0000950170-23-068256 | 10-Q | XBRL Viewer

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

Segment Reporting

9 Months Ended

Oct. 27, 2023

Segment Reporting [Abstract]

Segment Reporting

NOTE 13. SEGMENT REPORTING

For the 39 weeks ended October 27, 2023, the Company’s operating segments consisted of: U.S. eCommerce, Europe eCommerce, Outfitters, Third Party and Retail. During the 39 weeks ended October 28, 2022, the Company’s operating segments included Japan eCommerce. See Note 9, Lands’ End Japan Closure.

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 tables:


	13 Weeks Ended		% of Net			13 Weeks Ended		% of Net
(in thousands)	October 27, 2023		Revenue			October 28, 2022		Revenue
Net revenue:
U.S. eCommerce	$	190,153		58.6	%	$	211,217		56.9	%
International (1)		26,242		8.1	%		37,969		10.2	%
Outfitters		74,317		22.9	%		80,768		21.8	%
Third Party		23,980		7.4	%		30,883		8.3	%
Retail		10,043		3.1	%		10,146		2.7	%
Total Net revenue	$	324,735				$	370,983


	39 Weeks Ended		% of Net			39 Weeks Ended		% of Net
(in thousands)	October 27, 2023		Revenue			October 28, 2022		Revenue
Net revenue:
U.S. eCommerce	$	563,776		58.9	%	$	589,398		57.5	%
International (1)		74,452		7.8	%		118,520		11.6	%
Outfitters		216,270		22.6	%		205,399		20.0	%
Third Party		71,364		7.5	%		79,815		7.8	%
Retail		31,794		3.3	%		32,694		3.2	%
Total Net revenue	$	957,656				$	1,025,826

(1)

The 13 weeks and 39 weeks ended October 28, 2022 includes Net revenue of $9.5 million and $25.5 million, respectively, from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closure.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Oct. 27, 2023	Jul. 28, 2023	Jan. 27, 2023	Oct. 28, 2022	Jul. 29, 2022	Jan. 28, 2022
Other Liabilities, Current [Abstract]
Deferred gift card revenue	$ 33,742	$ 33,556	$ 33,029	$ 31,020	$ 31,444	$ 33,070
Reserve for sales returns and allowances	22,009		25,030	23,649
Accrued employee compensation and benefits	19,313		18,125	19,147
Deferred revenue	13,800		7,484	13,412
Accrued property, sales and other taxes	10,298		9,780	10,513
Accrued closing costs				3,999
Other	10,765		13,308	10,132
Total Accrued expenses and other current liabilities	$ 109,927		$ 106,756	$ 111,872

Segment Reporting - Summary of Net Revenue by Distribution Channel (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 27, 2023	Oct. 28, 2022	Oct. 27, 2023	Oct. 28, 2022
Segment Reporting Information [Line Items]
Net revenue	$ 324,735	$ 370,983	$ 957,656	$ 1,025,826
Japan eCommerce
Segment Reporting Information [Line Items]
Net revenue		$ 9,500		$ 25,500

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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+ Details

Debt

9 Months Ended

Oct. 27, 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 which is calculated from Eligible Inventory, Trade Receivables and Credit Card Receivables, all foregoing capitalized terms not defined herein are as defined in the ABL Facility.

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


	October 27, 2023			October 28, 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		275,000			275,000			274,354

Outstanding borrowings		110,000	6.93%		160,000	4.91%		100,000	6.27%
Outstanding letters of credit		8,894			11,841			10,557
ABL Facility utilization at end of period		118,894			171,841			110,557

ABL Facility borrowing availability	$	156,106		$	103,159		$	163,797

Long-Term Debt

The Company’s September 9, 2020 Term Loan Facility 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:


	October 27, 2023			October 28, 2022			January 27, 2023
(in thousands)	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Term Loan Facility	$	233,750	15.18%	$	247,500	12.87%	$	244,063	14.13%
Less: Current portion of long-term debt		13,750			13,750			13,750
Less: Unamortized debt issuance costs		4,694			7,523			6,807
Long-term debt, net	$	215,306		$	226,227		$	223,506

Interest; Fees

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

Effective with the Fourth Amendment, the ABL Facility interest rate, selected at the borrower’s election, is either (1) ABL Adjusted SOFR, or (2) a base rate which is the greater of (a) the federal funds rate plus 0.50%, (b) the one-month ABL Adjusted SOFR rate plus 1.00%, or (c) the Wells Fargo “prime rate”. The borrowing margin for ABL Adjusted SOFR loans is (i) less than $95.0 million, 1.25%, (ii) equal to or greater than $95.0 million but less than $180.0 million, 1.50%, and (iii) greater than or equal to $180.0 million, 1.75%. For base rate loans, the borrowing margin is (i) less than $95.0 million, 0.50%, (ii) equal to or greater than $95.0 million but less than $180.0 million, 0.75%, and (iii) greater than or equal to $180.0 million, 1.00% (“Applicable Borrowing Margin”). The Applicable Borrowing Margin for all loans is based upon the average daily total loans outstanding for the previous quarter.

Prior to the Fourth Amendment to the ABL Facility, the interest rate, selected at the borrower’s election, was either (1) LIBOR (plus the Applicable Borrowing Margin), or (2) a base rate (plus the Applicable Borrowing Margin) which was 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”.

Effective June 22, 2023, the Company entered into Amendment No. 1 (the “First Amendment”) to the Term Loan Facility which (subject to a 1% floor) replaced the interest rate benchmark based upon LIBOR with an interest rate benchmark based upon SOFR plus adjustments of either (a) 0.11448% for a one-month interest period, (b) 0.26161% for a three-month interest period, or (c) 0.42826% for a six-month interest period (“Term Loan Adjusted SOFR”). This transition resulted in no material interest rate impact.

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

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

During Second Quarter 2023, the Company adopted ASU 2020-04, the optional practical expedient for Reference Rate Reform related to its Debt Facilities and as such, these amendments are treated as a continuation of the existing debt agreement and no gain or loss on these modifications were recorded in the Condensed Consolidated Statement of Operations.

Customary agency fees are payable in respect of the Debt Facilities. 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 October 27, 2023, the Company had borrowings of $110.0 million under the ABL Facility.

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 1% applies to voluntary prepayments and certain mandatory prepayments made between September 9, 2023 and September 9, 2024 and no premium applies to 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 October 27, 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.

+ References

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+ Details

Other Comprehensive Loss - Schedule of Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Oct. 27, 2023	Jul. 28, 2023	Apr. 28, 2023	Oct. 28, 2022	Jul. 29, 2022	Apr. 29, 2022	Oct. 27, 2023	Oct. 28, 2022
Equity [Abstract]
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,317, $4,407, $4,525 and $3,361 respectively)	$ (16,241)		$ (17,022)	$ (16,579)		$ (12,642)	$ (17,022)	$ (12,642)
Other comprehensive loss:
Foreign currency translation adjustments (net of tax of $315, $518, $107 and $1,564 respectively)	(1,185)	$ 700	$ 81	(1,947)	$ (843)	$ (3,094)	(404)	(5,884)
Ending balance: Accumulated other comprehensive loss (net of tax of $4,632, $4,925, $4,632 and $4,925 respectively)	$ (17,426)	$ (16,241)		$ (18,526)	$ (16,579)		$ (17,426)	$ (18,526)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Segment Reporting - Additional Information (Details)	9 Months Ended
Segment Reporting - Additional Information (Details)	Oct. 27, 2023 Channel Segment
Segment Reporting [Abstract]
Number of external reportable segment \| Segment	1
Number of distribution channels for revenue reporting purposes \| Channel	5

Revenue - Additional Information (Details) - USD ($) $ in Millions	Oct. 27, 2023	Jan. 27, 2023	Oct. 28, 2022
Accrued Expenses and Other Current Liabilities
Deferred Revenue Arrangement [Line Items]
Refund liabilities	$ 22.0	$ 25.0	$ 23.6

Other Comprehensive Loss

9 Months Ended

Oct. 27, 2023

Equity [Abstract]

Other Comprehensive Loss

NOTE 4. OTHER COMPREHENSIVE LOSS

Other comprehensive 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						39 Weeks Ended
(in thousands)	October 27, 2023			October 28, 2022			October 27, 2023			October 28, 2022
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,317, $4,407, $4,525 and $3,361 respectively)	$	(16,241	)	$	(16,579	)	$	(17,022	)	$	(12,642	)
Other comprehensive loss:
Foreign currency translation adjustments (net of tax of $315, $518, $107 and $1,564 respectively)		(1,185	)		(1,947	)		(404	)		(5,884	)
Ending balance: Accumulated other comprehensive loss (net of tax of $4,632, $4,925, $4,632 and $4,925 respectively)	$	(17,426	)	$	(18,526	)	$	(17,426	)	$	(18,526	)

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

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

3 Months Ended

9 Months Ended

Oct. 27, 2023

Oct. 28, 2022

Oct. 27, 2023

Oct. 28, 2022

Disaggregation of Revenue [Line Items]

Net revenue

$ 324,735

$ 370,983

$ 957,656

$ 1,025,826

United States

Disaggregation of Revenue [Line Items]

Net revenue

294,103

327,780

871,160

893,205

Europe

Disaggregation of Revenue [Line Items]

Net revenue

26,693

28,946

75,875

94,386

Asia

Disaggregation of Revenue [Line Items]

Net revenue

^[1]

119

9,620

405

26,059

Other Geographical Location

Disaggregation of Revenue [Line Items]

Net revenue

$ 3,820

$ 4,637

$ 10,216

$ 12,176

[1]	The 13 weeks and 39 weeks ended October 28, 2022 includes Net revenue of $9.5 million and $25.5 million, respectively, from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closure.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Issued	Additional Paid-In Capital	(Accumulated Deficit) 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. 28, 2022	406,696	$ 330	374,413	44,595	(12,642)
Balance, shares at Jan. 28, 2022		32,985
Net loss	(9,232)
Cumulative translation adjustment, net of tax	(5,884)
Balance at Oct. 28, 2022	385,568	$ 330	369,198	34,566	(18,526)
Balance, shares at Oct. 28, 2022		33,001
Balance at Apr. 29, 2022	398,405	$ 334	371,583	42,224	(15,736)
Balance, shares at Apr. 29, 2022		33,413
Net loss	(2,179)			(2,179)
Cumulative translation adjustment, net of tax	(843)				(843)
Stock-based compensation expense	1,919		1,919
Vesting of restricted shares, shares		1
Purchases and retirement of common stock	(2,357)	$ (2)	(2,257)	(98)
Purchases and retirement of common stock, shares		(212)
Balance at Jul. 29, 2022	394,945	$ 332	371,245	39,947	(16,579)
Balance, shares at Jul. 29, 2022		33,202
Net loss	(4,682)			(4,682)
Cumulative translation adjustment, net of tax	(1,947)				(1,947)
Stock-based compensation expense	134		134
Vesting of restricted shares, shares		4
Common stock withheld related to net share settlement of equity awards	(5)		(5)
Common stock withheld related to net share settlement of equity awards, shares		(1)
Purchases and retirement of common stock	(2,877)	$ (2)	(2,176)	(699)
Purchases and retirement of common stock, shares		(204)
Balance at Oct. 28, 2022	385,568	$ 330	369,198	34,566	(18,526)
Balance, shares at Oct. 28, 2022		33,001
Balance at Jan. 27, 2023	380,752	$ 326	366,181	31,267	(17,022)
Balance, shares at Jan. 27, 2023		32,626
Net loss	(1,652)			(1,652)
Cumulative translation adjustment, net of tax	81				81
Stock-based compensation expense	1,083		1,083
Vesting of restricted shares		$ 3	(3)
Vesting of restricted shares, shares		408
Common stock withheld related to net share settlement of equity awards	(1,199)		(1,199)
Common stock withheld related to net share settlement of equity awards, shares		(144)
Purchases and retirement of common stock	(3,781)	$ (4)	(3,777)
Purchases and retirement of common stock, shares		(430)
Balance at Apr. 28, 2023	375,284	$ 325	362,285	29,615	(16,941)
Balance, shares at Apr. 28, 2023		32,460
Balance at Jan. 27, 2023	380,752	$ 326	366,181	31,267	(17,022)
Balance, shares at Jan. 27, 2023		32,626
Net loss	(122,064)
Cumulative translation adjustment, net of tax	(404)
Balance at Oct. 27, 2023	250,905	$ 317	358,811	(90,797)	(17,426)
Balance, shares at Oct. 27, 2023		31,719
Balance at Apr. 28, 2023	375,284	$ 325	362,285	29,615	(16,941)
Balance, shares at Apr. 28, 2023		32,460
Net loss	(8,018)			(8,018)
Cumulative translation adjustment, net of tax	700				700
Stock-based compensation expense	810		810
Vesting of restricted shares, shares		2
Purchases and retirement of common stock	(3,008)	$ (4)	(3,004)
Purchases and retirement of common stock, shares		(375)
Balance at Jul. 28, 2023	365,768	$ 321	360,091	21,597	(16,241)
Balance, shares at Jul. 28, 2023		32,087
Net loss	(112,394)			(112,394)
Cumulative translation adjustment, net of tax	(1,185)				(1,185)
Stock-based compensation expense	1,726		1,726
Vesting of restricted shares	(11)		(11)
Vesting of restricted shares, shares		7
Common stock withheld related to net share settlement of equity awards, shares		(2)
Purchases and retirement of common stock	(2,999)	$ (4)	(2,995)
Purchases and retirement of common stock, shares		(373)
Balance at Oct. 27, 2023	$ 250,905	$ 317	$ 358,811	$ (90,797)	$ (17,426)
Balance, shares at Oct. 27, 2023		31,719

Accrued Expenses and Other Current Liabilities

9 Months Ended

Oct. 27, 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)	October 27, 2023		October 28, 2022		January 27, 2023
Deferred gift card revenue	$	33,742	$	31,020	$	33,029
Reserve for sales returns and allowances		22,009		23,649		25,030
Accrued employee compensation and benefits		19,313		19,147		18,125
Deferred revenue		13,800		13,412		7,484
Accrued property, sales and other taxes		10,298		10,513		9,780
Accrued closing costs		—		3,999		—
Other		10,765		10,132		13,308
Total Accrued expenses and other current liabilities	$	109,927	$	111,872	$	106,756

Segment Reporting (Tables)

9 Months Ended

Oct. 27, 2023

Segment Reporting [Abstract]

Summary of Net Revenue by Distribution Channel

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


	13 Weeks Ended		% of Net			13 Weeks Ended		% of Net
(in thousands)	October 27, 2023		Revenue			October 28, 2022		Revenue
Net revenue:
U.S. eCommerce	$	190,153		58.6	%	$	211,217		56.9	%
International (1)		26,242		8.1	%		37,969		10.2	%
Outfitters		74,317		22.9	%		80,768		21.8	%
Third Party		23,980		7.4	%		30,883		8.3	%
Retail		10,043		3.1	%		10,146		2.7	%
Total Net revenue	$	324,735				$	370,983


	39 Weeks Ended		% of Net			39 Weeks Ended		% of Net
(in thousands)	October 27, 2023		Revenue			October 28, 2022		Revenue
Net revenue:
U.S. eCommerce	$	563,776		58.9	%	$	589,398		57.5	%
International (1)		74,452		7.8	%		118,520		11.6	%
Outfitters		216,270		22.6	%		205,399		20.0	%
Third Party		71,364		7.5	%		79,815		7.8	%
Retail		31,794		3.3	%		32,694		3.2	%
Total Net revenue	$	957,656				$	1,025,826

(1)

Recent Accounting Pronouncements

9 Months Ended

Oct. 27, 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 Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include contract modifications, hedge relationships and sale or transfer of debt securities classified as held-to-maturity. 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 LIBOR 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.

As part of the response to the reference rate reform, during Second Quarter 2023, the Company amended the Debt Facilities to replace the interest rate based upon the LIBOR benchmark to the SOFR benchmark. See Note 5, Debt for additional details regarding these changes. Concurrent with the amendments, the Company adopted ASU 2020-04. The Company utilized optional practical expedients for contract modifications under ASC 848-20-358 Contracts within the Scope of Topic 470 and the adoption of ASU 2020-04 did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

- 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 - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 27, 2023	Oct. 28, 2022	Oct. 27, 2023	Oct. 28, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue beginning of period	$ 8,081	$ 9,757	$ 7,484	$ 8,560
Deferred revenue recognized in period	(7,867)	(9,543)	(7,270)	(8,346)
Revenue deferred in period	13,586	13,198	13,586	13,198
Deferred revenue end of period	$ 13,800	$ 13,412	$ 13,800	$ 13,412

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 27, 2023	Oct. 28, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (122,064)	$ (9,232)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	28,439	29,228
Amortization of debt issuance costs	2,456	2,361
Loss on disposal of property and equipment	100	39
Stock-based compensation	3,619	3,537
Deferred income taxes	5,330	460
Goodwill and long-lived asset impairment	106,700	120
Other	(583)	(744)
Change in operating assets and liabilities:
Accounts receivable, net	13,258	(1,246)
Inventories, net	2,796	(188,899)
Accounts payable	(4,334)	82,057
Other operating assets	(2,504)	(10,604)
Other operating liabilities	3,454	(33,072)
Net cash provided by (used in) operating activities	36,667	(125,995)
CASH FLOWS FROM INVESTING ACTIVITIES
Sales of property and equipment		88
Purchases of property and equipment	(28,535)	(20,544)
Net cash used in investing activities	(28,535)	(20,456)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings under ABL Facility	169,000	222,000
Payments of borrowings under ABL Facility	(159,000)	(62,000)
Payments on term loan	(10,313)	(10,313)
Payments of debt issuance costs	(67)
Payments for taxes related to net share settlement of equity awards	(1,210)	(4,315)
Purchases and retirement of common stock	(9,788)	(5,234)
Net cash (used in) provided by financing activities	(11,378)	140,138
Effects of exchange rate changes on cash, cash equivalents and restricted cash	509	840
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(2,737)	(5,473)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	41,391	36,135
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	38,654	30,662
SUPPLEMENTAL CASH FLOW DATA
Unpaid liability to acquire property and equipment	3,893	4,922
Income taxes paid (refunded)	(200)	4,146
Interest paid	33,171	26,170
Operating lease right-of-use-assets (reversal) obtained in exchange for lease liabilities	$ (755)	$ 4,223

Recent Accounting Pronouncements (Policies)

9 Months Ended

Oct. 27, 2023

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

Stock-Based Compensation - Summary of Performance Awards Activity (Details) - Performance Awards	9 Months Ended
	Oct. 27, 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, Granted \| shares	567,000
Number of Shares, Forfeited \| shares	(124,000)
Number of Shares, Unvested deferred awards at end of quarter \| shares	798,000
Weighted Average Grant Date Fair Value, Unvested awards at beginning of year \| $ / shares	$ 24.39
Weighted Average Grant Date Fair Value, Granted \| $ / shares	9.74
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	19.49
Weighted Average Grant Date Fair Value, Unvested awards at end of year \| $ / shares	$ 14.74

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Oct. 27, 2023	Jul. 28, 2023	Apr. 28, 2023	Oct. 28, 2022	Jul. 29, 2022	Apr. 29, 2022	Oct. 27, 2023	Oct. 28, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (112,394)	$ (8,018)	$ (1,652)	$ (4,682)	$ (2,179)	$ (2,371)	$ (122,064)	$ (9,232)

- Definition

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

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+ Details

Loss Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 27, 2023	Oct. 28, 2022	Oct. 27, 2023	Oct. 28, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares excluded from diluted weighted average shares outstanding	832,717	1,098,662	1,028,885	1,170,934

Debt - Additional Information (Details)						9 Months Ended
Debt - Additional Information (Details)	Jun. 22, 2023	Jun. 21, 2023	May 12, 2023	May 11, 2023	Sep. 09, 2020 USD ($)	Oct. 27, 2023 USD ($)	Jan. 27, 2023 USD ($)	Oct. 28, 2022 USD ($)
ABL Facility
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity						$ 275,000,000	$ 275,000,000	$ 275,000,000
Line of credit facility, available to barrow of facility limit						275,000,000
Borrowing under facility						$ 110,000,000	100,000,000	160,000,000
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
ABL Facility \| Secured Debt
Line Of Credit Facility [Line Items]
Line of credit facility, unused commitment fee percentage						0.25%
Borrowing under facility						$ 110,000,000
Line of credit facility, covenant terms, minimum percentage of loan cap amount						10.00%
Line of credit facility, covenant terms, minimum excess credit availability						$ 15,000,000.0
Line of credit facility, covenant terms, minimum fixed charge coverage ratio						1.0
ABL Facility \| Secured Debt \| Base Rate
Line Of Credit Facility [Line Items]
Variable rate spread on outstanding loans less than $95 million			0.50%
Variable rate spread on outstanding loans equal to or greater than $95 million but less than $180 million			0.75%
Variable rate spread on outstanding loans greater than or equal to $180 million			1.00%
ABL Facility \| Secured Debt \| One Month Adjusted SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate			1.00%
ABL Facility \| Secured Debt \| Adjusted SOFR
Line Of Credit Facility [Line Items]
Variable rate spread on outstanding loans less than $95 million			1.25%
Variable rate spread on outstanding loans equal to or greater than $95 million but less than $180 million			1.50%
Variable rate spread on outstanding loans greater than or equal to $180 million			1.75%
Spread on variable rate			0.10%
Term Loan Facility
Line Of Credit Facility [Line Items]
Secured debt					$ 275,000,000	$ 233,750,000	$ 244,063,000	$ 247,500,000
Debt origination fees					$ 5,100,000
Percentage of original issue discount					3.00%
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%	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 \| LIBOR
Line Of Credit Facility [Line Items]
Spread on variable rate	1.00%	9.75%
Minimum LIBOR rate		1.00%
Term Loan Facility \| Secured Debt \| Federal Funds Rate
Line Of Credit Facility [Line Items]
Spread on variable rate	0.50%	0.50%	0.50%	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 \| One Month SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate	1.00%
Term Loan Facility \| Secured Debt \| Alternate Base Rate
Line Of Credit Facility [Line Items]
Spread on variable rate	8.75%	8.75%
Term Loan Facility \| Secured Debt \| One Month Adjusted SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate	0.11448%
Term Loan Facility \| Secured Debt \| Three Month Adjusted SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate	0.26161%
Term Loan Facility \| Secured Debt \| Six Month Adjusted SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate	0.42826%
Term Loan Facility \| Secured Debt \| SOFR
Line Of Credit Facility [Line Items]
Spread on variable rate	9.75%

Stockholders' Equity

9 Months Ended

Oct. 27, 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 October 27, 2023, additional purchases of up to $31.8 million could be made under the 2022 Share Repurchase Program.

The following table summarizes the Company’s share repurchases through October 27, 2023:


	13 Weeks Ended				39 Weeks Ended
(Shares and $ in thousands except average per share cost)	October 27, 2023		October 28, 2022		October 27, 2023		October 28, 2022
Number of shares repurchased		346		204		1,179		416
Total cost	$	2,992	$	2,873	$	9,764	$	5,226
Average per share cost	$	8.65	$	14.06	$	8.28	$	12.55

The Company retired all shares that were repurchased through the 2022 Share Repurchase Program during the 39 weeks ended October 27, 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 (Accumulated deficit) Retained earnings. The portion charged against Additional paid-in capital is determined based on the Additional paid-in capital per share amount recorded in the initial issuance of the shares with the remaining to (Accumulated deficit) Retained earnings. Shares purchased at a price less than that of initial issuance is charged only against Additional paid-in capital. In addition, the total cost of the broker commissions is charged directly to (Accumulated deficit) Retained earnings. No amount was charged to (Accumulated deficit) Retained earnings for the shares retired during the 13 and 39 weeks ended October 27, 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Lands' End Japan Closure - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 27, 2023	Oct. 28, 2022	Oct. 27, 2023	Oct. 28, 2022
Restructuring Cost And Reserve [Line Items]
Employee severance and benefit costs		$ 3,900,000
Accrued closing costs		3,999,000		$ 3,999,000
Accrued Expenses and Other Current Liabilities
Restructuring Cost And Reserve [Line Items]
Accrued closing costs	$ 0	3,900,000	$ 0	3,900,000
Other Operating Expense (Income)
Restructuring Cost And Reserve [Line Items]
Closing costs	100,000	$ 3,000,000	$ 200,000	$ 3,000,000
Employee severance and benefit costs	$ 2,300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation - Summary of Deferred Awards Activity (Details) - Deferred Awards shares in Thousands	9 Months Ended
	Oct. 27, 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, Granted \| shares	842
Number of Shares, Vested \| shares	(417)
Number of Shares, Forfeited \| shares	(143)
Number of Shares, Unvested deferred awards at end of quarter \| shares	1,188
Weighted Average Grant Date Fair Value, Unvested awards at beginning of year \| $ / shares	$ 16.46
Weighted Average Grant Date Fair Value, Granted \| $ / shares	8.53
Weighted Average Grant Date Fair Value, Vested \| $ / shares	12.3
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	17.06
Weighted Average Grant Date Fair Value, Unvested awards at end of year \| $ / shares	$ 12.22

Stock-Based Compensation (Tables)

9 Months Ended

Oct. 27, 2023

Share-Based Payment Arrangement [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					39 Weeks Ended
(in thousands)	October 27, 2023		October 28, 2022			October 27, 2023			October 28, 2022
Deferred awards	$	1,322	$	1,503		$	3,543		$	4,408
Performance awards (1)		300		(1,369	)		(236	)		(871	)
Option awards		104		—			312			—
Total stock-based compensation expense	$	1,726	$	134		$	3,619		$	3,537

(1)

Net credit expense for the 39 weeks ended October 27, 2023 and 13 weeks and 39 weeks ended October 28, 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 39 weeks ended October 27, 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		842			8.53
Vested		(417	)		12.30
Forfeited or expired		(143	)		17.06
Unvested deferred awards as of October 27, 2023		1,188		$	12.22

Summary of Performance Awards Activity

The following table provides a summary of the Performance Awards activity for the 39 weeks ended October 27, 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		567			9.74
Vested		—			—
Forfeited or expired		(124	)		19.49
Unvested performance awards as of October 27, 2023		798		$	14.74

Schedule of Grand Date Fair Value of Option Award Granted

The fair value for the Performance Awards granted during the 39 weeks ended October 27, 2023, which includes a relative TSR modifier, was estimated on the grant date using a Monte Carlo simulation with the below noted assumptions:


Monte Carlo Simulation Assumptions
Risk-free interest rate (1)		4.46	%
Expected dividend yield		0.00	%
Expected volatility (2)		78.04	%
Expected term (in years) (3)		2.63
Grant date fair value per share	$	9.74

(1)

The risk-free interest is based on the continuously compounded yield on a zero-coupon U.S. Treasury STRIPS as of the grant date for a period equal to the expected term.

(2)

The expected volatility is estimated based on the historical volatility of the Company’s common stock with a term consistent with the expected term of the performance award.

(3)

The expected term (in years) of the performance award represents the estimated period of time from the grant date to the end of the performance period.

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 October 27, 2023:


(in thousands, except contractual life and exercise price amounts)	Option Awards		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
Option Awards vested and expected to vest		511		5.24	$	16.08		—
Option Awards exercisable		343		3.38	$	18.66		—

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 27, 2023	Jan. 27, 2023	Oct. 28, 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	31,719,000	32,626,000	33,001,000
Common stock, shares outstanding	31,719,000	32,626,000	33,001,000

Stock-Based Compensation - Summary of Information about Option Awards Vested and Expected to Vest (Details) - Option Awards	9 Months Ended
	Oct. 27, 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 2 months 26 days
Weighted Average Remaining Contractual Life (Years), Option Awards vested and expected to vest, Option Awards exercisable	3 years 4 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 27, 2023	Oct. 28, 2022	Oct. 27, 2023	Oct. 28, 2022
Income Statement [Abstract]
Net revenue	$ 324,735	$ 370,983	$ 957,656	$ 1,025,826
Cost of sales (excluding depreciation and amortization)	172,142	222,573	527,529	604,204
Gross profit	152,593	148,410	430,127	421,622
Selling and administrative	135,282	132,807	377,662	377,074
Depreciation and amortization	9,595	9,761	28,439	29,228
Goodwill impairment	106,700		106,700
Other operating expense, net	2,324	3,096	2,916	3,135
Operating (loss) income	(101,308)	2,746	(85,590)	12,185
Interest expense	11,677	10,825	35,984	27,807
Other (income) expense, net	(132)	230	(488)	(97)
Loss before income taxes	(112,853)	(8,309)	(121,086)	(15,525)
Income tax (benefit) expense	(459)	(3,627)	978	(6,293)
NET LOSS	$ (112,394)	$ (4,682)	$ (122,064)	$ (9,232)
NET LOSS PER COMMON SHARE
Basic:	$ (3.52)	$ (0.14)	$ (3.80)	$ (0.28)
Diluted:	$ (3.52)	$ (0.14)	$ (3.80)	$ (0.28)
Basic weighted average common shares outstanding	31,887	33,064	32,140	33,196
Diluted weighted average common shares outstanding	31,887	33,064	32,140	33,196

Background and Basis of Presentation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 27, 2023	Oct. 28, 2022	Oct. 27, 2023	Oct. 28, 2022
Unusual Risk or Uncertainty [Line Items]
Severance costs		$ 3,900,000
Severance costs yet to be paid	$ 400,000		$ 400,000
Impairment of goodwill	106,700,000		106,700,000
Long-lived asset impairment			$ 0	$ 100,000
Trade Names
Unusual Risk or Uncertainty [Line Items]
Impairment of indefinite intangible asset excluding goodwill	$ 0
Reporting units exceeded the carrying value percentage	6.10%		6.10%
US eCommerce
Unusual Risk or Uncertainty [Line Items]
Impairment of goodwill			$ 70,400,000
Outfitters
Unusual Risk or Uncertainty [Line Items]
Impairment of goodwill			36,300,000
Other Operating Expense (Income)
Unusual Risk or Uncertainty [Line Items]
Severance costs	$ 2,300,000
Closing costs	$ 100,000	$ 3,000,000	$ 200,000	$ 3,000,000

Fair Value Measurements of Financial Assets and Liabilities - Schedule of Carrying Values and Corresponding Estimated Fair Values (Details) - USD ($) $ in Thousands	Oct. 27, 2023	Jan. 27, 2023	Oct. 28, 2022
Carrying Amount
Liabilities:
Long-term debt, including current portion	$ 233,750	$ 244,063	$ 247,500
Fair Value \| Level 3
Liabilities:
Long-term debt, including current portion	$ 233,750	$ 241,728	$ 232,017

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

3 Months Ended

9 Months Ended

Oct. 27, 2023

Oct. 28, 2022

Oct. 27, 2023

Oct. 28, 2022

Segment Reporting Information [Line Items]

Net revenue

$ 324,735

$ 370,983

$ 957,656

$ 1,025,826

US eCommerce

Segment Reporting Information [Line Items]

Net revenue

$ 190,153

$ 211,217

$ 563,776

$ 589,398

Percentage of net revenue

58.60%

56.90%

58.90%

57.50%

International

Segment Reporting Information [Line Items]

Net revenue

^[1]

$ 26,242

$ 37,969

$ 74,452

$ 118,520

Percentage of net revenue

^[1]

8.10%

10.20%

7.80%

11.60%

Outfitters

Segment Reporting Information [Line Items]

Net revenue

$ 74,317

$ 80,768

$ 216,270

$ 205,399

Percentage of net revenue

22.90%

21.80%

22.60%

20.00%

Third Party

Segment Reporting Information [Line Items]

Net revenue

$ 23,980

$ 30,883

$ 71,364

$ 79,815

Percentage of net revenue

7.40%

8.30%

7.50%

7.80%

Retail

Segment Reporting Information [Line Items]

Net revenue

$ 10,043

$ 10,146

$ 31,794

$ 32,694

Percentage of net revenue

3.10%

2.70%

3.30%

3.20%

[1]	The 13 weeks and 39 weeks ended October 28, 2022 includes Net revenue of $9.5 million and $25.5 million, respectively, from the Japan eCommerce distribution channel. See Note 9, Lands’ End Japan Closure.

- Definition

+ References

+ Details

Stock-Based Compensation - Schedule of Grand Date Fair Value of Option Award Granted (Details)

9 Months Ended

Oct. 27, 2023

$ / shares

Share-Based Payment Arrangement [Abstract]

Risk-free interest rate

4.46%

^[1]

Expected dividend yield

0.00%

Expected volatility

78.04%

^[2]

Expected term (in years)

2 years 7 months 17 days

^[3]

Grant date fair value per share

$ 9.74

[1]	The risk-free interest is based on the continuously compounded yield on a zero-coupon U.S. Treasury STRIPS as of the grant date for a period equal to the expected term.
[2]	The expected volatility is estimated based on the historical volatility of the Company’s common stock with a term consistent with the expected term of the performance award.
[3]	The expected term (in years) of the performance award represents the estimated period of time from the grant date to the end of the performance period.

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Oct. 27, 2023
Trading Arrangements, by Individual
Title	directors or executive officers
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders Equity - Additional Information (Details) - USD ($)		3 Months Ended					9 Months Ended
	Jun. 28, 2022	Oct. 27, 2023	Jul. 28, 2023	Apr. 28, 2023	Oct. 28, 2022	Jul. 29, 2022	Oct. 27, 2023
Equity Class Of Treasury Stock [Line Items]
Stock repurchased and retired during period, value		$ 2,999,000	$ 3,008,000	$ 3,781,000	$ 2,877,000	$ 2,357,000
Retained Earnings
Equity Class Of Treasury Stock [Line Items]
Stock repurchased and retired during period, value					$ 699,000	$ 98,000
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		31,800,000					$ 31,800,000
2022 Share Repurchase Program \| Retained Earnings
Equity Class Of Treasury Stock [Line Items]
Stock repurchased and retired during period, value		$ 0					$ 0

Loss Per Share

9 Months Ended

Oct. 27, 2023

Earnings Per Share [Abstract]

Loss Per Share

NOTE 3. LOSS PER SHARE

The numerator for both basic and diluted EPS is net 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						39 Weeks Ended
(in thousands, except per share amounts)	October 27, 2023			October 28, 2022			October 27, 2023			October 28, 2022
Net loss	$	(112,394	)	$	(4,682	)	$	(122,064	)	$	(9,232	)

Basic weighted average common shares outstanding		31,887			33,064			32,140			33,196
Dilutive effect of stock awards		—			—			—			—
Diluted weighted average common shares outstanding		31,887			33,064			32,140			33,196

Basic loss per share	$	(3.52	)	$	(0.14	)	$	(3.80	)	$	(0.28	)
Diluted loss per share	$	(3.52	)	$	(0.14	)	$	(3.80	)	$	(0.28	)

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 832,717 anti-dilutive shares in the 13 weeks ended October 27, 2023, 1,098,662 anti-dilutive shares in the 13 weeks ended October 28, 2022, 1,028,885 anti-dilutive shares in the 39 weeks ended October 27, 2023 and 1,170,934 anti-dilutive shares in the 39 weeks ended October 28, 2022.

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Oct. 27, 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)	October 27, 2023		October 28, 2022		January 27, 2023
Deferred gift card revenue	$	33,742	$	31,020	$	33,029
Reserve for sales returns and allowances		22,009		23,649		25,030
Accrued employee compensation and benefits		19,313		19,147		18,125
Deferred revenue		13,800		13,412		7,484
Accrued property, sales and other taxes		10,298		10,513		9,780
Accrued closing costs		—		3,999		—
Other		10,765		10,132		13,308
Total Accrued expenses and other current liabilities	$	109,927	$	111,872	$	106,756

Debt - Schedule of Company's Long Term Debt (Details) - USD ($) $ in Thousands	Oct. 27, 2023	Jan. 27, 2023	Oct. 28, 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	4,694	6,807	7,523
Long-term debt, net	215,306	223,506	226,227
Term Loan Facility
Line Of Credit Facility [Line Items]
Secured debt	$ 233,750	$ 244,063	$ 247,500	$ 275,000
Debt instrument, interest rate, stated percentage	15.18%	14.13%	12.87%

Lands' End Japan Closure

9 Months Ended

Oct. 27, 2023

Restructuring and Related Activities [Abstract]

Lands' End Japan Closure

NOTE 9. LANDS’ END JAPAN CLOSURE

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 approximately $3.9 million in 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 ending October 28, 2023 and October 28, 2022, the Company recognized closing costs for contract cancellation and other costs of approximately $0.1 million and $3.0 million, respectively, recorded in Other operating expense, net in the Condensed Consolidated Statement of Operations. For the 39 weeks ended October 27, 2023 and October 28, 2022, the Company recognized closing costs for contract cancellation and other costs of approximately $0.2 million and $3.0 million, respectively, recorded in Other operating expense, net in the Condensed Consolidated Statement of Operations. There were no accrued closing costs related to Lands’ End Japan as of October 27, 2023 and approximately $3.9 million as of October 28, 2022 included in Accrued Expenses and other current liabilities in the Condensed Consolidated Balance Sheets.

Fair Value Measurements of Financial Assets and Liabilities (Tables)

9 Months Ended

Oct. 27, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Corresponding Estimated Fair Values

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


	October 27, 2023				October 28, 2022				January 27, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	233,750	$	233,750	$	247,500	$	232,017	$	244,063	$	241,728

Debt (Tables)

9 Months Ended

Oct. 27, 2023

Debt Disclosure [Abstract]

Summary of Company's Maximum Borrowing Availability Under ABL Facility


	October 27, 2023			October 28, 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		275,000			275,000			274,354

Outstanding borrowings		110,000	6.93%		160,000	4.91%		100,000	6.27%
Outstanding letters of credit		8,894			11,841			10,557
ABL Facility utilization at end of period		118,894			171,841			110,557

ABL Facility borrowing availability	$	156,106		$	103,159		$	163,797

Schedule of Company's Long Term Debt

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


	October 27, 2023			October 28, 2022			January 27, 2023
(in thousands)	Amount		Interest Rate	Amount		Interest Rate	Amount		Interest Rate
Term Loan Facility	$	233,750	15.18%	$	247,500	12.87%	$	244,063	14.13%
Less: Current portion of long-term debt		13,750			13,750			13,750
Less: Unamortized debt issuance costs		4,694			7,523			6,807
Long-term debt, net	$	215,306		$	226,227		$	223,506

Revenue (Tables)

9 Months Ended

Oct. 27, 2023

Revenue from Contract with Customer [Abstract]

Disaggregated of Revenue by Geographic Location

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				39 Weeks Ended
(in thousands)	October 27, 2023		October 28, 2022		October 27, 2023		October 28, 2022
Net revenue:
United States	$	294,103	$	327,780	$	871,160	$	893,205
Europe		26,693		28,946		75,875		94,386
Asia (1)		119		9,620		405		26,059
Other		3,820		4,637		10,216		12,176
Total Net revenue	$	324,735	$	370,983	$	957,656	$	1,025,826

(1)

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 October 27, 2023 is expected to be recognized in Net revenue in the fiscal quarter ending February 2, 2024, as products are delivered to customers.


	13 Weeks Ended						39 Weeks Ended
(in thousands)	October 27, 2023			October 28, 2022			October 27, 2023			October 28, 2022
Deferred revenue beginning of period	$	8,081		$	9,757		$	7,484		$	8,560
Deferred revenue recognized in period		(7,867	)		(9,543	)		(7,270	)		(8,346	)
Revenue deferred in period		13,586			13,198			13,586			13,198
Deferred revenue end of period	$	13,800		$	13,412		$	13,800		$	13,412

Reconciliation of Gift Card Contract Liability

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


	13 Weeks Ended						39 Weeks Ended
(in thousands)	October 27, 2023			October 28, 2022			October 27, 2023			October 28, 2022
Balance as of beginning of period	$	33,556		$	31,444		$	33,029		$	33,070
Gift cards sold		14,275			15,075			43,062			46,745
Gift cards redeemed		(13,168	)		(15,033	)		(39,851	)		(47,746	)
Gift card breakage		(921	)		(466	)		(2,498	)		(1,049	)
Balance as of end of period	$	33,742		$	31,020		$	33,742		$	31,020

Condensed Consolidated Statements of Comprehensive Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 27, 2023	Oct. 28, 2022	Oct. 27, 2023	Oct. 28, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (112,394)	$ (4,682)	$ (122,064)	$ (9,232)
Other comprehensive loss, net of tax, foreign currency translation adjustments	(1,185)	(1,947)	(404)	(5,884)
COMPREHENSIVE LOSS	$ (113,579)	$ (6,629)	$ (122,468)	$ (15,116)

- Definition

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

+ References

+ Details

Loss Per Share (Tables)

9 Months Ended

Oct. 27, 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						39 Weeks Ended
(in thousands, except per share amounts)	October 27, 2023			October 28, 2022			October 27, 2023			October 28, 2022
Net loss	$	(112,394	)	$	(4,682	)	$	(122,064	)	$	(9,232	)

Basic weighted average common shares outstanding		31,887			33,064			32,140			33,196
Dilutive effect of stock awards		—			—			—			—
Diluted weighted average common shares outstanding		31,887			33,064			32,140			33,196

Basic loss per share	$	(3.52	)	$	(0.14	)	$	(3.80	)	$	(0.28	)
Diluted loss per share	$	(3.52	)	$	(0.14	)	$	(3.80	)	$	(0.28	)

Loss Per Share - Schedule of Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Oct. 27, 2023	Jul. 28, 2023	Apr. 28, 2023	Oct. 28, 2022	Jul. 29, 2022	Apr. 29, 2022	Oct. 27, 2023	Oct. 28, 2022
Earnings Per Share [Abstract]
Net loss	$ (112,394)	$ (8,018)	$ (1,652)	$ (4,682)	$ (2,179)	$ (2,371)	$ (122,064)	$ (9,232)
Basic weighted average common shares outstanding	31,887			33,064			32,140	33,196
Diluted weighted average common shares outstanding	31,887			33,064			32,140	33,196
Basic loss per share	$ (3.52)			$ (0.14)			$ (3.80)	$ (0.28)
Diluted loss per share	$ (3.52)			$ (0.14)			$ (3.80)	$ (0.28)

- Definition

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

+ References

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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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+ Details

- Definition

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

+ References

+ Details

Commitments and Contingencies

9 Months Ended

Oct. 27, 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.

Stock-Based Compensation - Additional Information (Details) $ in Millions	9 Months Ended
	Oct. 27, 2023 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target shares earned	100.00%
Adjustment percentage of earned shares, overall cap	200.00%
Modifier limitationin event of TSR negative	100.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target shares earned	50.00%
Adjustment percentage of earned shares	75.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target shares earned	200.00%
Adjustment percentage of earned shares	125.00%
Deferred Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Compensation expense not yet recognized	$ 9.0
Compensation expense not yet recognized, recognition period	2 years 1 month 6 days
Fair value of awards, vested	$ 5.1
Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense not yet recognized, recognition period	2 years 4 months 24 days
Performance awards period considered	3 years
Compensation expense not yet recognized	$ 3.3
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 1 month 6 days
Options award activity \| shares	0
Compensation expense not yet recognized	$ 0.8

Other Comprehensive Loss (Tables)

9 Months Ended

Oct. 27, 2023

Equity [Abstract]

Schedule of Other Comprehensive Loss

Other comprehensive 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						39 Weeks Ended
(in thousands)	October 27, 2023			October 28, 2022			October 27, 2023			October 28, 2022
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,317, $4,407, $4,525 and $3,361 respectively)	$	(16,241	)	$	(16,579	)	$	(17,022	)	$	(12,642	)
Other comprehensive loss:
Foreign currency translation adjustments (net of tax of $315, $518, $107 and $1,564 respectively)		(1,185	)		(1,947	)		(404	)		(5,884	)
Ending balance: Accumulated other comprehensive loss (net of tax of $4,632, $4,925, $4,632 and $4,925 respectively)	$	(17,426	)	$	(18,526	)	$	(17,426	)	$	(18,526	)

Stock-Based Compensation

9 Months Ended

Oct. 27, 2023

Share-Based Payment Arrangement [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. In addition, beginning with awards granted in 2023, Performance Awards are subject to a relative total shareholder return (”TSR”) modifier which is based on the Company’s total return to stockholders over the measurement period relative to a custom peer group. For Performance Awards granted, the Target Shares earned can range from 50% to 200% (such result, the “Earned Shares”) once minimum thresholds have been reached and depend on the achievement of 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 TSR modifier can result in an adjustment of 75% to 125% of the Earned Shares, subject to an overall cap of 200% and a modifier limitation to 100% in the event TSR is negative. Performance Awards are also subject to limitations under the Company’s stockholder approved stock plans. The applicable percentage of the Target Shares, as determined by 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 before 2023 are based on the closing price of the Company’s common stock on the grant date. For awards with market conditions, the grant date fair value is based on the Monte Carlo simulation model. Stock-based compensation expense, including awards with market conditions, is recognized ratably over the related service period, reduced for estimated forfeitures of those awards not expected to vest due to employee turnover and adjusted based on the Company’s estimate of the percentage of the aggregate Target Shares expected to be earned. The Company accrues for Performance Awards on a 100% payout unless it becomes probable that the outcome will be significantly different, or the performance can be accurately measured.

•

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


	13 Weeks Ended					39 Weeks Ended
(in thousands)	October 27, 2023		October 28, 2022			October 27, 2023			October 28, 2022
Deferred awards	$	1,322	$	1,503		$	3,543		$	4,408
Performance awards (1)		300		(1,369	)		(236	)		(871	)
Option awards		104		—			312			—
Total stock-based compensation expense	$	1,726	$	134		$	3,619		$	3,537

(1)

Deferred Awards

The following table provides a summary of the Deferred Awards activity for the 39 weeks ended October 27, 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		842			8.53
Vested		(417	)		12.30
Forfeited or expired		(143	)		17.06
Unvested deferred awards as of October 27, 2023		1,188		$	12.22

Total unrecognized stock-based compensation expense related to unvested Deferred Awards was approximately $9.0 million as of October 27, 2023, which is expected to be recognized ratably over a weighted average period of 2.1 years. The total fair value of Deferred Awards vested during the 39 weeks ended October 27, 2023 was $5.1 million. The Deferred Awards granted to employees during the 39 weeks ended October 27, 2023 vest over a period of three years.

Performance Awards

The following table provides a summary of the Performance Awards activity for the 39 weeks ended October 27, 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		567			9.74
Vested		—			—
Forfeited or expired		(124	)		19.49
Unvested performance awards as of October 27, 2023		798		$	14.74

Total unrecognized stock-based compensation expense related to unvested Performance Awards was approximately $3.3 million as of October 27, 2023 which is expected to be recognized ratably over a weighted average period of 2.4 years. The Performance Awards granted to employees during the 39 weeks ended October 27, 2023 vest, if earned, after completion of the applicable three-year performance period. The fair value for the Performance Awards granted during the 39 weeks ended October 27, 2023, which includes a relative TSR modifier, was estimated on the grant date using a Monte Carlo simulation with the below noted assumptions:


Monte Carlo Simulation Assumptions
Risk-free interest rate (1)		4.46	%
Expected dividend yield		0.00	%
Expected volatility (2)		78.04	%
Expected term (in years) (3)		2.63
Grant date fair value per share	$	9.74

(1)

The risk-free interest is based on the continuously compounded yield on a zero-coupon U.S. Treasury STRIPS as of the grant date for a period equal to the expected term.

(2)

The expected volatility is estimated based on the historical volatility of the Company’s common stock with a term consistent with the expected term of the performance award.

(3)

The expected term (in years) of the performance award represents the estimated period of time from the grant date to the end of the performance period.

Option Awards

During the 39 weeks ended October 27, 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 October 27, 2023:


(in thousands, except contractual life and exercise price amounts)	Option Awards		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
Option Awards vested and expected to vest		511		5.24	$	16.08		—
Option Awards exercisable		343		3.38	$	18.66		—

Total unrecognized stock-based compensation expense related to Option Awards was approximately $0.8 million as of October 27, 2023, which is expected to be recognized over a weighted average period of 2.1 years.

Income Taxes

9 Months Ended

Oct. 27, 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 0.4% and 43.7% for the 13 weeks ended October 27, 2023, and October 28, 2022, respectively. The Company recorded a tax expense at an overall rate of (0.8)% for the 39 weeks ended October 27, 2023, and tax benefit at an overall effective tax rate of 40.5% for the 39 weeks ended October 28, 2022. The overall effective tax rate for the 13 and 39 weeks ended October 27, 2023 reflects the impacts resulting from the impairment of non-tax deductible goodwill recorded in the Third Quarter 2023. The overall effective tax rate for the 13 and 39 weeks ended October 28, 2022, reflect tax benefits recorded as a result of Lands’ End Japan closing costs recorded in the Third Quarter 2022.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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+ Details

Revenue - Disaggregated of Revenue by Geographic Location (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 27, 2023	Oct. 28, 2022	Oct. 27, 2023	Oct. 28, 2022
Disaggregation of Revenue [Line Items]
Net revenue	$ 324,735	$ 370,983	$ 957,656	$ 1,025,826
Japan eCommerce
Disaggregation of Revenue [Line Items]
Net revenue		$ 9,500		$ 25,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

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

3 Months Ended

9 Months Ended

Oct. 27, 2023

Oct. 28, 2022

Oct. 27, 2023

Oct. 28, 2022

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

Share-based compensation

$ 1,726

$ 134

$ 3,619

$ 3,537

Deferred Awards

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

Share-based compensation

1,322

1,503

3,543

4,408

Performance Awards

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

Share-based compensation

^[1]

300

$ (1,369)

(236)

$ (871)

Option Awards

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

Share-based compensation

$ 104

$ 312

[1]	Net credit expense for the 39 weeks ended October 27, 2023 and 13 weeks and 39 weeks ended October 28, 2022 includes a reduction of the accrual for Performance Awards based on actual and projected results relative to performance measures.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Background and Basis of Presentation

9 Months Ended

Oct. 27, 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 2023 – The 53 weeks ending February 2, 2024

•

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

•

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

•

Second Quarter 2022 – The 13 weeks ended July 29, 2022

•

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, as amended to date

•

Third Quarter 2023 – The 13 weeks ended October 27, 2023

•

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.

Macroeconomic Challenges

Macroeconomic issues, such as recent inflationary pressures and rising interest rates, have continued to have an impact on the Company’s business. Since apparel purchases are discretionary expenditures that historically have been influenced by domestic and global economic conditions, higher prices of consumer goods due to inflation may result in less discretionary spending for consumers which may negatively impact customer demand and require higher levels of promotion in order to attract and retain customers. Additionally, interest expense could be negatively affected by any continued rate increases due to the variable interest rates associated with the Company’s Debt Facilities. These macroeconomic challenges have led to increased cost of raw materials, packaging materials, labor, energy, fuel, debt and other inputs necessary for the production and distribution of the Company’s products.

Corporate Restructuring

The Company reduced corporate positions, primarily in the Company’s Hong Kong sourcing office, during Third Quarter 2023. The Company incurred total severance costs of approximately $2.3 million related to the reduction in corporate positions which was recorded in Other operating expense, net in the Consolidated Statements of Operations. As of October 27, 2023, approximately $0.4 million of the severance costs had yet to be paid and is included in Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets.

Lands’ End Japan Closure

During Second Quarter 2022, the Board of Directors approved a plan to wind down and cease operations of Lands’ End Japan KK. Lands’ End Japan KK represents the Japan eCommerce operating segment. For a discussion on this operating segment, see Note 13, Segment Reporting. The Company incurred closing costs of approximately $0.1 million and $3.0 million during the 13 weeks ended October 27, 2023 and October 28, 2022, respectively. For the 39 weeks ended October 27, 2023 and October 28, 2022 the Company incurred closing costs of approximately $0.2 million and $3.0 million, respectively, recorded in Other operating expense, net in the Consolidated Statements of Operations. See Note 9, Lands’ End Japan Closure.

Goodwill and Indefinite-Lived Intangible Asset Impairment Analysis

Goodwill and the indefinite-lived trade name intangible asset are tested separately for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment assessments contain multiple uncertainties because the calculation requires management to make assumptions and to apply judgment to estimate future cash flows and asset fair values, including forecasting cash flows under different scenarios.

Goodwill impairment assessments

In connection with the preparation of the financial statements included in this Form 10-Q, the Company considered the decline in the Company’s stock price and market capitalization, as well as current market and macroeconomic conditions, to be a triggering event for the U.S. eCommerce and Outfitters reporting units and therefore completed an interim test for impairment of goodwill for these reporting units as of October 27, 2023. The Company tested goodwill for impairment using a one-step quantitative test. The quantitative test compares the reporting unit’s fair value to its carrying value. An impairment is recorded for any excess carrying value above the reporting unit’s fair value, not to exceed the amount of goodwill. The Company estimates fair value of its reporting units using a discounted cash flow model, commonly referred to as the income approach. The income approach uses a reporting unit’s projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions appropriate to the Company’s reporting unit. The discounted cash flow model uses management’s best estimates of economic and market conditions over the projected period using the best information available, including growth rates in revenues, costs and estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, weighted average cost of capital and changes in future working capital requirements.

The testing resulted in full impairment of $70.4 million and $36.3 million of goodwill allocated to the Company’s U.S. eCommerce and Outfitters reporting units, respectively.

Indefinite-lived intangible asset impairment assessments

The Company’s indefinite-lived intangible asset is the Lands’ End trade name. The Company reviews the trade name for impairment on an annual basis during the fourth fiscal quarter, or whenever events or changes in circumstances indicate the carrying value may not be recoverable. The fair value of the trade name indefinite-lived intangible asset is estimated using the relief from royalty method. The relief from royalty method is based on the assumption that, in lieu of ownership, a firm would be willing to pay a royalty in order to exploit the related benefits of this asset class. The relief from royalty method involves two steps: (1) estimation of reasonable royalty rates for the assets and (2) the application of these royalty rates to a forecasted net revenue stream and discounting the resulting cash flows to determine a present value. The Company multiplies the selected royalty rate by the forecasted net revenue stream to calculate the cost savings (relief from royalty payment) associated with the asset. The cash flows are then discounted to present value using the selected discount rate and compared to the carrying value of the asset.

Long-lived Asset Impairment Analysis

Property and equipment are subject to a review for impairment if events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. In accordance with ASC 360, Property, Plant and Equipment (“ASC 360”) the Company reviewed the long-lived asset groups for impairment as of October 27, 2023.

The Company Operated store long-lived asset group, including Operating right-of-use assets, are regularly reviewed for impairment indicators. Impairment is assessed at the individual store level which is the lowest level of identifiable cash flows and considers the estimated undiscounted cash flows over the asset’s remaining life. If estimated undiscounted cash flows are insufficient to recover the investment, an impairment loss is recognized equal to the difference between the estimated fair value of the asset and its carrying value, net of salvage, and any costs of disposition. The fair value estimate is generally the discounted amount of estimated store-specific cash flows. The Company recognized long-lived asset impairment for Operating lease right-of-use assets and property and equipment, net for individual identified Company Operated stores in the amount of no impairment and $0.1 million as of October

27, 2023 and October 28, 2022, respectively, recorded in Other operating expense, net in the Condensed Consolidated Statement of Operations.

The Company reviewed the remaining long-lived asset groups for impairment as of October 27, 2023. The Company assessed the recoverability of our long-lived asset groups by comparing their projected undiscounted cash flows associated over remaining estimated useful lives of the primary asset in the long-lived asset group against their respective carrying amounts. Impairment, if any, is based on the excess of the carrying amount over the fair value of those assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. As a result of the testing the undiscounted cash flows of the remaining asset groups exceeded their respective carrying amount resulting in no impairment.

Other Comprehensive Loss - Schedule of Other Comprehensive Loss (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 27, 2023	Oct. 28, 2022	Oct. 27, 2023	Oct. 28, 2022	Jul. 28, 2023	Jan. 27, 2023	Jul. 29, 2022	Jan. 28, 2022
Equity [Abstract]
Accumulated other comprehensive loss, tax	$ 4,632	$ 4,925	$ 4,632	$ 4,925	$ 4,317	$ 4,525	$ 4,407	$ 3,361
Foreign currency translations adjustments, tax	$ 315	$ 518	$ 107	$ 1,564

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
Income Taxes - Additional Information (Details)	Oct. 27, 2023	Oct. 28, 2022	Oct. 27, 2023	Oct. 28, 2022
Income Tax Examination [Line Items]
Effective income tax expense (benefit), percentage	0.40%	43.70%	(0.80%)	40.50%

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Oct. 27, 2023	Nov. 30, 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		31,445,713
Amendment Flag	false
Entity Central Index Key	0000799288
Entity Filer Category	Accelerated Filer
Document Period End Date	Oct. 27, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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

Stockholders' Equity (Tables)

9 Months Ended

Oct. 27, 2023

Share Repurchase Program

Equity Class Of Treasury Stock [Line Items]

Summary of Share Repurchases

The following table summarizes the Company’s share repurchases through October 27, 2023:


	13 Weeks Ended				39 Weeks Ended
(Shares and $ in thousands except average per share cost)	October 27, 2023		October 28, 2022		October 27, 2023		October 28, 2022
Number of shares repurchased		346		204		1,179		416
Total cost	$	2,992	$	2,873	$	9,764	$	5,226
Average per share cost	$	8.65	$	14.06	$	8.28	$	12.55

Other Comprehensive Loss - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 27, 2023	Oct. 28, 2022	Oct. 27, 2023	Oct. 28, 2022
Equity [Abstract]
Amounts reclassified from accumulated other comprehensive (loss)	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements of Financial Assets and Liabilities

9 Months Ended

Oct. 27, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements of Financial Assets and Liabilities

NOTE 10. FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS AND LIABILITIES

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

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


	October 27, 2023				October 28, 2022				January 27, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	233,750	$	233,750	$	247,500	$	232,017	$	244,063	$	241,728

The Company’s valuation of long-term debt, including current portion, at fair value is considered a Level 3 instrument under the fair value hierarchy. The Company’s valuation techniques include the Black-Terman-Toy (BDT) model as well as market inputs from management. The BDT modeling approach is particularly relevant given the Term Loan Facility’s features, including the optional redemption provision. There were no nonfinancial assets or nonfinancial liabilities recognized at fair value on a nonrecurring basis as of October 27, 2023, October 28, 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

Revenue

9 Months Ended

Oct. 27, 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.


	13 Weeks Ended				39 Weeks Ended
(in thousands)	October 27, 2023		October 28, 2022		October 27, 2023		October 28, 2022
Net revenue:
United States	$	294,103	$	327,780	$	871,160	$	893,205
Europe		26,693		28,946		75,875		94,386
Asia (1)		119		9,620		405		26,059
Other		3,820		4,637		10,216		12,176
Total Net revenue	$	324,735	$	370,983	$	957,656	$	1,025,826

(1)

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 October 27, 2023 is expected to be recognized in Net revenue in the fiscal quarter ending February 2, 2024, as products are delivered to customers.


	13 Weeks Ended						39 Weeks Ended
(in thousands)	October 27, 2023			October 28, 2022			October 27, 2023			October 28, 2022
Deferred revenue beginning of period	$	8,081		$	9,757		$	7,484		$	8,560
Deferred revenue recognized in period		(7,867	)		(9,543	)		(7,270	)		(8,346	)
Revenue deferred in period		13,586			13,198			13,586			13,198
Deferred revenue end of period	$	13,800		$	13,412		$	13,800		$	13,412

Revenue from gift cards is recognized (i) when 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						39 Weeks Ended
(in thousands)	October 27, 2023			October 28, 2022			October 27, 2023			October 28, 2022
Balance as of beginning of period	$	33,556		$	31,444		$	33,029		$	33,070
Gift cards sold		14,275			15,075			43,062			46,745
Gift cards redeemed		(13,168	)		(15,033	)		(39,851	)		(47,746	)
Gift card breakage		(921	)		(466	)		(2,498	)		(1,049	)
Balance as of end of period	$	33,742		$	31,020		$	33,742		$	31,020

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 October 27, 2023, October 28, 2022 and January 27, 2023, $22.0 million, $23.6 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Debt - Summary of Company's Maximum Borrowing Availability Under ABL Facility (Details) - ABL Facility - USD ($)	9 Months Ended		12 Months Ended
	Oct. 27, 2023	Oct. 28, 2022	Jan. 27, 2023
Line Of Credit Facility [Line Items]
ABL Facility maximum borrowing	$ 275,000,000	$ 275,000,000	$ 275,000,000
Borrowing base	275,000,000	275,000,000	274,354,000
Less: Outstanding borrowings	110,000,000	160,000,000	100,000,000
Less: Outstanding letters of credit	8,894,000	11,841,000	10,557,000
Utilization of ABL Facility at end of period	118,894,000	171,841,000	110,557,000
Borrowing availability under ABL Facility	$ 156,106,000	$ 103,159,000	$ 163,797,000
Interest Rate	6.93%	4.91%	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

Stockholder' Equity - Summary of Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended					9 Months Ended
	Oct. 27, 2023	Jul. 28, 2023	Apr. 28, 2023	Oct. 28, 2022	Jul. 29, 2022	Oct. 27, 2023	Oct. 28, 2022
Equity Class Of Treasury Stock [Line Items]
Total cost	$ 2,999	$ 3,008	$ 3,781	$ 2,877	$ 2,357
Share Repurchase Program
Equity Class Of Treasury Stock [Line Items]
Number of shares repurchased	346			204		1,179	416
Total cost	$ 2,992			$ 2,873		$ 9,764	$ 5,226
Average per share cost	$ 8.65			$ 14.06		$ 8.28	$ 12.55

Revenue - Reconciliation of Gift Card Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 27, 2023	Oct. 28, 2022	Oct. 27, 2023	Oct. 28, 2022
Revenue from Contract with Customer [Abstract]
Balance as of beginning of period	$ 33,556	$ 31,444	$ 33,029	$ 33,070
Gift cards sold	14,275	15,075	43,062	46,745
Gift cards redeemed	(13,168)	(15,033)	(39,851)	(47,746)
Gift card breakage	(921)	(466)	(2,498)	(1,049)
Balance as of end of period	$ 33,742	$ 31,020	$ 33,742	$ 31,020

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 27, 2023	Jan. 27, 2023	Oct. 28, 2022
Current assets
Cash and cash equivalents	$ 36,821	$ 39,557	$ 28,829
Restricted cash	1,833	1,834	1,833
Accounts receivable, net	31,422	44,928	49,409
Inventories, net	422,160	425,513	564,856
Prepaid expenses and other current assets	47,952	44,894	47,205
Total current assets	540,188	556,726	692,132
Property and equipment, net	121,400	127,638	121,907
Operating lease right-of-use asset	26,216	30,325	31,441
Goodwill		106,700	106,700
Intangible asset	257,000	257,000	257,000
Other assets	2,758	3,759	3,786
TOTAL ASSETS	947,562	1,082,148	1,212,966
Current liabilities
Current portion of long-term debt	13,750	13,750	13,750
Accounts payable	161,426	171,557	228,863
Lease liability – current	5,754	5,414	5,808
Accrued expenses and other current liabilities	109,927	106,756	111,872
Total current liabilities	290,857	297,477	360,293
Long-term borrowings under ABL Facility	110,000	100,000	160,000
Long-term debt, net	215,306	223,506	226,227
Lease liability – long-term	26,065	31,095	32,033
Deferred tax liabilities	51,176	45,953	45,087
Other liabilities	3,253	3,365	3,758
TOTAL LIABILITIES	696,657	701,396	827,398
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 authorized: 480,000 shares; issued and outstanding: 31,719, 33,001 and 32,626, respectively	317	326	330
Additional paid-in capital	358,811	366,181	369,198
(Accumulated deficit) Retained earnings	(90,797)	31,267	34,566
Accumulated other comprehensive (loss)	(17,426)	(17,022)	(18,526)
TOTAL STOCKHOLDERS’ EQUITY	250,905	380,752	385,568
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 947,562	$ 1,082,148	$ 1,212,966