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Land’s End Inc shares surge in early trade after third quarter results surprise

The market consensus was for a loss of 4 US cents per share and sales of US$320.0mln
Land’s End Inc shares surge in early trade after third quarter results surprise
Same store sales fell 1.3% during the period.

Lands' End Inc.(NASDAQ:LE) rose in early trade after its third quarter results outstripped market expectations.

In the quarter, the company’s net income came in at positive territory at US$162,000, or a penny per share, moving away from the loss of US$7.2mln or 23 US cents per share recorded the year earlier.

READ: Lands’ End sees second-quarter sales beat estimates, though loss per share bigger than expected

During the period, revenue rose to US$325.5mln from US$311.5mln last year.

The market consensus was for a loss of 4 US cents per share and sales of US$320.0mln.

The retailer said direct segment sales rose by 6.7% year-on-year to US$290.3mln, and the retail segment sales fell 10.8% to US$35.1mln, mainly due to fewer Lands' End Shops at Sears.

Same store sales fell 1.3% during the period.

Its shares were up 8.47% at US$12.80.

 

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