0000950170-23-025716 | 10-Q | XBRL Viewer

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Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2023	Apr. 29, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 1,083	$ 1,484
Deferred Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	979	1,555
Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation		$ (71)
Option Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation	$ 104

Accrued Expenses and Other Current Liabilities

3 Months Ended

Apr. 28, 2023

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)	April 28, 2023		April 29, 2022		January 27, 2023
Deferred gift card revenue	$	34,222	$	32,015	$	33,029
Reserve for sales returns and allowances		17,755		15,583		25,030
Accrued employee compensation and benefits		15,204		19,313		18,125
Deferred revenue		6,019		6,074		7,484
Accrued property, sales and other taxes		7,945		9,794		9,780
Other		7,071		7,998		13,308
Total Accrued expenses and other current liabilities	$	88,216	$	90,777	$	106,756

Recent Accounting Pronouncements	3 Months Ended
Apr. 28, 2023
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, the FASB issued ASU 2020-04, Reference Reform Rate (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and modified by ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of Sunset Date of Topic 848, may be applied through December 31, 2024, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The guidance in ASU 2020-04 may be implemented over time as reference rate reform activities occur. The Company is currently evaluating the potential effects of this ASU, however, does not expect reference rate reform to have a material effect on its consolidated financial statements as the Company’s current Debt Facilities provide for the replacement of LIBOR with an alternative benchmark rate should LIBOR become unavailable.

Recent Accounting Pronouncements

3 Months Ended

Apr. 28, 2023

Accounting Changes And Error Corrections [Abstract]

Recent Accounting Pronouncements

NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued ASU 2020-04, Reference Reform Rate (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and modified by ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of Sunset Date of Topic 848, may be applied through December 31, 2024, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The guidance in ASU 2020-04 may be implemented over time as reference rate reform activities occur. The Company is currently evaluating the potential effects of this ASU, however, does not expect reference rate reform to have a material effect on its consolidated financial statements as the Company’s current Debt Facilities provide for the replacement of LIBOR with an alternative benchmark rate should LIBOR become unavailable.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Revenue

3 Months Ended

Apr. 28, 2023

Revenue From Contract With Customer [Abstract]

Revenue

NOTE 14. REVENUE

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 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 13, Segment Reporting. Revenue by geographic location was:


	13 Weeks Ended
(in thousands)	April 28, 2023		April 29, 2022
Net revenue:
United States	$	280,404	$	255,274
Europe		25,877		36,129
Asia (1)		157		8,697
Other		3,120		3,565
Total Net revenue	$	309,558	$	303,665

(1)

The 13 weeks ended April 29, 2022 includes Net revenue of $8.5 million from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closing.

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, which is reported in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets, as well as amounts recognized through Net revenue for each period presented. The majority of deferred revenue as of April 28, 2023 is expected to be recognized in Net revenue in the fiscal quarter ending July 28, 2023, as products are delivered to customers.


	13 Weeks Ended
(in thousands)	April 28, 2023			April 29, 2022
Deferred revenue beginning of period	$	7,484		$	8,560
Deferred revenue recognized in period		(7,270	)		(8,346	)
Revenue deferred in period		5,805			5,860
Deferred revenue end of period	$	6,019		$	6,074

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
(in thousands)	April 28, 2023			April 29, 2022
Balance as of beginning of period	$	33,029		$	33,070
Gift cards sold		15,616			14,628
Gift cards redeemed		(13,635	)		(15,468	)
Gift card breakage		(788	)		(215	)
Balance as of end of period	$	34,222		$	32,015

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. As of April 28, 2023, April 29, 2022 and January 27, 2023, $17.8 million, $15.6 million and $25.0 million, respectively, of refund liabilities, primarily associated with product returns, were reported in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets. An asset for product returns is recorded in Prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Revenue - Reconciliation of Gift Card Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2023	Apr. 29, 2022
Revenue From Contract With Customer [Abstract]
Balance as of beginning of period	$ 33,029	$ 33,070
Gift cards sold	15,616	14,628
Gift cards redeemed	(13,635)	(15,468)
Gift card breakage	(788)	(215)
Balance as of end of period	$ 34,222	$ 32,015

Debt - Summary of Company's Maximum Borrowing Availability Under ABL Facility (Details) - ABL Facility - USD ($)	3 Months Ended		12 Months Ended
	Apr. 28, 2023	Apr. 29, 2022	Jan. 27, 2023
Line Of Credit Facility [Line Items]
ABL Facility maximum borrowing	$ 275,000,000.0	$ 275,000,000	$ 275,000,000
Borrowing base	245,179,000	238,134,000	274,354,000
Less: Outstanding borrowings	100,000,000	125,000,000	100,000,000
Less: Outstanding letters of credit	9,095,000	14,619,000	10,557,000
Utilization of ABL Facility at end of period	109,095,000	139,619,000	110,557,000
Borrowing availability under ABL Facility	$ 136,084,000	$ 98,515,000	$ 163,797,000
Interest Rate	6.89%	1.84%	6.27%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Background and Basis of Presentation

3 Months Ended

Apr. 28, 2023

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Background and Basis of Presentation

NOTE 1. BACKGROUND AND BASIS OF PRESENTATION

Description of Business

Lands’ End, Inc. (“Lands’ End” or the “Company”) is a leading digital retailer of casual clothing, swimwear, outerwear, accessories, footwear, home products and uniform solutions. Lands’ End offers products online at www.landsend.com, through Company Operated stores and through third-party distribution channels. Lands’ End is a classic American lifestyle brand with a passion for quality, legendary service and real value and seeks to deliver timeless style for women, men, kids and the home. Lands’ End also offers products to businesses and schools, for their employees and students, through the Outfitters distribution channel. 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

•

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 certain significant items

•

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

•

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

•

Deferred Awards – Time vesting stock awards

•

EPS – Earnings per share

•

FASB – Financial Accounting Standards Board

•

Fiscal 2022 – The 52 weeks ended January 27, 2023

•

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 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

•

Third Quarter 2022 – The 13 weeks ended October 28, 2022

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 10, 2023.

Stock-Based Compensation - Summary of Performance Awards Activity (Details) - Performance Awards	3 Months Ended
	Apr. 28, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested deferred awards at beginning of year \| shares	355,000
Number of Shares, Forfeited \| shares	(55,000)
Number of Shares, Unvested deferred awards at end of quarter \| shares	300,000
Weighted Average Grant Date Fair Value, Unvested awards at beginning of year \| $ / shares	$ 24.39
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	24.33
Weighted Average Grant Date Fair Value, Unvested awards at end of year \| $ / shares	$ 24.40

Debt

3 Months Ended

Apr. 28, 2023

Debt Disclosure [Abstract]

Debt

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. 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 (“Borrowing Base”) which is calculated from Eligible Inventory, Trade Receivables and Credit Card Receivables, all capitalized terms not defined herein are as defined in the ABL Facility.

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


	April 28, 2023			April 29, 2022			January 27, 2023
(in thousands)	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
ABL Facility Limit	$	275,000		$	275,000		$	275,000
Borrowing Base		245,179			238,134			274,354

Outstanding borrowings		100,000	6.89%		125,000	1.84%		100,000	6.27%
Outstanding letters of credit		9,095			14,619			10,557
ABL Facility utilization at end of period		109,095			139,619			110,557

ABL Facility borrowing availability	$	136,084		$	98,515		$	163,797

Long-Term Debt

On September 9, 2020, the Company entered into the Term Loan Facility which provided borrowings of $275.0 million. Origination costs, including an Original Issue Discount (“OID”) of 3% and $5.1 million in debt origination fees, were paid in connection with entering into the Term Loan Facility. The OID and the debt origination fees are presented as a direct deduction from the carrying value of the Term Loan Facility and are amortized over the term of the loan to Interest expense in the Condensed Consolidated Statements of Operations.

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


	April 28, 2023			April 29, 2022			January 27, 2023
(in thousands)	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Term Loan Facility	$	240,625	14.77%	$	254,375	10.76%	$	244,063	14.13%
Less: Current portion of long-term debt		13,750			13,750			13,750
Less: Unamortized debt issuance costs		6,089			8,922			6,807
Long-term debt, net	$	220,786		$	231,703		$	223,506

Interest; Fees

Effective May 12, 2023, the Company executed the Fourth Amendment to the ABL Facility to transition a benchmark reference rate from LIBOR to SOFR plus an adjustment of 0.10% for all loans (“ABL Adjusted SOFR”). This transition resulted in no material interest rate impact and maintains a 0% benchmark rate floor. The ABL Adjusted SOFR rate is now available for all new loans after the effective date of the Fourth Amendment.

The new applicable margin interest rates applicable to the referenced rate, selected at the borrower’s election, are either (1) ABL Adjusted SOFR, subject to 0% floor, 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”. For all loans, the borrowing margin is based upon the average daily total loans outstanding for the previous quarter. The applicable 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 applicable 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%.

Prior to the Fourth Amendment, the applicable margin interest rates applicable to the referenced rate, selected at the borrower’s election, were either (1) adjusted LIBOR, subject to a 0% floor, or (2) a base rate which is the greater of (a) the federal funds rate plus 0.50%, (b) the one-month LIBOR rate plus 1.00%, or (c) the Wells Fargo “prime rate”. For all loans, the borrowing margin was based upon the average daily total loans outstanding for the previous quarter. The applicable borrowing margin for LIBOR loans was (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 applicable borrowing margin was (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%.

The interest rates per annum applicable to the loans under the Term Loan Facility are based on a fluctuating rate of interest measured by reference to, at the borrower’s election, either (1) an adjusted LIBOR rate (with a minimum rate of 1.00%) 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 shall be no lower than 0.00% plus ½ of 1.00%, or (iii) the one month LIBOR rate plus 1.00% per annum) plus 8.75%. The Company expects to amend the Term Loan Facility to transition from LIBOR to SOFR on or before June 30, 2023.

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 and (ii) customary letter of credit fees. As of April 28, 2023, the Company had borrowings of $100.0 million under the ABL Facility.

Customary agency fees are payable in respect of the Debt Facilities.

Maturity; Amortization and Prepayments

The ABL Facility maturity date is the earlier of (a) July 29, 2026 and (b) June 9, 2025 if, on or prior to such date, the Term Loan Facility has not been refinanced, extended or repaid in full in accordance with the terms thereof and not replaced with other indebtedness.

The Term Loan Facility matures on September 9, 2025 and amortizes at a rate equal to 1.25% per quarter. It is subject to mandatory prepayments in an amount equal to a percentage of the borrower’s excess cash flows in each fiscal year, ranging from 0% to 75% depending on the Company’s total leverage ratio, and with the proceeds of certain asset sales, casualty events and extraordinary receipts. The loan could not be voluntarily prepaid during the first two years of its term without significant penalties. A prepayment premium of 3% applies to voluntary prepayments and certain mandatory prepayments made after September 9, 2022 and on or prior to

September 9, 2023, 1% for such prepayments made after September 9, 2023 and on or prior to September 9, 2024 and no premium on such prepayments thereafter.

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 Term Loan Facility is secured by a second priority security interest in the same collateral, with certain exceptions.

The Term Loan Facility is secured by a first priority security interest in certain property and assets of the borrowers and guarantors, including certain fixed assets such as real estate, stock of the subsidiaries and intellectual property, in each case, subject to certain exceptions. The ABL Facility is 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 Term Loan Facility contains certain financial covenants, including a quarterly maximum total leverage ratio test, a weekly minimum liquidity test and an annual maximum capital expenditure amount.

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 April 28, 2023, 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Stockholders Equity - Additional Information (Details) - USD ($)		3 Months Ended
	Jun. 28, 2022	Apr. 28, 2023
Equity Class Of Treasury Stock [Line Items]
Stock repurchased and retired during period, value		$ 3,781,000
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
Stock repurchase program, additional purchases could be made		37,800,000
2022 Share Repurchase Program \| Retained Earnings
Equity Class Of Treasury Stock [Line Items]
Stock repurchased and retired during period, value		$ 0

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2023	Apr. 29, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,652)	$ (2,371)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,301	9,584
Amortization of debt issuance costs	815	765
Loss on disposal of property and equipment	123	0
Stock-based compensation	1,083	1,484
Deferred income taxes	(112)	244
Other	(193)	(232)
Change in operating assets and liabilities:
Accounts receivable, net	6,244	(2,824)
Inventories, net	49,604	(56,320)
Accounts payable	(57,050)	(15,331)
Other operating assets	(335)	(2,862)
Other operating liabilities	(18,583)	(54,547)
Net cash used in operating activities	(10,755)	(122,410)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(12,384)	(6,965)
Net cash used in investing activities	(12,384)	(6,965)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings under ABL Facility	83,000	126,000
Payments of borrowings under ABL Facility	(83,000)	(1,000)
Payments on term loan	(3,438)	(3,438)
Payments for taxes related to net share settlement of equity awards	(1,199)	(4,310)
Purchases and retirement of common stock	(3,781)	0
Net cash (used in) provided by financing activities	(8,418)	117,252
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(353)	160
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(31,910)	(11,963)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	41,391	36,135
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	9,481	24,172
SUPPLEMENTAL CASH FLOW DATA
Unpaid liability to acquire property and equipment	5,738	3,433
Income taxes paid, net of refunds	1,315	16
Interest paid	13,164	7,127
Operating lease right-of-use-assets obtained in exchange for lease liabilities	$ 2,539	$ 3,722

Other Comprehensive Income (Loss) - Additional Information (Details) - USD ($)	3 Months Ended
	Apr. 28, 2023	Apr. 29, 2022
Equity [Abstract]
Amounts reclassified from accumulated other comprehensive (loss)	$ 0	$ 0

Stock-Based Compensation (Tables)

3 Months Ended

Apr. 28, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock-Based Compensation Expense

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
(in thousands)	April 28, 2023		April 29, 2022
Deferred awards	$	979	$	1,555
Performance awards (1)		—		(71	)
Option awards		104		—
Total stock-based compensation expense	$	1,083	$	1,484

(1)

For the 13 weeks ended April 28, 2023 based on actual and projected results relative to performance measures the Company is not recording an accrual for unvested Performance Awards. Net credit expense for the 13 weeks ended April 29, 2022 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 13 weeks ended April 28, 2023:


	Deferred Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested deferred awards as of January 27, 2023		906		$	16.46
Granted		—			—
Vested		(406	)		12.39
Forfeited or expired		(65	)		21.00
Unvested deferred awards as of April 28, 2023		435		$	19.57

Summary of Performance Awards Activity

The following table provides a summary of the Performance Awards activity for the 13 weeks ended April 28, 2023:


	Performance Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested performance awards as of January 27, 2023		355		$	24.39
Granted		—			—
Vested		—			—
Forfeited or expired		(55	)		24.33
Unvested performance awards as of April 28, 2023		300		$	24.40

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 April 28, 2023:


(in thousands, except per share and contractual life amounts)	Option Awards		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
Option Awards vested and expected to vest		511		5.74	$	16.08		—
Option Awards exercisable		343		3.88	$	18.66		—

Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Apr. 28, 2023

Equity [Abstract]

Schedule of Other Comprehensive Income (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.


	13 Weeks Ended
(in thousands)	April 28, 2023			April 29, 2022
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,525 and $3,361, respectively)	$	(17,022	)	$	(12,642	)
Other comprehensive income (loss):
Foreign currency translation adjustments (net of tax of ($22) and $823, respectively)		81			(3,094	)
Ending balance: Accumulated other comprehensive loss (net of tax of $4,503 and $4,184, respectively)	$	(16,941	)	$	(15,736	)

Earnings (Loss) Per Share - Additional Information (Details) - shares	3 Months Ended
	Apr. 28, 2023	Apr. 29, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares excluded from diluted weighted average shares outstanding	1,188,876	1,427,987

Fair Value Measurements of Financial Assets and Liabilities

3 Months Ended

Apr. 28, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements of Financial Assets and Liabilities

NOTE 10. FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS AND LIABILITIES

Restricted cash is reflected on the Condensed Consolidated Balance Sheets at fair value. The fair value of restricted cash was $2.1 million, $2.1 million, and $1.8 million as of April 28, 2023, April 29, 2022 and January 27, 2023, respectively, based on Level 1 inputs. Restricted cash amounts are valued based upon statements received from financial institutions.

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


	April 28, 2023				April 29, 2022				January 27, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	240,625	$	227,109	$	254,375	$	245,139	$	244,063	$	241,728

Long-term debt, including current portion, was valued by management utilizing Level 3 valuation techniques as of April 28, 2023, April 29, 2022 and January 27, 2023. There were no nonfinancial assets or nonfinancial liabilities recognized at fair value on a nonrecurring basis as of April 28, 2023, April 29, 2022 and January 27, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Apr. 28, 2023	May 26, 2023
Cover [Abstract]
Entity Registrant Name	Lands’ End, Inc.
Document Type	10-Q
Trading Symbol	LE
Current Fiscal Year End Date	--02-02
Entity Common Stock, Shares Outstanding		32,086,612
Amendment Flag	false
Entity Central Index Key	0000799288
Entity Filer Category	Accelerated Filer
Document Period End Date	Apr. 28, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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
	Apr. 28, 2023	Apr. 29, 2022
Income Statement [Abstract]
Net revenue	$ 309,558	$ 303,665
Cost of sales (excluding depreciation and amortization)	171,621	174,490
Gross profit	137,937	129,175
Selling and administrative	118,514	115,693
Depreciation and amortization	9,301	9,584
Other operating expense, net	202
Operating income	9,920	3,898
Interest expense	12,283	8,169
Other income, net	(187)	(161)
Loss before income taxes	(2,176)	(4,110)
Income tax benefit	(524)	(1,739)
NET LOSS	$ (1,652)	$ (2,371)
NET LOSS PER COMMON SHARE
Basic:	$ (0.05)	$ (0.07)
Diluted:	$ (0.05)	$ (0.07)
Basic weighted average common shares outstanding	32,443	33,163
Diluted weighted average common shares outstanding	32,443	33,163

Stockholders' Equity

3 Months Ended

Apr. 28, 2023

Stockholders Equity Note [Abstract]

Stockholders' Equity

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 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 2022 Share Repurchase Program may be suspended or discontinued at any time. As of April 28, 2023, additional purchases of up to $37.8 million could be made under the 2022 Share Repurchase Program.

The following table summarizes the Company’s share repurchases for the 13 weeks ended April 28, 2023:


	13 Weeks Ended
(Shares and $ in thousands except average per share cost)	April 28, 2023		April 29, 2022
Number of shares repurchased		430		—
Total cost	$	3,772	$	—
Average per share cost	$	8.77	$	—

The Company retired all shares that were repurchased through the 2022 Share Repurchase Program during the 13 weeks ended April 28, 2023. 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 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 Retained earnings. Shares purchased at a price less than that of initial issuance is charged only against Additional paid-in capital. In addition, the total cost of the broker commissions is charged directly to Retained earnings. No amount was charged to Retained earnings for the shares retired during the 13 weeks ended April 28, 2023.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Commitments and Contingencies

3 Months Ended

Apr. 28, 2023

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 12. 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.

Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2023	Apr. 29, 2022
Revenue From Contract With Customer [Abstract]
Deferred revenue beginning of period	$ 7,484	$ 8,560
Deferred revenue recognized in period	(7,270)	(8,346)
Revenue deferred in period	5,805	5,860
Deferred revenue end of period	$ 6,019	$ 6,074

Segment Reporting - Summary of Net Revenue by Distribution Channel (Details) - USD ($)
$ in Thousands

3 Months Ended

Apr. 28, 2023

Apr. 29, 2022

Segment Reporting Information [Line Items]

Net revenue

$ 309,558

$ 303,665

US eCommerce

Segment Reporting Information [Line Items]

Net revenue

$ 177,702

$ 174,893

Percentage of net revenue

57.40%

57.60%

International

Segment Reporting Information [Line Items]

Net revenue

^[1]

$ 25,392

$ 44,178

Percentage of net revenue

8.20%

14.50%

Outfitters

Segment Reporting Information [Line Items]

Net revenue

$ 73,969

$ 53,962

Percentage of net revenue

23.90%

17.80%

Third Party

Segment Reporting Information [Line Items]

Net revenue

$ 22,989

$ 21,642

Percentage of net revenue

7.40%

7.10%

Retail

Segment Reporting Information [Line Items]

Net revenue

$ 9,506

$ 8,990

Percentage of net revenue

3.10%

3.00%

[1]	he 13 weeks ended April 29, 2022 includes Net revenue of $8.5 million from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closing.

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Earnings (Loss) Per Share - Schedule of Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 28, 2023	Apr. 29, 2022
Earnings Per Share [Abstract]
Net loss	$ (1,652)	$ (2,371)
Basic weighted average common shares outstanding	32,443	33,163
Diluted weighted average common shares outstanding	32,443	33,163
Basic loss per share	$ (0.05)	$ (0.07)
Diluted loss per share	$ (0.05)	$ (0.07)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Debt - Schedule of Company's Long Term Debt (Details) - USD ($) $ in Thousands	Apr. 28, 2023	Jan. 27, 2023	Apr. 29, 2022	Sep. 09, 2020
Line Of Credit Facility [Line Items]
Less: Current portion of long-term debt	$ 13,750	$ 13,750	$ 13,750
Less: Unamortized debt issuance costs	6,089	6,807	8,922
Long-term debt, net	220,786	223,506	231,703
Term Loan Facility
Line Of Credit Facility [Line Items]
Secured debt	$ 240,625	$ 244,063	$ 254,375	$ 275,000
Debt instrument, interest rate, stated percentage	14.77%	14.13%	10.76%

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Issued	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)
Balance at Jan. 28, 2022	$ 406,696	$ 330	$ 374,413	$ 44,595	$ (12,642)
Balance, shares at Jan. 28, 2022		32,985
Net loss	(2,371)			(2,371)
Cumulative translation adjustment, net of tax	(3,094)				(3,094)
Stock-based compensation expense	1,484		1,484
Vesting of restricted shares		$ 4	(4)
Vesting of restricted shares, shares		660
Common stock withheld related to net share settlement of equity awards	(4,310)		(4,310)
Common stock withheld related to net share settlement of equity awards, shares		(232)
Balance at Apr. 29, 2022	398,405	$ 334	371,583	42,224	(15,736)
Balance, shares at Apr. 29, 2022		33,413
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

Revenue (Tables)

3 Months Ended

Apr. 28, 2023

Revenue From Contract With Customer [Abstract]

Disaggregated of Revenue by Geographic Location


	13 Weeks Ended
(in thousands)	April 28, 2023		April 29, 2022
Net revenue:
United States	$	280,404	$	255,274
Europe		25,877		36,129
Asia (1)		157		8,697
Other		3,120		3,565
Total Net revenue	$	309,558	$	303,665

(1)

The 13 weeks ended April 29, 2022 includes Net revenue of $8.5 million from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closing.

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, which is reported in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets, as well as amounts recognized through Net revenue for each period presented. The majority of deferred revenue as of April 28, 2023 is expected to be recognized in Net revenue in the fiscal quarter ending July 28, 2023, as products are delivered to customers.


	13 Weeks Ended
(in thousands)	April 28, 2023			April 29, 2022
Deferred revenue beginning of period	$	7,484		$	8,560
Deferred revenue recognized in period		(7,270	)		(8,346	)
Revenue deferred in period		5,805			5,860
Deferred revenue end of period	$	6,019		$	6,074

Reconciliation of Gift Card Contract Liability

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


	13 Weeks Ended
(in thousands)	April 28, 2023			April 29, 2022
Balance as of beginning of period	$	33,029		$	33,070
Gift cards sold		15,616			14,628
Gift cards redeemed		(13,635	)		(15,468	)
Gift card breakage		(788	)		(215	)
Balance as of end of period	$	34,222		$	32,015

Other Comprehensive Income (Loss)

3 Months Ended

Apr. 28, 2023

Equity [Abstract]

Other Comprehensive Income (Loss)

NOTE 4. OTHER COMPREHENSIVE INCOME (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.


	13 Weeks Ended
(in thousands)	April 28, 2023			April 29, 2022
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,525 and $3,361, respectively)	$	(17,022	)	$	(12,642	)
Other comprehensive income (loss):
Foreign currency translation adjustments (net of tax of ($22) and $823, respectively)		81			(3,094	)
Ending balance: Accumulated other comprehensive loss (net of tax of $4,503 and $4,184, respectively)	$	(16,941	)	$	(15,736	)

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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 28, 2023	Jan. 27, 2023	Apr. 29, 2022
Current assets
Cash and cash equivalents	$ 7,332	$ 39,557	$ 22,027
Restricted cash	2,149	1,834	2,145
Accounts receivable, net	38,759	44,928	52,134
Inventories, net	376,062	425,513	436,859
Prepaid expenses and other current assets	45,743	44,894	39,197
Total current assets	470,045	556,726	552,362
Property and equipment, net	126,397	127,638	127,430
Operating lease right-of-use asset	31,878	30,325	33,332
Goodwill	106,700	106,700	106,700
Intangible asset	257,000	257,000	257,000
Other assets	3,174	3,759	4,740
TOTAL ASSETS	995,194	1,082,148	1,081,564
Current liabilities
Current portion of long-term debt	13,750	13,750	13,750
Accounts payable	110,097	171,557	130,955
Lease liability – current	5,533	5,414	5,557
Accrued expenses and other current liabilities	88,216	106,756	90,777
Total current liabilities	217,596	297,477	241,039
Long-term borrowings under ABL Facility	100,000	100,000	125,000
Long-term debt, net	220,786	223,506	231,703
Lease liability – long-term	32,335	31,095	34,855
Deferred tax liabilities	45,863	45,953	45,612
Other liabilities	3,330	3,365	4,950
TOTAL LIABILITIES	619,910	701,396	683,159
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 authorized: 480,000 shares; issued and outstanding: 32,460, 33,413 and 32,626, respectively	325	326	334
Additional paid-in capital	362,285	366,181	371,583
Retained earnings	29,615	31,267	42,224
Accumulated other comprehensive (loss)	(16,941)	(17,022)	(15,736)
TOTAL STOCKHOLDERS’ EQUITY	375,284	380,752	398,405
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 995,194	$ 1,082,148	$ 1,081,564

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Apr. 28, 2023	Apr. 29, 2022
Income Tax Examination [Line Items]
Effective income tax expense (benefit), percentage	(24.10%)	(42.30%)

Other Comprehensive Income (Loss) - Schedule of Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2023	Apr. 29, 2022	Jan. 27, 2023	Jan. 28, 2022
Equity [Abstract]
Accumulated other comprehensive loss, tax	$ 4,503	$ 4,184	$ 4,525	$ 3,361
Foreign currency translations adjustments, tax	$ (22)	$ 823

Revenue - Disaggregated of Revenue by Geographic Location (Details) - USD ($)
$ in Thousands

3 Months Ended

Apr. 28, 2023

Apr. 29, 2022

Disaggregation of Revenue [Line Items]

Net revenue

$ 309,558

$ 303,665

United States

Disaggregation of Revenue [Line Items]

Net revenue

280,404

255,274

Europe

Disaggregation of Revenue [Line Items]

Net revenue

25,877

36,129

Asia

Disaggregation of Revenue [Line Items]

Net revenue

^[1]

157

8,697

Other Geographical Location

Disaggregation of Revenue [Line Items]

Net revenue

$ 3,120

$ 3,565

[1]	The 13 weeks ended April 29, 2022 includes Net revenue of $8.5 million from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closing.

- Definition

+ References

+ Details

Debt (Tables)

3 Months Ended

Apr. 28, 2023

Debt Disclosure [Abstract]

Summary of Company's Maximum Borrowing Availability Under ABL Facility

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


	April 28, 2023			April 29, 2022			January 27, 2023
(in thousands)	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
ABL Facility Limit	$	275,000		$	275,000		$	275,000
Borrowing Base		245,179			238,134			274,354

Outstanding borrowings		100,000	6.89%		125,000	1.84%		100,000	6.27%
Outstanding letters of credit		9,095			14,619			10,557
ABL Facility utilization at end of period		109,095			139,619			110,557

ABL Facility borrowing availability	$	136,084		$	98,515		$	163,797

Schedule of Company's Long Term Debt

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


	April 28, 2023			April 29, 2022			January 27, 2023
(in thousands)	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Term Loan Facility	$	240,625	14.77%	$	254,375	10.76%	$	244,063	14.13%
Less: Current portion of long-term debt		13,750			13,750			13,750
Less: Unamortized debt issuance costs		6,089			8,922			6,807
Long-term debt, net	$	220,786		$	231,703		$	223,506

Segment Reporting (Tables)

3 Months Ended

Apr. 28, 2023

Segment Reporting [Abstract]

Summary of Net Revenue by Distribution Channel

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


	13 Weeks Ended		% of Net	13 Weeks Ended		% of Net
(in thousands)	April 28, 2023		Revenue	April 29, 2022		Revenue
Net revenue:
U.S. eCommerce	$	177,702	57.4%	$	174,893	57.6%
International (1)		25,392	8.2%		44,178	14.5%
Outfitters		73,969	23.9%		53,962	17.8%
Third Party		22,989	7.4%		21,642	7.1%
Retail		9,506	3.1%		8,990	3.0%
Total Net revenue	$	309,558		$	303,665

(1)

The 13 weeks ended April 29, 2022 includes Net revenue of $8.5 million from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closing.

Segment Reporting

3 Months Ended

Apr. 28, 2023

Segment Reporting [Abstract]

Segment Reporting

NOTE 13. SEGMENT REPORTING

For the 13 weeks ended April 28, 2023, the Company’s operating segments consisted of: U.S. eCommerce, Europe eCommerce, Outfitters, Third Party and Retail. During the 13 weeks ended April 29, 2022, the Company’s operating segments included Japan eCommerce. See Note 9, Lands’ End Japan Closing.

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 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 customers.

•

Retail sells products through Company Operated stores.

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


	13 Weeks Ended		% of Net	13 Weeks Ended		% of Net
(in thousands)	April 28, 2023		Revenue	April 29, 2022		Revenue
Net revenue:
U.S. eCommerce	$	177,702	57.4%	$	174,893	57.6%
International (1)		25,392	8.2%		44,178	14.5%
Outfitters		73,969	23.9%		53,962	17.8%
Third Party		22,989	7.4%		21,642	7.1%
Retail		9,506	3.1%		8,990	3.0%
Total Net revenue	$	309,558		$	303,665

(1)

The 13 weeks ended April 29, 2022 includes Net revenue of $8.5 million from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closing.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Stockholder' Equity - Summary of Share Repurchases (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 28, 2023 USD ($) $ / shares shares
Equity Class Of Treasury Stock [Line Items]
Total cost	$ 3,781
Share Repurchase Program
Equity Class Of Treasury Stock [Line Items]
Number of shares repurchased \| shares	430
Total cost	$ 3,772
Average per share cost \| $ / shares	$ 8.77

Lands' End Japan Closing- Summary of Accrued Closing Cost Activity Related to Lands' End Japan Included in Accrued Expenses and Other Current Liabilities in Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Apr. 28, 2023	Jan. 27, 2023
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 1,556
Estimated costs payable in cash	79	$ 3,908
Cash payments	(1,135)	(2,836)
Foreign currency translation	(28)	484
Ending balance	472	1,556
Employee Severance and Benefit Costs [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	1,067
Estimated costs payable in cash		2,812
Cash payments	(974)	(2,076)
Foreign currency translation	(14)	331
Ending balance	79	1,067
Leased Facilities Costs [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	472
Estimated costs payable in cash		749
Cash payments	(141)	(381)
Foreign currency translation	(14)	104
Ending balance	317	472
Other Closing Costs [Member]
Restructuring Cost And Reserve [Line Items]
Beginning balance	17
Estimated costs payable in cash	79	347
Cash payments	(20)	(379)
Foreign currency translation		49
Ending balance	$ 76	$ 17

Segment Reporting - Summary of Net Revenue by Distribution Channel (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2023	Apr. 29, 2022
Segment Reporting Information [Line Items]
Net revenue	$ 309,558	$ 303,665
Japan eCommerce
Segment Reporting Information [Line Items]
Net revenue		$ 8,500

- Definition

+ References

+ Details

Condensed Consolidated Statements of Comprehensive Operations - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2023	Apr. 29, 2022
Statement Of Income And Comprehensive Income [Abstract]
NET LOSS	$ (1,652)	$ (2,371)
Other comprehensive income (loss), net of tax, foreign currency translation adjustments	81	(3,094)
COMPREHENSIVE LOSS	$ (1,571)	$ (5,465)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Earnings (Loss) Per Share

3 Months Ended

Apr. 28, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

NOTE 3. EARNINGS (LOSS) PER SHARE

The numerator for both basic and diluted EPS is net income (loss). The denominator for basic EPS is based upon the number of weighted average shares of Lands’ End common stock outstanding during the reporting periods. The denominator for diluted EPS is based upon the number of weighted average shares of Lands’ End common stock and common stock equivalents outstanding during the reporting periods using the treasury stock method in accordance with GAAP. Potentially dilutive securities for the diluted EPS 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 EPS:


	13 Weeks Ended
(in thousands, except per share amounts)	April 28, 2023			April 29, 2022
Net loss	$	(1,652	)	$	(2,371	)

Basic weighted average common shares outstanding		32,443			33,163
Dilutive effect of stock awards		—			—
Diluted weighted average common shares outstanding		32,443			33,163

Basic loss per share	$	(0.05	)	$	(0.07	)
Diluted loss per share	$	(0.05	)	$	(0.07	)

Stock awards are considered anti-dilutive based on the application of the treasury stock method or in the event of a net loss. Anti-dilutive shares excluded from the diluted weighted average shares outstanding were 1,188,876 and 1,427,987 in the 13 weeks ended April 28, 2023 and April 29, 2022, respectively.

Lands' End Japan Closing

3 Months Ended

Apr. 28, 2023

Restructuring And Related Activities [Abstract]

Lands' End Japan Closing

NOTE 9. LANDS’ END JAPAN CLOSING

In July 2022, the Board of Directors approved a plan to cease operations of Lands’ End Japan KK, a subsidiary of Lands’ End, Inc. (“Lands’ End Japan”) by the end of Fiscal 2022. The dissolution of Lands’ End Japan was authorized and approved on January 31, 2023. Lands’ End Japan operations were reported in the Japan eCommerce operating segment in Fiscal 2022 and prior. For a discussion of this operating segment, see Note 13, Segment Reporting. The closing and subsequent disposal of the assets did not represent a strategic shift with a major effect on the consolidated financial condition. Accordingly, the closing of Lands’ End Japan was not presented in the Condensed Consolidated Financial Statements as discontinued operations.

In Third Quarter 2022, the Company commenced recording one-time closing costs for employee severance and benefit costs, early termination and restoration costs of leased facilities and contract cancellation and other costs. During the 13 weeks ended April 28, 2023, the Company recognized one-time closing costs for contract cancellation and other costs of approximately $79 thousand reported in Other operating expense, net in the Condensed Consolidated Statement of Operations.

The following table summarizes accrued closing cost activity related to Lands’ End Japan included in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets:


(in thousands)	Employee Severance and Benefit Costs			Leased Facilities Costs			Other Closing Costs			Total
Balance as of July 29, 2022	$	—		$	—		$	—		$	—
Estimated costs payable in cash		2,812			749			347			3,908
Cash payments		(2,076	)		(381	)		(379	)		(2,836	)
Foreign currency translation		331			104			49			484
Balance as of January 27, 2023		1,067			472			17			1,556
Estimated costs payable in cash		—			—			79			79
Cash payments		(974	)		(141	)		(20	)		(1,135	)
Foreign currency translation		(14	)		(14	)		—			(28	)
Balance as of April 28, 2023	$	79		$	317		$	76		$	472

Stock-Based Compensation

3 Months Ended

Apr. 28, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

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, performance criteria that must be achieved for the awards to be earned. For Performance Awards granted, the Target Shares earned can range from 50% to 200% once minimum thresholds have been reached and depend on the achievement of Adjusted EBITDA and revenue performance measures for the cumulative period comprised of three-consecutive fiscal years beginning with the fiscal year of the grant date. The applicable percentage of the Target Shares, as determined by 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 are based on the closing price of the Company’s common stock on the grant date. Stock-based compensation expense 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. Typically, 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 ratably 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.


	13 Weeks Ended
(in thousands)	April 28, 2023		April 29, 2022
Deferred awards	$	979	$	1,555
Performance awards (1)		—		(71	)
Option awards		104		—
Total stock-based compensation expense	$	1,083	$	1,484

(1)

Deferred Awards

The following table provides a summary of the Deferred Awards activity for the 13 weeks ended April 28, 2023:


	Deferred Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested deferred awards as of January 27, 2023		906		$	16.46
Granted		—			—
Vested		(406	)		12.39
Forfeited or expired		(65	)		21.00
Unvested deferred awards as of April 28, 2023		435		$	19.57

Total unrecognized stock-based compensation expense related to unvested Deferred Awards was approximately $6.1 million as of April 28, 2023, which is expected to be recognized ratably over a weighted average period of 1.8 years. The total fair value of Deferred Awards vested during the 13 weeks ended April 28, 2023 was $5.0 million.

Performance Awards

The following table provides a summary of the Performance Awards activity for the 13 weeks ended April 28, 2023:


	Performance Awards
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested performance awards as of January 27, 2023		355		$	24.39
Granted		—			—
Vested		—			—
Forfeited or expired		(55	)		24.33
Unvested performance awards as of April 28, 2023		300		$	24.40

There was no unrecognized stock-based compensation expense related to unvested Performance Awards as of April 28, 2023 based on actual and projected results relative to performance measures.

Option Awards

During the 13 weeks ended April 28, 2023 there was no Option Awards activity. 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 April 28, 2023:


(in thousands, except per share and contractual life amounts)	Option Awards		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
Option Awards vested and expected to vest		511		5.74	$	16.08		—
Option Awards exercisable		343		3.88	$	18.66		—

Total unrecognized stock-based compensation expense related to Option Awards was approximately $1.0 million as of April 28, 2023, which is expected to be recognized over a weighted average period of 2.6 years.

Stock-Based Compensation - Additional Information (Details)	3 Months Ended
	Apr. 28, 2023 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target shares earned	100.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target shares earned	50.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target shares earned	200.00%
Deferred Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Compensation expense not yet recognized	$ 6,100,000
Compensation expense not yet recognized, recognition period	1 year 9 months 18 days
Fair value of awards, vested	$ 5,000,000.0
Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Compensation expense not yet recognized	$ 0
Option Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options awards expiration period	10 years
Compensation expense not yet recognized, recognition period	2 years 7 months 6 days
Options award activity \| shares	0
Compensation expense not yet recognized	$ 1,000,000.0

Revenue - Additional Information (Details) - USD ($) $ in Millions	Apr. 28, 2023	Jan. 27, 2023	Apr. 29, 2022
Accrued Expenses and Other Current Liabilities
Deferred Revenue Arrangement [Line Items]
Refund liabilities	$ 17.8	$ 25.0	$ 15.6

Lands' End Japan Closing (Tables)

3 Months Ended

Apr. 28, 2023

Restructuring And Related Activities [Abstract]

Summary of Accrued Closing Cost Activity Related to Lands' End Japan Included in Accrued Expenses and Other Current Liabilities in Condensed Consolidated Balance Sheets

The following table summarizes accrued closing cost activity related to Lands’ End Japan included in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets:


(in thousands)	Employee Severance and Benefit Costs			Leased Facilities Costs			Other Closing Costs			Total
Balance as of July 29, 2022	$	—		$	—		$	—		$	—
Estimated costs payable in cash		2,812			749			347			3,908
Cash payments		(2,076	)		(381	)		(379	)		(2,836	)
Foreign currency translation		331			104			49			484
Balance as of January 27, 2023		1,067			472			17			1,556
Estimated costs payable in cash		—			—			79			79
Cash payments		(974	)		(141	)		(20	)		(1,135	)
Foreign currency translation		(14	)		(14	)		—			(28	)
Balance as of April 28, 2023	$	79		$	317		$	76		$	472

Revenue - Disaggregated of Revenue by Geographic Location (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2023	Apr. 29, 2022
Disaggregation Of Revenue [Line Items]
Net revenue	$ 309,558	$ 303,665
Japan eCommerce
Disaggregation Of Revenue [Line Items]
Net revenue		$ 8,500

- Definition

+ References

+ Details

Recent Accounting Pronouncements (Policies)	3 Months Ended
Recent Accounting Pronouncements (Policies)	Apr. 28, 2023
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	In March 2020, the FASB issued ASU 2020-04, Reference Reform Rate (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and modified by ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of Sunset Date of Topic 848, may be applied through December 31, 2024, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The guidance in ASU 2020-04 may be implemented over time as reference rate reform activities occur. The Company is currently evaluating the potential effects of this ASU, however, does not expect reference rate reform to have a material effect on its consolidated financial statements as the Company’s current Debt Facilities provide for the replacement of LIBOR with an alternative benchmark rate should LIBOR become unavailable.

Earnings (Loss) Per Share (Tables)

3 Months Ended

Apr. 28, 2023

Earnings Per Share [Abstract]

Schedule of Components of Basic and Diluted EPS

The following table summarizes the components of basic and diluted EPS:


	13 Weeks Ended
(in thousands, except per share amounts)	April 28, 2023			April 29, 2022
Net loss	$	(1,652	)	$	(2,371	)

Basic weighted average common shares outstanding		32,443			33,163
Dilutive effect of stock awards		—			—
Diluted weighted average common shares outstanding		32,443			33,163

Basic loss per share	$	(0.05	)	$	(0.07	)
Diluted loss per share	$	(0.05	)	$	(0.07	)

Fair Value Measurements of Financial Assets and Liabilities - Schedule of Carrying Amounts and Fair Values of Long-term Debt, Including Current Portion (Details) - USD ($) $ in Thousands	Apr. 28, 2023	Jan. 27, 2023	Apr. 29, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 240,625	$ 244,063	$ 254,375
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 227,109	$ 241,728	$ 245,139

Stock-Based Compensation - Summary of Information about Option Awards Vested and Expected to Vest (Details) - Option Awards	3 Months Ended
	Apr. 28, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option Awards, Option Awards vested and expected to vest \| shares	511,000
Option Awards, Option Awards exercisable \| shares	343,000
Weighted Average Remaining Contractual Life (Years), Option Awards vested and expected to vest	5 years 8 months 26 days
Weighted Average Remaining Contractual Life (Years), Option Awards vested and expected to vest, Option Awards exercisable	3 years 10 months 17 days
Weighted Average Exercise Price, Option Awards vested and expected to vest \| $ / shares	$ 16.08
Weighted Average Exercise Price, Option Awards exercisable \| $ / shares	$ 18.66

Income Taxes

3 Months Ended

Apr. 28, 2023

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 11. 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 24.1% for the 13 weeks ended April 28, 2023, and a tax benefit at an overall effective tax rate of 42.3% for the 13 weeks ended April 29, 2022. The overall effective tax rate for the 13 weeks ended April 28, 2023 is lower primarily due to the accounting for stock-based compensation.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value Measurements of Financial Assets and Liabilities (Tables)

3 Months Ended

Apr. 28, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Amounts and Fair Values of Long-term Debt, Including Current Portion

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


	April 28, 2023				April 29, 2022				January 27, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	240,625	$	227,109	$	254,375	$	245,139	$	244,063	$	241,728

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Apr. 28, 2023 Channel Segment
Segment Reporting [Abstract]
Number of external reportable segment \| Segment	1
Number of distribution channels for revenue reporting purposes \| Channel	5

Lands' End Japan Closing - Additional Information (Details) $ in Thousands	3 Months Ended
	Apr. 28, 2023 USD ($)
Other Operating Expense (Income)
Restructuring Cost And Reserve [Line Items]
One-time closing costs	$ 79

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Apr. 28, 2023	Jan. 27, 2023	Apr. 29, 2022	Jan. 28, 2022
Other Liabilities Current [Abstract]
Deferred gift card revenue	$ 34,222	$ 33,029	$ 32,015	$ 33,070
Reserve for sales returns and allowances	17,755	25,030	15,583
Accrued employee compensation and benefits	15,204	18,125	19,313
Deferred revenue	6,019	7,484	6,074
Accrued property, sales and other taxes	7,945	9,780	9,794
Other	7,071	13,308	7,998
Total Accrued expenses and other current liabilities	$ 88,216	$ 106,756	$ 90,777

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Apr. 28, 2023

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	April 28, 2023		April 29, 2022		January 27, 2023
Deferred gift card revenue	$	34,222	$	32,015	$	33,029
Reserve for sales returns and allowances		17,755		15,583		25,030
Accrued employee compensation and benefits		15,204		19,313		18,125
Deferred revenue		6,019		6,074		7,484
Accrued property, sales and other taxes		7,945		9,794		9,780
Other		7,071		7,998		13,308
Total Accrued expenses and other current liabilities	$	88,216	$	90,777	$	106,756

Fair Value Measurements of Financial Assets and Liabilities - Additional Information (Details) - USD ($)	Apr. 28, 2023	Jan. 27, 2023	Apr. 29, 2022
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	$ 2,100,000	$ 1,800,000	$ 2,100,000

Debt - Additional Information (Details)				3 Months Ended
Debt - Additional Information (Details)	May 12, 2023	May 11, 2023	Sep. 09, 2020 USD ($)	Apr. 28, 2023 USD ($)	Jan. 27, 2023 USD ($)	Apr. 29, 2022 USD ($)
ABL Facility
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 275,000,000.0	$ 275,000,000	$ 275,000,000
Line of credit facility, available to barrow of facility limit				275,000,000.0
Borrowing under facility				$ 100,000,000	100,000,000	125,000,000
ABL Facility \| Minimum
Line Of Credit Facility [Line Items]
Line of credit facility, maturity date				Jun. 09, 2025
ABL Facility \| Maximum
Line Of Credit Facility [Line Items]
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				$ 70,000,000.0
ABL Facility \| Secured Debt
Line Of Credit Facility [Line Items]
Line of credit facility, unused commitment fee percentage				0.25%
Borrowing under facility				$ 100,000,000.0
Line of credit facility, covenant terms, minimum percentage of loan cap amount				10.00%
Line of credit facility, covenant terms, minimum excess credit availability				$ 15,000,000.0
Line of credit facility, covenant terms, minimum fixed charge coverage ratio				1.0
ABL Facility \| Secured Debt \| LIBOR
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%
ABL Facility \| Secured Debt \| Base Rate
Line Of Credit Facility [Line Items]
Variable rate spread on outstanding loans less than $95 million	0.50%	0.50%
Variable rate spread on outstanding loans equal to or greater than $95 million but less than $180 million	0.75%	0.75%
Variable rate spread on outstanding loans greater than or equal to $180 million	1.00%	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%
Percentage of benchmark floor rate	0.00%
Term Loan Facility
Line Of Credit Facility [Line Items]
Secured debt			$ 275,000,000.0	$ 240,625,000	$ 244,063,000	$ 254,375,000
Debt origination fees			$ 5,100,000
Percentage of original issue discount			3.00%
Percentage of prepayment premium to voluntary prepayments and mandatory prepayments			3.00%
Prepayments premium 3% payment start date			Sep. 09, 2022
Prepayments premium 3% payment end date			Sep. 09, 2023
Percentage of prepayments made			1.00%
Prepayments 1% premium payment start date			Sep. 09, 2023
Prepayments 1% premium payment end date			Sep. 09, 2024
Term Loan Facility \| Fortress Credit Corp
Line Of Credit Facility [Line Items]
Line of credit facility, amortization rate			1.25%
Term Loan Facility \| Secured Debt \| Minimum
Line Of Credit Facility [Line Items]
Federal funds rate				0.00%
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%
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%
Term Loan Facility \| Secured Debt \| Federal Funds Rate
Line Of Credit Facility [Line Items]
Spread on variable rate	0.50%	0.50%		0.50%
Term Loan Facility \| Secured Debt \| One Month LIBOR
Line Of Credit Facility [Line Items]
Spread on variable rate		1.00%		1.00%
Term Loan Facility \| Secured Debt \| Adjusted LIBOR
Line Of Credit Facility [Line Items]
Spread on variable rate		0.00%		9.75%
Minimum LIBOR rate				1.00%
Term Loan Facility \| Secured Debt \| Alternate Base Rate
Line Of Credit Facility [Line Items]
Spread on variable rate				8.75%

Stock-Based Compensation - Summary of Deferred Awards Activity (Details) - Deferred Awards shares in Thousands	3 Months Ended
	Apr. 28, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested deferred awards at beginning of year \| shares	906
Number of Shares, Vested \| shares	(406)
Number of Shares, Forfeited \| shares	(65)
Number of Shares, Unvested deferred awards at end of quarter \| shares	435
Weighted Average Grant Date Fair Value, Unvested awards at beginning of year \| $ / shares	$ 16.46
Weighted Average Grant Date Fair Value, Vested \| $ / shares	12.39
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	21.00
Weighted Average Grant Date Fair Value, Unvested awards at end of year \| $ / shares	$ 19.57

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 28, 2023	Jan. 27, 2023	Apr. 29, 2022
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	32,460,000	32,626,000	33,413,000
Common stock, shares outstanding	32,460,000	32,626,000	33,413,000

Stockholders' Equity (Tables)

3 Months Ended

Apr. 28, 2023

Share Repurchase Program

Equity Class Of Treasury Stock [Line Items]

Summary of Share Repurchases

The following table summarizes the Company’s share repurchases for the 13 weeks ended April 28, 2023:


	13 Weeks Ended
(Shares and $ in thousands except average per share cost)	April 28, 2023		April 29, 2022
Number of shares repurchased		430		—
Total cost	$	3,772	$	—
Average per share cost	$	8.77	$	—

Other Comprehensive Income (Loss) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 28, 2023	Apr. 29, 2022
Equity [Abstract]
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,525 and $3,361, respectively)	$ (17,022)	$ (12,642)
Other comprehensive income (loss):
Foreign currency translation adjustments (net of tax of ($22) and $823, respectively)	81	(3,094)
Ending balance: Accumulated other comprehensive loss (net of tax of $4,503 and $4,184, respectively)	$ (16,941)	$ (15,736)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details