Lands' End, Inc. (NASDAQ:LE) Q1 2022 Earnings Conference Call June 2, 2022 8:30 AM ET

CompanyParticipants

Jerome Griffith - CEO

Jim Gooch - President & CFO

Bernie McCracken - CAO

Conference Call Participants

Dana Telsey - Telsey Advisory Group

Alex Fuhrman - Craig-Hallum Capital

Operator

Good day, and welcome to the Land's End First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers presentation, there’ll be a question-and-answer. [Operator instructions]. As a reminder, this call may be recorded.

I would now like to turn the call over to Bernie McCracken, Chief Accounting Officer. You may begin.

Bernie McCracken

Good morning, and thank you for joining the Land's End earnings call for a discussion of our first quarter fiscal 2022 results, which we released this morning, and can be found on our website, LandsEnd.com. On the call today, you will hear from Jerome Griffith, our Chief Executive Officer, and Jim Gooch, our President and Chief Financial Officer. After the Company's prepared remarks, we will conduct a question-and-answer session.

Please also note that the information we're about to discuss includes forward-looking statements. Such statements involve risks and uncertainties. The Company's actual results could differ materially from those discussed on this call. Factors that could contribute to such differences include, but are not limited to, those items noted and included in the Company's SEC filings, including our annual report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking information that is provided by the Company on this call, represents the Company's outlook as of today, and we do not undertake any obligation to update forward-looking statements made by us. Subsequent events and developments may cause the Company's outlook to change. During this call, we'll be referring to non-GAAP measures. These non-GAAP measures are not prepared in accordance with Generally Accepted Accounting Principles. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, can be found in our earnings release issued earlier today, a copy of which is posted in the Investor Relations section of our website at LandsEnd.com.

With that, I will turn the call over to Jerome Griffith.

Jerome Griffith

Thank you, Bernie. Good morning, and thank you for joining us today for a discussion of our first quarter results. Let me begin by expressing my gratitude to our team, who continue to demonstrate fortitude and agility as we navigate the ongoing supply chain challenges, the changing consumer landscape, and the difficult macro conditions. By actively managing our cost structure during this challenging period, we achieve adjusted EBITDA results within our expected range in the first quarter. Revenue for the quarter was down 6% versus 2021, but up 16% compared to 2019. We are seeing supply chain and macro pressures impact our global direct consumer e-commerce business. However, we continue to see growth, with strong performance across our Outfitters business, and in our third-party distribution channels. With our proven digitally-led business model, combined with our strategic pillars of growth and proven success in executing our strategic initiatives, we remain confident in the long-term growth potential of our business, despite the challenging period.