vested		—			—
Forfeited or expired		(23	)		12.87
Unvested Performance Awards as of August 2, 2024		791		$	11.00

Option Awards

The following table provides a summary of the Option Awards activity for the 26 weeks ended August 2, 2024:


	Option Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Option Awards outstanding as of February 2, 2024		511		$	16.08
Granted		—			—
Exercised		—			—
Forfeited		—			—
Expired		(294	)		18.10
Option Awards outstanding as of August 2, 2024		217		$	13.34

The following table provides a summary of information about the Option Awards vested and expected to vest during the contractual term, as well as Option Awards exercisable as of August 2, 2024:


(in thousands, except contractual life and exercise price amounts)	Option Awards		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
Option Awards vested and expected to vest		217		7.02	$	13.34	$	854
Option Awards exercisable		91		5.30	$	16.84	$	213

Stockholders' Equity

6 Months Ended

Aug. 02, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

NOTE 7. STOCKHOLDERS’ EQUITY

Share Repurchase Program


	13 Weeks Ended				26 Weeks Ended
(Shares and $ in thousands except average per share cost)	August 2, 2024		July 28, 2023		August 2, 2024		July 28, 2023
Number of shares repurchased		254		403		339		833
Total cost	$	3,731	$	3,000	$	4,744	$	6,772
Average per share cost (1)	$	14.70	$	7.45	$	13.99	$	8.13

(1)

Average price paid per share excludes broker commissions and excise tax.

Accrued Expenses and Other Current Liabilities

6 Months Ended

Aug. 02, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

NOTE 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	August 2, 2024		July 28, 2023		February 2, 2024
Deferred gift card revenue	$	34,179	$	33,556	$	35,604
Accrued employee compensation and benefits		20,238		22,922		28,449
Reserve for sales returns and allowances		14,907		18,404		21,560
Deferred revenue		9,302		8,081		4,314
Accrued property, sales and other taxes		7,412		8,300		8,795
Other		5,152		9,369		10,250
Total Accrued expenses and other current liabilities	$	91,190	$	100,632	$	108,972

Fair Value Measurements of Financial Assets and Liabilities

6 Months Ended

Aug. 02, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements of Financial Assets and Liabilities

NOTE 9. FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS AND LIABILITIES

Carrying amounts and fair values of long-term debt, including current portion, in the Condensed Consolidated Balance Sheets are as follows:


	August 2, 2024				July 28, 2023				February 2, 2024
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	253,500	$	246,160	$	237,188	$	226,786	$	260,000	$	258,139

Income Taxes

6 Months Ended

Aug. 02, 2024

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 10. INCOME TAXES

Provision for Income Taxes

Commitments and Contingencies

6 Months Ended

Aug. 02, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 11. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

Segment Reporting

6 Months Ended

Aug. 02, 2024

Segment Reporting [Abstract]

Segment Reporting

NOTE 12. SEGMENT REPORTING

For the 26 weeks ended August 2, 2024, the Company’s operating segments consisted of: U.S. eCommerce, Europe eCommerce, Outfitters, Third Party and Retail.

Lands’ End identifies five separate distribution channels for revenue reporting purposes:

•

U.S. eCommerce offers products through the Company’s eCommerce website.

•

International offers products primarily to consumers located in Europe and through the Company’s eCommerce international websites and third-party affiliates.

•

Outfitters sells uniform and logo apparel to businesses and their employees, as well as to student households through school relationships, located primarily in the U.S.

•

Retail sells products through the Company Operated stores.

Net revenue is presented by distribution channel in the following tables:


	13 Weeks Ended		% of Net			13 Weeks Ended		% of Net
(in thousands)	August 2, 2024		Revenue			July 28, 2023		Revenue
Net revenue:
U.S. eCommerce	$	188,336		59.4	%	$	195,921		60.6	%
International		22,950		7.2	%		22,818		7.1	%
Outfitters		63,159		19.9	%		67,984		21.0	%
Third Party		30,114		9.5	%		24,395		7.5	%
Retail		12,614		4.0	%		12,245		3.8	%
Total Net revenue	$	317,173				$	323,363


	26 Weeks Ended		% of Net			26 Weeks Ended		% of Net
(in thousands)	August 2, 2024		Revenue			July 28, 2023		Revenue
Net revenue:
U.S. eCommerce	$	358,868		59.5	%	$	373,623		59.0	%
International		47,918		8.0	%		48,210		7.6	%
Outfitters		105,836		17.6	%		141,953		22.4	%
Third Party		67,568		11.2	%		47,384		7.5	%
Retail		22,454		3.7	%		21,751		3.5	%
Total Net revenue	$	602,644				$	632,921

Revenue

6 Months Ended

Aug. 02, 2024

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 13. REVENUE

Net Revenue

Product Sales


	13 Weeks Ended				26 Weeks Ended
(in thousands)	August 2, 2024		July 28, 2023		August 2, 2024		July 28, 2023
Net revenue:
United States	$	291,041	$	296,653	$	548,548	$	577,057
Europe		23,330		23,305		48,638		49,182
Other		2,802		3,405		5,458		6,682
Total Net revenue	$	317,173	$	323,363	$	602,644	$	632,921

Licensing Agreements

Contract Liabilities


	13 Weeks Ended						26 Weeks Ended
(in thousands)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Deferred revenue beginning of period	$	9,340		$	6,019		$	4,314		$	7,484
Deferred revenue recognized in period		(9,125	)		(5,805	)		(4,100	)		(7,270	)
Revenue deferred in period		9,087			7,867			9,088			7,867
Deferred revenue end of period	$	9,302		$	8,081		$	9,302		$	8,081


	13 Weeks Ended						26 Weeks Ended
(in thousands)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Balance as of beginning of period	$	35,119		$	34,222		$	35,604		$	33,029
Gift cards sold		14,562			13,171			29,617			28,786
Gift cards redeemed		(14,019	)		(13,048	)		(28,212	)		(26,682	)
Gift card breakage		(1,483	)		(789	)		(2,830	)		(1,577	)
Balance as of end of period	$	34,179		$	33,556		$	34,179		$	33,556

Refund Liabilities

Recently Issued Accounting Pronouncements Not Yet Adopted (Policies)

6 Months Ended

Aug. 02, 2024

Accounting Changes and Error Corrections [Abstract]

Recently Issued Accounting Pronouncements Not Yet Adopted

Loss Per Share (Tables)

6 Months Ended

Aug. 02, 2024

Earnings Per Share [Abstract]

Schedule of Components of Basic and Diluted EPS

The following table summarizes the components of basic and diluted loss per share:


	13 Weeks Ended						26 Weeks Ended
(in thousands, except per share amounts)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Net loss	$	(5,251	)	$	(8,018	)	$	(11,693	)	$	(9,670	)

Basic weighted average common shares outstanding		31,376			32,117			31,407			32,280
Dilutive impact of stock awards		—			—			—			—
Diluted weighted average common shares outstanding		31,376			32,117			31,407			32,280

Loss per share
Basic	$	(0.17	)	$	(0.25	)	$	(0.37	)	$	(0.30	)
Diluted	$	(0.17	)	$	(0.25	)	$	(0.37	)	$	(0.30	)

Anti-dilutive shares excluded from diluted loss per common share calculation		509			1,618			806			1,411

Other Comprehensive Loss (Tables)

6 Months Ended

Aug. 02, 2024

Equity [Abstract]

Schedule of Other Comprehensive Loss


	13 Weeks Ended						26 Weeks Ended
(in thousands)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,068, $4,503, $4,271 and $4,525, respectively)	$	(16,582	)	$	(16,941	)	$	(16,069	)	$	(17,022	)
Other comprehensive income (loss):
Foreign currency translation adjustments (net of tax of ($79), ($186), ($282) and ($208), respectively)		299			700			(214	)		781
Ending balance: Accumulated other comprehensive loss (net of tax of $3,989, $4,317, $3,989 and $4,317, respectively)	$	(16,283	)	$	(16,241	)	$	(16,283	)	$	(16,241	)

Debt (Tables)

6 Months Ended

Aug. 02, 2024

Debt Disclosure [Abstract]

Summary of Company's Maximum Borrowing Availability Under ABL Facility


	August 2, 2024			July 28, 2023			February 2, 2024
(in thousands)	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
ABL Facility limit	$	275,000		$	275,000		$	275,000
Borrowing Base		145,620			207,326			176,311

Outstanding borrowings		20,000	6.68%		70,000	6.82%		—
Outstanding letters of credit		8,101			8,554			9,070
ABL Facility utilization at end of period		28,101			78,554			9,070

ABL Facility borrowing availability	$	117,519		$	128,772		$	167,241

Schedule of Company's Long Term Debt

The Company’s long-term debt consisted of the following:


	August 2, 2024			July 28, 2023			February 2, 2024
(in thousands)	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Former Term Loan Facility	$	—	—%	$	237,188	14.97%	$	—	—%
Current Term Loan Facility		253,500	13.70%		—	—%		260,000	13.70%
Less: Current portion of long-term debt		13,000			13,750			13,000
Less: Unamortized debt issuance costs		10,273			5,416			10,830
Long-term debt, net	$	230,227		$	218,022		$	236,170

Stock-Based Compensation (Tables)

6 Months Ended

Aug. 02, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense


	13 Weeks Ended					26 Weeks Ended
(in thousands)	August 2, 2024		July 28, 2023			August 2, 2024		July 28, 2023
Deferred awards	$	943	$	1,242		$	1,865	$	2,221
Performance awards (1)		385		(536	)		585		(536	)
Option awards		104		104			208		208
Total stock-based compensation expense	$	1,432	$	810		$	2,658	$	1,893

(1)

Net credit expense for the 13 and 26 weeks ended July 28, 2023 includes a reduction of the accrual for Performance Awards based on actual and projected results relative to performance measures.

Summary of Deferred Awards Activity

The following table provides a summary of the Deferred Awards activity for the 26 weeks ended August 2, 2024:


	Deferred Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested Deferred Awards as of February 2, 2024		959		$	11.44
Granted		307			11.34
Vested		(250	)		14.78
Forfeited or expired		(75	)		10.97
Unvested Deferred Awards as of August 2, 2024		941		$	10.56

Summary of Performance Awards Activity

The following table provides a summary of the Performance Awards activity for the 26 weeks ended August 2, 2024:


	Performance Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested Performance Awards as of February 2, 2024		607		$	13.14
Granted		264			10.30
Change in estimate - performance		(57	)		29.95
Vested		—			—
Forfeited or expired		(23	)		12.87
Unvested Performance Awards as of August 2, 2024		791		$	11.00

Summary of Changes in Outstanding Options Awards

The following table provides a summary of the Option Awards activity for the 26 weeks ended August 2, 2024:


	Option Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Option Awards outstanding as of February 2, 2024		511		$	16.08
Granted		—			—
Exercised		—			—
Forfeited		—			—
Expired		(294	)		18.10
Option Awards outstanding as of August 2, 2024		217		$	13.34

Summary of Information about Option Awards Vested and Expected to Vest

The following table provides a summary of information about the Option Awards vested and expected to vest during the contractual term, as well as Option Awards exercisable as of August 2, 2024:


(in thousands, except contractual life and exercise price amounts)	Option Awards		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
Option Awards vested and expected to vest		217		7.02	$	13.34	$	854
Option Awards exercisable		91		5.30	$	16.84	$	213

Stockholders' Equity (Tables)

6 Months Ended

Aug. 02, 2024

Share Repurchase Program

Equity Class Of Treasury Stock [Line Items]

Summary of Share Repurchases


	13 Weeks Ended				26 Weeks Ended
(Shares and $ in thousands except average per share cost)	August 2, 2024		July 28, 2023		August 2, 2024		July 28, 2023
Number of shares repurchased		254		403		339		833
Total cost	$	3,731	$	3,000	$	4,744	$	6,772
Average per share cost (1)	$	14.70	$	7.45	$	13.99	$	8.13

(1)

Average price paid per share excludes broker commissions and excise tax.

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Aug. 02, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	August 2, 2024		July 28, 2023		February 2, 2024
Deferred gift card revenue	$	34,179	$	33,556	$	35,604
Accrued employee compensation and benefits		20,238		22,922		28,449
Reserve for sales returns and allowances		14,907		18,404		21,560
Deferred revenue		9,302		8,081		4,314
Accrued property, sales and other taxes		7,412		8,300		8,795
Other		5,152		9,369		10,250
Total Accrued expenses and other current liabilities	$	91,190	$	100,632	$	108,972

Fair Value Measurements of Financial Assets and Liabilities (Tables)

6 Months Ended

Aug. 02, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Other Financial Instruments

Carrying amounts and fair values of long-term debt, including current portion, in the Condensed Consolidated Balance Sheets are as follows:


	August 2, 2024				July 28, 2023				February 2, 2024
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	253,500	$	246,160	$	237,188	$	226,786	$	260,000	$	258,139

Segment Reporting (Tables)

6 Months Ended

Aug. 02, 2024

Segment Reporting [Abstract]

Summary of Net Revenue by Distribution Channel

Net revenue is presented by distribution channel in the following tables:


	13 Weeks Ended		% of Net			13 Weeks Ended		% of Net
(in thousands)	August 2, 2024		Revenue			July 28, 2023		Revenue
Net revenue:
U.S. eCommerce	$	188,336		59.4	%	$	195,921		60.6	%
International		22,950		7.2	%		22,818		7.1	%
Outfitters		63,159		19.9	%		67,984		21.0	%
Third Party		30,114		9.5	%		24,395		7.5	%
Retail		12,614		4.0	%		12,245		3.8	%
Total Net revenue	$	317,173				$	323,363


	26 Weeks Ended		% of Net			26 Weeks Ended		% of Net
(in thousands)	August 2, 2024		Revenue			July 28, 2023		Revenue
Net revenue:
U.S. eCommerce	$	358,868		59.5	%	$	373,623		59.0	%
International		47,918		8.0	%		48,210		7.6	%
Outfitters		105,836		17.6	%		141,953		22.4	%
Third Party		67,568		11.2	%		47,384		7.5	%
Retail		22,454		3.7	%		21,751		3.5	%
Total Net revenue	$	602,644				$	632,921

Revenue (Tables)

6 Months Ended

Aug. 02, 2024

Revenue from Contract with Customer [Abstract]

Disaggregated of Revenue by Geographic Location


	13 Weeks Ended				26 Weeks Ended
(in thousands)	August 2, 2024		July 28, 2023		August 2, 2024		July 28, 2023
Net revenue:
United States	$	291,041	$	296,653	$	548,548	$	577,057
Europe		23,330		23,305		48,638		49,182
Other		2,802		3,405		5,458		6,682
Total Net revenue	$	317,173	$	323,363	$	602,644	$	632,921

Summary of Deferred Revenue

The following table summarizes the deferred revenue associated with payments received in advance of the transfer of control to the customer, reported in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets, and amounts recognized through Net revenue for each period presented. The majority of deferred revenue as of August 2, 2024 is expected to be recognized in Net revenue in the fiscal quarter ending November 1, 2024, as products are delivered to customers.


	13 Weeks Ended						26 Weeks Ended
(in thousands)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Deferred revenue beginning of period	$	9,340		$	6,019		$	4,314		$	7,484
Deferred revenue recognized in period		(9,125	)		(5,805	)		(4,100	)		(7,270	)
Revenue deferred in period		9,087			7,867			9,088			7,867
Deferred revenue end of period	$	9,302		$	8,081		$	9,302		$	8,081

Reconciliation of Gift Card Contract Liability

The following table provides the reconciliation of the contract liability related to gift cards:


	13 Weeks Ended						26 Weeks Ended
(in thousands)	August 2, 2024			July 28, 2023			August 2, 2024			July 28, 2023
Balance as of beginning of period	$	35,119		$	34,222		$	35,604		$	33,029
Gift cards sold		14,562			13,171			29,617			28,786
Gift cards redeemed		(14,019	)		(13,048	)		(28,212	)		(26,682	)
Gift card breakage		(1,483	)		(789	)		(2,830	)		(1,577	)
Balance as of end of period	$	34,179		$	33,556		$	34,179		$	33,556

Background and Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 22, 2023	Aug. 02, 2024	Jul. 28, 2023	Aug. 02, 2024	Jul. 28, 2023	Feb. 02, 2024
Unusual Risk or Uncertainty [Line Items]
Restructuring costs yet to be paid		$ 2.9		$ 2.9
Restructuring, percentage of reduced corporate positions						10.00%
Restructuring costs		$ 2.3	$ 0.4	$ 2.7	$ 0.4
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Impairment of operating lease right-of-use assets				$ 0.0	$ 0.0
Impairment of property and equipment, net				0.0	$ 0.0
Term Loan Facility \| Secured Debt \| One Month Adjusted SOFR
Unusual Risk or Uncertainty [Line Items]
Spread on variable rate	0.11448%
Term Loan Facility \| Secured Debt \| Three Month Adjusted SOFR
Unusual Risk or Uncertainty [Line Items]
Spread on variable rate	0.26161%
Term Loan Facility \| Secured Debt \| Six Month Adjusted SOFR
Unusual Risk or Uncertainty [Line Items]
Spread on variable rate	0.42826%
Other Operating Income (Expense) [Member]
Unusual Risk or Uncertainty [Line Items]
Impairment of capitalized internal-use software projects and computer software		$ 2.8		$ 2.8

Loss Per Share - Schedule of Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Aug. 02, 2024	May 03, 2024	Jul. 28, 2023	Apr. 28, 2023	Aug. 02, 2024	Jul. 28, 2023
Earnings Per Share [Abstract]
Net loss	$ (5,251)	$ (6,442)	$ (8,018)	$ (1,652)	$ (11,693)	$ (9,670)
Basic weighted average common shares outstanding	31,376		32,117		31,407	32,280
Diluted weighted average common shares outstanding	31,376		32,117		31,407	32,280
Basic loss per share	$ (0.17)		$ (0.25)		$ (0.37)	$ (0.30)
Diluted loss per share	$ (0.17)		$ (0.25)		$ (0.37)	$ (0.30)
Anti-dilutive shares excluded from diluted loss per common share calculation	509		1,618		806	1,411

Other Comprehensive Loss - Schedule of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Aug. 02, 2024	May 03, 2024	Jul. 28, 2023	Apr. 28, 2023	Aug. 02, 2024	Jul. 28, 2023
Equity [Abstract]
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,068, $4,503, $4,271 and $4,525, respectively)	$ (16,582)	$ (16,069)	$ (16,941)	$ (17,022)	$ (16,069)	$ (17,022)
Other comprehensive income (loss):
Foreign currency translation adjustments (net of tax of ($79), ($186), ($282) and ($208), respectively)	299	(513)	700	81	(214)	781
Ending balance: Accumulated other comprehensive loss (net of tax of $3,989, $4,317, $3,989 and $4,317, respectively)	$ (16,283)	$ (16,582)	$ (16,241)	$ (16,941)	$ (16,283)	$ (16,241)

Other Comprehensive Loss - Schedule of Other Comprehensive Loss (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Jul. 28, 2023	Aug. 02, 2024	Jul. 28, 2023	May 03, 2024	Feb. 02, 2024	Apr. 28, 2023	Jan. 27, 2023
Equity [Abstract]
Accumulated other comprehensive loss, tax	$ 3,989	$ 4,317	$ 3,989	$ 4,317	$ 4,068	$ 4,271	$ 4,503	$ 4,525
Foreign currency translations adjustments, tax	$ (79)	$ (186)	$ (282)	$ (208)

Other Comprehensive Loss - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Jul. 28, 2023	Aug. 02, 2024	Jul. 28, 2023
Equity [Abstract]
Amounts reclassified from accumulated other comprehensive (loss)	$ 0	$ 0	$ 0	$ 0

Debt - Additional Information (Details)				6 Months Ended
Debt - Additional Information (Details)	Dec. 29, 2023 USD ($)	Jun. 22, 2023	May 12, 2023	Aug. 02, 2024 USD ($)	Feb. 02, 2024 USD ($)	Jul. 28, 2023 USD ($)
ABL Facility
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 275,000,000	$ 275,000,000	$ 275,000,000
Line of credit facility, available to borrow of facility limit				275,000,000
Borrowing under facility				$ 20,000,000		70,000,000
Line of credit facility, maturity date				Jul. 29, 2026
ABL Facility \| Letter of Credit
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 70,000,000
ABL Facility \| Secured Debt
Line Of Credit Facility [Line Items]
Line of credit facility, unused commitment fee percentage			0.25%
Borrowing under facility				$ 20,000,000
Line of credit facility, covenant terms, minimum percentage of loan cap amount				10.00%
Line of credit facility, covenant terms, minimum excess credit availability				$ 15,000,000
Line of credit facility, covenant terms, minimum fixed charge coverage ratio				1
ABL Facility \| Secured Debt \| Base Rate
Line Of Credit Facility [Line Items]
Variable rate spread on outstanding loans less than $95 million			0.50%
Variable rate spread on outstanding loans equal to or greater than $95 million but less than $180 million			0.75%
Variable rate spread on outstanding loans greater than or equal to $180 million			1.00%
ABL Facility \| Secured Debt \| One Month Adjusted SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate			1.00%
ABL Facility \| Secured Debt \| Adjusted SOFR
Line Of Credit Facility [Line Items]
Variable rate spread on outstanding loans less than $95 million			1.25%
Variable rate spread on outstanding loans equal to or greater than $95 million but less than $180 million			1.50%
Variable rate spread on outstanding loans greater than or equal to $180 million			1.75%
Spread on variable rate			0.10%
Term Loan Facility \| Secured Debt \| Federal Funds Rate
Line Of Credit Facility [Line Items]
Spread on variable rate			0.50%
Term Loan Facility \| Secured Debt \| One Month Adjusted SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate		0.11448%
Term Loan Facility \| Secured Debt \| Three Month Adjusted SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate		0.26161%
Term Loan Facility \| Secured Debt \| Six Month Adjusted SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate		0.42826%
Current Term Loan Facility
Line Of Credit Facility [Line Items]
Secured debt	$ 260,000,000			$ 253,500,000	$ 260,000,000
Debt origination fees	$ 3,800,000
Percentage of original issue discount	3.00%
Amount of original issue discount	$ 7,800,000
Line of credit facility, maturity date				Dec. 29, 2028
Current Term Loan Facility \| Fortress Credit Corp
Line Of Credit Facility [Line Items]
Line of credit facility, amortization rate	1.25%
Current Term Loan Facility \| SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate		2.00%
Current Term Loan Facility \| 8.25% Interest Rate \| SOFR
Line Of Credit Facility [Line Items]
Interest charged based on leverage ratio		8.25%
Annual leverage ratio		275.00%
Current Term Loan Facility \| 8.00% Interest Rate \| SOFR
Line Of Credit Facility [Line Items]
Interest charged based on leverage ratio		8.00%
Current Term Loan Facility \| 8.00% Interest Rate \| SOFR \| Minimum
Line Of Credit Facility [Line Items]
Annual leverage ratio		225.00%
Current Term Loan Facility \| 8.00% Interest Rate \| SOFR \| Maximum
Line Of Credit Facility [Line Items]
Annual leverage ratio		275.00%
Current Term Loan Facility \| 7.75% Interest Rate \| SOFR
Line Of Credit Facility [Line Items]
Interest charged based on leverage ratio		7.75%
Current Term Loan Facility \| 7.75% Interest Rate \| SOFR \| Maximum
Line Of Credit Facility [Line Items]
Annual leverage ratio		225.00%
Current Term Loan Facility \| 7.25% Interset Rate \| Base Rate
Line Of Credit Facility [Line Items]
Interest charged based on leverage ratio		7.25%
Current Term Loan Facility \| 7.25% Interset Rate \| Base Rate \| Minimum
Line Of Credit Facility [Line Items]
Annual leverage ratio		275.00%
Current Term Loan Facility \| 7.00% Interest Rate \| Base Rate
Line Of Credit Facility [Line Items]
Interest charged based on leverage ratio		7.00%
Current Term Loan Facility \| 7.00% Interest Rate \| Base Rate \| Minimum
Line Of Credit Facility [Line Items]
Annual leverage ratio		225.00%
Current Term Loan Facility \| 7.00% Interest Rate \| Base Rate \| Maximum
Line Of Credit Facility [Line Items]
Annual leverage ratio		275.00%
Current Term Loan Facility \| 6.75% Interest Rate \| Base Rate
Line Of Credit Facility [Line Items]
Interest charged based on leverage ratio		6.75%
Current Term Loan Facility \| 6.75% Interest Rate \| Base Rate \| Maximum
Line Of Credit Facility [Line Items]
Annual leverage ratio		225.00%
Current Term Loan Facility \| Secured Debt \| Fortress Credit Corp
Line Of Credit Facility [Line Items]
Prepayment premium on or before December 29, 2024	3.00%
Prepayment premium between December 30, 2024 and December 29, 2025	2.00%
Debt instrument prepayment premium between December 30, 2025 And December 29, 2026.	1.00%
Prepayment premium between December 30, 2026 and December 29, 2027	0.50%
Current Term Loan Facility \| Secured Debt \| Minimum \| Fortress Credit Corp
Line Of Credit Facility [Line Items]
Mandatory prepayment terms, amount equal to borrowers' excess cash flows, percentage	0.00%
Current Term Loan Facility \| Secured Debt \| Maximum \| Fortress Credit Corp
Line Of Credit Facility [Line Items]
Mandatory prepayment terms, amount equal to borrowers' excess cash flows, percentage	75.00%
Former Term Loan Facility
Line Of Credit Facility [Line Items]
Secured debt						$ 237,188,000
Former Term Loan Facility \| Secured Debt \| Minimum
Line Of Credit Facility [Line Items]
Federal funds rate		0.00%
Former Term Loan Facility \| Secured Debt \| Federal Funds Rate
Line Of Credit Facility [Line Items]
Spread on variable rate		0.50%
Former Term Loan Facility \| Secured Debt \| Alternate Base Rate
Line Of Credit Facility [Line Items]
Spread on variable rate		8.75%
Former Term Loan Facility \| Secured Debt \| One Month Adjusted SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate		1.00%
Former Term Loan Facility \| Secured Debt \| SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate		9.75%

Debt - Summary of Company's Maximum Borrowing Availability Under ABL Facility (Details) - ABL Facility - USD ($)	6 Months Ended
	Aug. 02, 2024	Jul. 28, 2023	Feb. 02, 2024
Line Of Credit Facility [Line Items]
ABL Facility maximum borrowing	$ 275,000,000	$ 275,000,000	$ 275,000,000
Borrowing base	145,620,000	207,326,000	176,311,000
Less: Outstanding borrowings	20,000,000	70,000,000
Less: Outstanding letters of credit	8,101,000	8,554,000	9,070,000
Utilization of ABL Facility at end of period	28,101,000	78,554,000	9,070,000
Borrowing availability under ABL Facility	$ 117,519,000	$ 128,772,000	$ 167,241,000
Interest Rate	6.68%	6.82%

Debt - Schedule of Company's Long Term Debt (Details) - USD ($) $ in Thousands	Aug. 02, 2024	Feb. 02, 2024	Dec. 29, 2023	Jul. 28, 2023
Line Of Credit Facility [Line Items]
Less: Current portion of long-term debt	$ 13,000	$ 13,000		$ 13,750
Less: Unamortized debt issuance costs	10,273	10,830		5,416
Long-term debt, net	230,227	236,170		218,022
Former Term Loan Facility
Line Of Credit Facility [Line Items]
Secured debt				$ 237,188
Debt instrument, interest rate, stated percentage				14.97%
Current Term Loan Facility
Line Of Credit Facility [Line Items]
Secured debt	$ 253,500	$ 260,000	$ 260,000
Debt instrument, interest rate, stated percentage	13.70%	13.70%

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Aug. 02, 2024	Jul. 28, 2023	Feb. 02, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target shares earned			100.00%
Adjustment percentage of earned shares, overall cap of target shares			200.00%
Modifier limitation percentage of target shares in event of TSR negative			100.00%
Consecutive trading day the highest average per share common stock closing stock price measured			20 days
Performance grants	100.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target shares earned	50.00%
Adjustment percentage of earned shares			75.00%
Performance awards with stock performance criteria target percentage earned			0.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target shares earned	200.00%
Adjustment percentage of earned shares			125.00%
Performance awards with stock performance criteria target percentage earned			100.00%
Deferred Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Compensation expense unvested not yet recognized	$ 7.0
Compensation expense unvested or expected to vest not yet recognized, recognition period	2 years 1 month 6 days
Fair value of awards, vested	$ 3.7	$ 5.1
Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			3 years
Compensation expense unvested or expected to vest not yet recognized, recognition period	2 years 2 months 12 days
Performance awards period considered	3 years
Compensation expense unvested or expected to vest not yet recognized	$ 3.7
Option Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options awards expiration period	10 years
Compensation expense unvested or expected to vest not yet recognized, recognition period	1 year 3 months 18 days
Compensation expense unvested or expected to vest not yet recognized	$ 0.5

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Aug. 02, 2023

Jul. 28, 2023

Aug. 02, 2024

Jul. 28, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Share-based compensation

$ 1,432

$ 810

$ 2,658

$ 1,893

Deferred Awards

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Share-based compensation

943

1,242

1,865

2,221

Performance Awards

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Share-based compensation

^[1]

385

(536)

585

(536)

Option Awards

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Share-based compensation

$ 104

$ 208

[1]	Net credit expense for the 13 and 26 weeks ended July 28, 2023 includes a reduction of the accrual for Performance Awards based on actual and projected results relative to performance measures.

Stock-Based Compensation - Summary of Deferred Awards Activity (Details) - Deferred Awards shares in Thousands	6 Months Ended
	Aug. 02, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested awards at beginning of period \| shares	959
Number of Shares, Granted \| shares	307
Number of Shares, Vested \| shares	(250)
Number of Shares, Forfeited \| shares	(75)
Number of Shares, Unvested awards at end of period \| shares	941
Weighted Average Grant Date Fair Value, Unvested awards at beginning of period \| $ / shares	$ 11.44
Weighted Average Grant Date Fair Value, Granted \| $ / shares	11.34
Weighted Average Grant Date Fair Value, Vested \| $ / shares	14.78
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	10.97
Weighted Average Grant Date Fair Value, Unvested awards at end of period \| $ / shares	$ 10.56

Stock-Based Compensation - Summary of Performance Awards Activity (Details) - Performance Awards shares in Thousands	6 Months Ended
	Aug. 02, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested awards at beginning of period \| shares	607
Number of Shares, Granted \| shares	264
Number of Shares, Change in estimate - performance \| shares	(57)
Number of Shares, Vested \| shares	0
Number of Shares, Forfeited \| shares	(23)
Number of Shares, Unvested awards at end of period \| shares	791
Weighted Average Grant Date Fair Value, Unvested awards at beginning of period \| $ / shares	$ 13.14
Weighted Average Grant Date Fair Value, Granted \| $ / shares	10.3
Weighted Average Grant Date Fair Value, Change in estimate - performance \| $ / shares	29.95
Weighted Average Grant Date Fair Value, Vested \| $ / shares	0
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	12.87
Weighted Average Grant Date Fair Value, Unvested awards at end of period \| $ / shares	$ 11

Stock-Based Compensation - Summary of Changes in Outstanding Options Awards (Details) - Option Awards shares in Thousands	6 Months Ended
	Aug. 02, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Option awards outstanding at beginning of period \| shares	511
Number of Shares, Granted \| shares	0
Number of Shares, Exercised \| shares	0
Number of Shares, Forfeited \| shares	0
Number of Shares, Expired \| shares	(294)
Number of Shares, Option awards outstanding at end of period \| shares	217
Weighted Average Grant Date Fair Value, Unvested option awards at beginning of period \| $ / shares	$ 16.08
Weighted Average Grant Date Fair Value, Granted \| $ / shares	0
Weighted Average Grant Date Fair Value, Exercised \| $ / shares	0
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	0
Weighted Average Grant Date Fair Value, Expired \| $ / shares	18.1
Weighted Average Grant Date Fair Value, Unvested option awards at end of period \| $ / shares	$ 13.34

Stock-Based Compensation - Summary of Information about Option Awards Vested and Expected to Vest (Details) - Option Awards $ / shares in Units, $ in Thousands	6 Months Ended
	Aug. 02, 2024 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option Awards, Option Awards vested and expected to vest \| shares	217,000
Option Awards, Option Awards exercisable \| shares	91,000
Weighted Average Remaining Contractual Life (Years), Option Awards vested and expected to vest	7 years 7 days
Weighted Average Remaining Contractual Life (Years), Option Awards vested and expected to vest, Option Awards exercisable	5 years 3 months 18 days
Weighted Average Exercise Price, Option Awards vested and expected to vest \| $ / shares	$ 13.34
Weighted Average Exercise Price, Option Awards exercisable \| $ / shares	$ 16.84
Aggregate Intrinsic Value, Option Awards vested and expected to vest \| $	$ 854
Aggregate Intrinsic Value, Option Awards vested and expected to vest, Option Awards exercisable \| $	$ 213

Stockholders Equity - Additional Information (Details) - USD ($)			3 Months Ended				6 Months Ended
	Mar. 15, 2024	Jun. 28, 2022	Aug. 02, 2024	May 03, 2024	Jul. 28, 2023	Apr. 28, 2023	Aug. 02, 2024	Jul. 28, 2023
Equity Class Of Treasury Stock [Line Items]
Purchases and retirement of common stock				$ 1,014,000	$ 3,008,000	$ 3,781,000
Retained Earnings
Equity Class Of Treasury Stock [Line Items]
Purchases and retirement of common stock				$ 143,000
2022 Share Repurchase Program
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, authorized amount		$ 50,000,000.0
Stock repurchase program expiration date		Feb. 02, 2024
Purchases and retirement of common stock			$ 3,731,000		3,000,000		$ 4,744,000	$ 6,772,000
2022 Share Repurchase Program \| Retained Earnings
Equity Class Of Treasury Stock [Line Items]
Purchases and retirement of common stock					$ 0			$ 0
2024 Share Repurchase Program
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, authorized amount	$ 25,000,000		20,300,000				20,300,000
Stock repurchase program expiration date	Mar. 31, 2026
2024 Share Repurchase Program \| Retained Earnings
Equity Class Of Treasury Stock [Line Items]
Purchases and retirement of common stock			$ 1,000,000				$ 1,200,000

Stockholder' Equity - Summary of Share Repurchases (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Aug. 02, 2024

May 03, 2024

Jul. 28, 2023

Apr. 28, 2023

Aug. 02, 2024

Jul. 28, 2023

Equity Class Of Treasury Stock [Line Items]

Total cost

$ 1,014

$ 3,008

$ 3,781

2022 Share Repurchase Program

Equity Class Of Treasury Stock [Line Items]

Number of shares repurchased

254

403

339

833

Total cost

$ 3,731

$ 3,000

$ 4,744

$ 6,772

Average per share cost

^[1]

$ 14.7

$ 7.45

$ 13.99

$ 8.13

[1]	Average price paid per share excludes broker commissions and excise tax.

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Aug. 02, 2024	May 03, 2024	Feb. 02, 2024	Jul. 28, 2023	Apr. 28, 2023	Feb. 02, 2023	Jan. 27, 2023
Other Liabilities, Current [Abstract]
Deferred gift card revenue	$ 34,179	$ 35,119	$ 35,604	$ 33,556	$ 34,222	$ 35,604	$ 33,029
Accrued employee compensation and benefits	20,238		28,449	22,922
Reserve for sales returns and allowances	14,907		21,560	18,404
Deferred revenue	9,302		4,314	8,081
Accrued property, sales and other taxes	7,412		8,795	8,300
Other	5,152		10,250	9,369
Total Accrued expenses and other current liabilities	$ 91,190		$ 108,972	$ 100,632

Fair Value Measurements of Financial Assets and Liabilities - Schedule of Carrying Values and Fair Values of Other Financial Instruments (Details) - USD ($) $ in Thousands	Aug. 02, 2024	Feb. 02, 2024	Jul. 28, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 253,500	$ 260,000	$ 237,188
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 246,160	$ 258,139	$ 226,786

Fair Value Measurements of Financial Assets and Liabilities - Additional Information (Details) - USD ($)	Aug. 02, 2024	Feb. 02, 2024	Jul. 28, 2023
Nonrecurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Nonfinancial assets fair value disclosure	$ 0	$ 0	$ 0
Nonfinancial liabilities fair value disclosure	0	0	0
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash fair value	$ 2,200,000	$ 2,000,000	$ 1,800,000

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
Income Taxes - Additional Information (Details)	Aug. 02, 2024	Jul. 28, 2023	Aug. 02, 2024	Jul. 28, 2023
Income Tax Examination [Line Items]
Effective income tax (expense) benefit, percentage	33.40%	(32.40%)	26.40%	(17.50%)
U.S. federal statutory rate	21.00%		21.00%

Segment Reporting - Additional Information (Details)	6 Months Ended
Segment Reporting - Additional Information (Details)	Aug. 02, 2024 Channel Segment
Segment Reporting [Abstract]
Number of external reportable segment \| Segment	1
Number of distribution channels for revenue reporting purposes \| Channel	5

Segment Reporting - Summary of Net Revenue by Distribution Channel (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Jul. 28, 2023	Aug. 02, 2024	Jul. 28, 2023
Segment Reporting Information [Line Items]
Net revenue	$ 317,173	$ 323,363	$ 602,644	$ 632,921
US eCommerce
Segment Reporting Information [Line Items]
Net revenue	$ 188,336	$ 195,921	$ 358,868	$ 373,623
Percentage of net revenue	59.40%	60.60%	59.50%	59.00%
International
Segment Reporting Information [Line Items]
Net revenue	$ 22,950	$ 22,818	$ 47,918	$ 48,210
Percentage of net revenue	7.20%	7.10%	8.00%	7.60%
Outfitters
Segment Reporting Information [Line Items]
Net revenue	$ 63,159	$ 67,984	$ 105,836	$ 141,953
Percentage of net revenue	19.90%	21.00%	17.60%	22.40%
Third Party
Segment Reporting Information [Line Items]
Net revenue	$ 30,114	$ 24,395	$ 67,568	$ 47,384
Percentage of net revenue	9.50%	7.50%	11.20%	7.50%
Retail
Segment Reporting Information [Line Items]
Net revenue	$ 12,614	$ 12,245	$ 22,454	$ 21,751
Percentage of net revenue	4.00%	3.80%	3.70%	3.50%

Revenue - Disaggregated of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Jul. 28, 2023	Aug. 02, 2024	Jul. 28, 2023
Disaggregation of Revenue [Line Items]
Net revenue	$ 317,173	$ 323,363	$ 602,644	$ 632,921
United States
Disaggregation of Revenue [Line Items]
Net revenue	291,041	296,653	548,548	577,057
Europe
Disaggregation of Revenue [Line Items]
Net revenue	23,330	23,305	48,638	49,182
Other Geographical Location
Disaggregation of Revenue [Line Items]
Net revenue	$ 2,802	$ 3,405	$ 5,458	$ 6,682

Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Jul. 28, 2023	Aug. 02, 2024	Jul. 28, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue beginning of period	$ 9,340	$ 6,019	$ 4,314	$ 7,484
Deferred revenue recognized in period	(9,125)	(5,805)	(4,100)	(7,270)
Revenue deferred in period	9,087	7,867	9,088	7,867
Deferred revenue end of period	$ 9,302	$ 8,081	$ 9,302	$ 8,081

Revenue - Reconciliation of Gift Card Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Jul. 28, 2023	Aug. 02, 2024	Jul. 28, 2023
Revenue from Contract with Customer [Abstract]
Balance as of beginning of period	$ 35,119	$ 34,222	$ 35,604	$ 33,029
Gift cards sold	14,562	13,171	29,617	28,786
Gift cards redeemed	(14,019)	(13,048)	(28,212)	(26,682)
Gift card breakage	(1,483)	(789)	(2,830)	(1,577)
Balance as of end of period	$ 34,179	$ 33,556	$ 34,179	$ 33,556

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 02, 2024	Aug. 02, 2024	Feb. 02, 2024	Jul. 28, 2023
Selling and Administrative Expenses
Deferred Revenue Arrangement [Line Items]
Reimbursement amount	$ 2.1	$ 3.3
Accrued Expenses and Other Current Liabilities
Deferred Revenue Arrangement [Line Items]
Refund liabilities	$ 14.9	$ 14.9	$ 21.6	$ 18.4