0000950170-24-041066 | 10-K | XBRL Viewer

Segment Reporting (Tables)

12 Months Ended

Feb. 02, 2024

Summary of Net Revenue by Distribution Channel

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


(in thousands)	Fiscal 2023		% of Net Revenue	Fiscal 2022		% of Net Revenue	Fiscal 2021		% of Net Revenue
U.S. eCommerce	$	930,314	63.2%	$	955,752	61.4%	$	1,027,138	62.8%
International (1)		112,855	7.7%		166,627	10.7%		220,997	13.5%
Outfitters		269,943	18.3%		265,898	17.1%		254,191	15.5%
Third Party		111,826	7.6%		118,996	7.7%		86,517	5.3%
Retail		47,570	3.2%		48,156	3.1%		47,781	2.9%
Total Net revenue	$	1,472,508		$	1,555,429		$	1,636,624

(1)

Fiscal 2022 and Fiscal 2021 includes Net revenue of $32.7 million and $43.3 million, respectively, from the Japan eCommerce distribution channel. See Note 8, Lands’ End Japan Closure.

Summary of Segment and Geographic Region

The geographical allocation of Net revenue is based upon where the product is shipped. The following presents summarized geographical information:


(in thousands)	Fiscal 2023		% of Net Revenue	Fiscal 2022		% of Net Revenue	Fiscal 2021		% of Net Revenue
United States	$	1,342,366	91.2%	$	1,368,518	88.0%	$	1,393,402	85.1%
Europe		114,778	7.8%		135,878	8.7%		179,302	11.0%
Asia (1)		569	0.0%		33,451	2.2%		44,383	2.7%
Other		14,795	1.0%		17,582	1.1%		19,537	1.2%
Total Net revenue	$	1,472,508		$	1,555,429		$	1,636,624

(1)

Fiscal 2022 and Fiscal 2021 includes Net revenue of $32.7 million and $43.3 million, respectively, from the Japan eCommerce distribution channel. See Note 8, Lands’ End Japan Closure.

Summary of Property and Equipment Net by Geographical Location

Property and equipment, net by geographical location are as follows:


(in thousands)	Fiscal 2023		Fiscal 2022		Fiscal 2021
United States	$	111,254	$	120,311	$	121,259
Europe		6,588		7,051		7,879
Asia		191		276		653
Total long-lived assets	$	118,033	$	127,638	$	129,791

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Feb. 02, 2024

Accounting Policies [Abstract]

Fiscal Year

The Company’s fiscal year end is on the Friday preceding the Saturday closest to January 31 each year. The fiscal periods in this report are presented as follows, unless the context otherwise requires:


Fiscal Year	Ended	Weeks
2023	February 2, 2024	53
2022	January 27, 2023	52
2021	January 28, 2022	52

Seasonality

The Company’s operations have historically been seasonal, with a disproportionate amount of net revenue occurring in the fourth fiscal quarter, reflecting increased customer demand during the year-end holiday selling season. The impact of seasonality on results of operations is more pronounced since the level of certain fixed costs, such as occupancy and overhead expenses, do not vary with sales. The Company’s results of operations also may fluctuate based upon such factors as the timing of certain holiday season dates and promotions, the amount of net revenue contributed by new and existing stores, the timing and level of markdowns, competitive factors, weather and general economic conditions.

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

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reportable amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reporting period. Significant accounting estimates inherent in the preparation of the consolidated financial statements include revenue recognition, including gift card breakage and estimated merchandise returns, inventory valuation, impairment assessments for goodwill, indefinite intangible assets and long-lived assets and income taxes. Actual results could differ from those estimates made by management, which could have a material impact on the Company’s financial position or results of operations.

Cash and Cash Equivalents

Cash and cash equivalents

Cash and cash equivalents consist of highly liquid temporary instruments purchased with original maturities of three months or less. It also includes deposits in-transit from banks for payments related to third-party credit card and debit card transactions. The Company maintains a portion of its cash in Federal Deposit Insurance Corporation

(“FDIC”) insured bank deposit accounts which, at times, may exceed federally insured limits. To date, the Company has not experienced any losses in such accounts. The Company does not believe, based on the size and strength of the banking institutions used, it is exposed to any significant credit risks in cash.

Restricted Cash

Restricted cash

The Company classifies cash balances pledged as collateral as Restricted cash on the Consolidated Balance Sheets.

Allowance for Credit Losses

The Company provides an allowance for credit losses based on historical loss experience, collection experience, delinquency trends, economic conditions and specific identification. The Accounts receivable balance on the Consolidated Balance Sheets is presented net of the Company’s allowance for credit losses and is comprised of various customer-related accounts receivable.

Changes in the balance of the allowance for credit losses are as follows:


(in thousands)	Fiscal 2023			Fiscal 2022
Beginning balance	$	728		$	625
Provision		89			295
Write-offs		(167	)		(192	)
Ending balance	$	650		$	728

Inventory

Inventories primarily consist of merchandise purchased for resale. For financial reporting and tax purposes, the Company’s United States inventory, primarily merchandise held for sale, is stated at last-in, first-out (“LIFO”) cost, which is lower than net realizable value. The Company accounts for its non-United States inventory on the first-in, first-out (“FIFO”) method. The United States inventory accounted for using the LIFO method was 93% of total inventory as of February 2, 2024 and 92% as of January 27, 2023. If the FIFO method of accounting for inventory had been used, the effect on inventory would have been an increase of $1.5 million and $1.2 million as of February 2, 2024 and January 27, 2023, respectively.

The Company maintains a reserve for excess and obsolete inventory. The reserve is calculated based on historical experience related to liquidation and disposal of identified inventory. The excess and obsolescence reserve balances were $18.1 million and $13.9 million as of February 2, 2024 and January 27, 2023, respectively. The increase is primarily due to a specific reserve for the discounted sale of kids inventory to licensee and reserve for excess and obsolete kids and footwear inventory not acquired by licensees.

Deferred Catalog Costs and Marketing

Costs incurred for direct response marketing consist primarily of catalog production and mailing costs that are generally amortized within two months from the date catalogs are mailed. Unamortized marketing costs reported as prepaid assets were $10.3 million and $10.4 million as of February 2, 2024 and January 27, 2023, respectively. The Company expenses the costs of marketing for website, magazine, newspaper, radio and other general media when the marketing takes place. Marketing expenses, including catalog costs amortization, digital-related costs and other print media were $200.5 million, $205.6 million and $220.0 million for Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively. These costs are included within Selling and administrative expenses in the accompanying Consolidated Statements of Operations.

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation. Additions and substantial improvements are capitalized and include expenditures that materially extend the useful lives of existing facilities and

equipment. Maintenance and repairs that do not materially improve or extend the lives of the respective assets are expensed as incurred. As of the balance sheet dates, Property and equipment, net consisted of the following:


(in thousands)	Asset Lives (years)	February 2, 2024			January 27, 2023
Land	—	$	3,450		$	3,440
Buildings and improvements	15-30		101,232			99,545
Furniture, fixtures and equipment	3-10		66,373			59,992
Computer hardware and software	3-10		261,764			232,799
Leasehold improvements	3-7		12,673			12,761
Construction in progress			17,706			27,235
Gross property and equipment			463,198			435,772
Less: Accumulated depreciation			(345,165	)		(308,134	)
Total property and equipment, net		$	118,033		$	127,638

As of both February 2, 2024 and January 27, 2023, construction in progress relates primarily to technological investments.

Depreciation expense is recorded over the estimated useful lives of the respective assets using the straight-line method. Leasehold improvements are depreciated over the shorter of the associated lease term or the estimated useful life of the asset. Depreciation expense was $38.5 million, $38.7 million and $39.2 million for Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively.

Leases

The Company is a lessee under various lease agreements for its Company Operated store locations and certain international distribution and office facilities. All leases are classified as operating leases. The Company’s leases have remaining lease terms ranging from less than one year up to ten years with renewal options. The lease term is defined as the noncancelable portion of the lease term plus any periods covered by an option to extend the lease, if it is reasonably certain that the option will be exercised.

The determination of whether an arrangement contains a lease and the classification of a lease, if applicable, is made at lease inception. Lease commencement is the date in which the lessor provides the Company access to, and the right to control, the identified asset. At lease commencement, the Company recognizes a right-of-use asset and a corresponding lease liability measured at the present value of the future minimum lease payments. Minimum lease payments include the fixed lease component of the agreement, as well as any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. The right-of-use asset is recorded at the amount of the lease liability, increased for prepaid lease and initial direct costs paid and reduced by any lease incentives.

The Company has elected the practical expedient of not recognizing a right-of-use asset or lease liability for short-term leases, which are leases with a term of twelve months or less. Lease payments on short-term leases are expensed as incurred. The Company has lease agreements with lease and non-lease components. The Company has elected the practical expedient to combine lease and non-lease components. The Company does not have any leases with residual value guarantees or restrictions or covenants imposed by the lease.

Due to the absence of an implicit rate in the Company’s lease agreements, the Company estimates its incremental borrowing rate at lease commencement in determining the present value of lease payments for each lease based on the lease term, lease currency and the Company’s credit spread. The yield curve selected at the lease commencement date represents one notch above the Company’s unsecured credit rating, and therefore is considered a close proxy for the incremental borrowing rate the Company would incur for secured debt.

In addition to rent payments, the lease agreements contain payments for real estate taxes, insurance, common area maintenance and utilities that are not fixed. The Company accounts for these costs as variable payments and does not include such costs as a lease component.

The Company’s leases are classified as operating leases, which are included in the Operating lease right-of-use asset, Lease liability – current and Lease liability – long-term on the Company’s Consolidated Balance Sheets. Lease expense is recognized on a straight-line basis over the lease term and is included in Selling and administrative expense in the Consolidated Statements of Operations. See Note 4, Leases.

Impairment of Property and Equipment

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. Company Operated store long-lived assets, including right-of-use assets, are regularly reviewed for impairment indicators when the Company Operated store meets Same Store Sales status. A Company Operated store is included in U.S. Same Store Sales calculations when it has been open for at least 14 months. 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. During Fiscal 2023, Fiscal 2022 and Fiscal 2021, the Company recognized no impairment, $0.5 million and no impairment, respectively, for right-of-use assets and property and equipment of Company Operated store locations.

In connection with the preparation of the Company’s financial statements in the Third Quarter 2023 Form 10-Q, the Company tested its long-lived asset groups for impairment as of October 27, 2023. The Company assessed the recoverability of its long-lived asset groups by comparing their projected undiscounted cash flows associated over the 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.

Goodwill and Indefinite-lived Intangible Asset Impairment Assessments

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. If actual results fall short of our estimates and assumptions used in estimating future cash flows and asset fair values, we may incur future impairment charges that could be material.

Goodwill impairment assessments

In connection with the preparation of the financial statements included in the Company’s Third Quarter 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 a 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 impairment test 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 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 multiplied 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.

In connection with the preparation of the financial statements in the Company’s Third Quarter 2023 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 Lands’ End trade name. The fair value of the trade name indefinite-lived intangible asset was estimated using the relief from royalty method and the testing resulted in no impairment to the Lands’ End trade name.

In Fiscal 2023, Fiscal 2022 and Fiscal 2021, the Company tested the indefinite-lived intangible asset, as required, resulting in the fair value exceeding the carrying value by 6.1%, 13.3% and 68.9%, respectively. As such, no trade name impairment charges were recorded in any of the periods presented.

Financial Instruments with Off-Balance-Sheet Risk

The $275.0 million ABL Facility includes a $70.0 million sublimit for letters of credit and the maturity date is July 29, 2026. The ABL Facility is available for working capital and other general corporate liquidity needs. There was no balance outstanding as of February 2, 2024. The balance outstanding as of January 27, 2023 was $100.0 million. The balance of outstanding letters of credit was $9.1 million and $10.6 million on February 2, 2024 and January 27, 2023, respectively.

Fair Value of Financial Instruments

The Company determines the fair value of financial instruments in accordance with accounting standards pertaining to fair value measurements. Such standards define fair value and establish a framework for measuring fair value in accordance with GAAP. Under fair value measurement accounting standards, fair value is considered to be the exchange price in an orderly transaction between market participants to sell an asset or transfer a liability at the measurement date. The Company reports or discloses the fair value of financial assets and liabilities based on the fair value hierarchy prescribed by accounting standards for fair value measurements, which prioritizes the inputs to valuation techniques used to measure fair value into three levels.

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of accounts receivable. Total accounts receivable, net was $35.3 million, $44.9 million and $49.7 million as of February 2, 2024, January 27, 2023 and January 28, 2022, respectively.

Cash and cash equivalents, accounts receivable, net, accounts payable, accrued expenses and other current liabilities and revolving long-term borrowings on ABL Facility are reflected in the Consolidated Balance Sheets at cost, which approximates fair value due to the short-term nature of these instruments.

Long-term debt, net is reflected in the Consolidated Balance Sheets at amortized cost. The fair value of debt was determined utilizing Level 3 valuation techniques as of February 2, 2024 and January 27, 2023. See Note 9, Fair Value of Financial Assets and Liabilities.

Foreign Currency Transactions and Translations

Foreign Currency Translations and Transactions

The Company translates the assets and liabilities of foreign subsidiaries from their respective functional currencies to United States dollars at the appropriate spot rates as of the balance sheet date. Revenue and expenses of operations are translated to United States dollars using weighted average exchange rates during the year. The foreign subsidiaries use the local currency as their functional currency. The effects of foreign currency translation adjustments are included as a component of Accumulated other comprehensive loss in the accompanying Consolidated Statements of Changes in Stockholders’ Equity. Foreign currency translation gains, net, for Fiscal 2023 totaled approximately $1.0 million. Foreign currency translation losses, net, for Fiscal 2022 and Fiscal 2021 totaled approximately $4.4 million and $1.4 million, respectively. The Company recognized a foreign exchange transaction gain of $1.0 million in Fiscal 2023, a loss of $1.0 million in Fiscal 2022 and a gain of $0.8 million in Fiscal 2021. These are recorded in either Cost of sales (excluding depreciation and amortization) or Selling and administrative in the accompanying Consolidated Statements of Operations based on the underlying nature of the transactions giving rise to the gain or loss.

Revenue Recognition

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

The Company excludes from revenue, taxes assessed by governmental authorities, including value-added and other sales-related taxes, that are imposed on and concurrent with revenue-producing activities.

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


(in thousands)	Fiscal 2023			Fiscal 2022
Deferred revenue beginning of period	$	7,484		$	8,560
Deferred revenue recognized in period		(7,270	)		(8,346	)
Revenue deferred in period		4,100			7,270
Deferred revenue end of period	$	4,314		$	7,484

Revenue from gift cards is recognized when (i) the gift card is redeemed by the customer for merchandise, or (ii) as gift card breakage, an estimate of gift cards which will not be redeemed where the Company does not have a legal obligation to remit the value of the unredeemed gift cards to the relevant jurisdictions. Gift card breakage is

recorded within Net revenue in the Consolidated Statements of Operations. Prior to their redemption, gift cards are recorded as a liability, included within Accrued expenses and other current liabilities in the 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:


(in thousands)	Fiscal 2023			Fiscal 2022
Balance as of beginning of period	$	33,029		$	33,070
Gift cards sold		66,392			65,877
Gift cards redeemed		(60,374	)		(64,637	)
Gift card breakage		(3,443	)		(1,281	)
Balance as of end of period	$	35,604		$	33,029

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 February 2, 2024 and January 27, 2023, $21.6 million and $25.0 million, respectively, of refund liabilities, primarily associated with estimated product returns, were reported in Accrued expenses and other current liabilities in the Consolidated Balance Sheets.

Cost of Sales

Cost of sales are comprised principally of the costs of merchandise sold, inbound shipping and handling, duty, warehousing and distribution (including receiving, picking, packing, store delivery and value-added costs), customer shipping and handling costs and physical inventory losses. Depreciation and amortization are not included in the Company’s Cost of sales.

Selling and Administrative Expenses

Selling and administrative expenses are comprised principally of payroll and benefits costs, marketing, information technology expenses, third-party services, occupancy costs of Company Operated stores and corporate facilities, and other administrative expenses. All stock-based compensation is recorded in Selling and administrative expenses. See Note 5, Stock-Based Compensation.

Income Taxes

Deferred income tax assets and liabilities are based on the estimated future tax effects of differences between the financial and tax basis of assets and liabilities based on currently enacted tax laws. The tax balances and income tax expense recognized are based on management’s interpretation of the tax laws of multiple jurisdictions. Income tax expense also reflects best estimates and assumptions regarding, among other things, the level of future taxable income and tax planning. Future changes in tax laws, changes in projected levels of taxable income, tax planning and adoption and implementation of new accounting standards could impact the effective tax rate and tax balances recorded.

Tax positions are recognized when they are more likely than not to be sustained upon examination. The amount recognized is measured as the largest amount of benefit that is more likely than not to be realized upon settlement. The Company is subject to periodic audits by the United States Internal Revenue Service and other state and local taxing authorities. These audits may challenge certain of the Company’s tax positions such as the timing and amount of income and deductions and the allocation of taxable income to various tax jurisdictions. The Company evaluates its tax positions and establishes liabilities in accordance with the applicable accounting guidance on uncertainty in income taxes. These tax uncertainties are reviewed as facts and circumstances change and are adjusted accordingly. This requires significant management judgment in estimating final outcomes. Interest and penalties are classified as Income tax expense in the Consolidated Statements of Operations. See Note 11, Income Taxes, for further details.

The Company performed an evaluation over its deferred tax assets and determined that a valuation allowance is considered necessary for certain jurisdictions. See Note 11, Income Taxes, for further details on the valuation allowance.

Self Insurance

Self-Insurance

The Company has a self-insured plan for health and welfare benefits and provides an accrual to cover the obligation. The accrual for the self-insured liability is based on claims filed and an estimate of claims incurred but not yet reported. The Company considers a number of factors, including historical claims information, when determining the amount of the accrual. Costs related to the administration of the plan and related claims are expensed as incurred. Total expenses, net of employee contributions, were $18.9 million, $17.7 million and $17.3 million for Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively.

The Company also has a self-insured plan for certain costs related to workers’ compensation. The Company obtains third-party insurance coverage to limit exposure to this workers’ compensation self-insured risk.

Retirement Benefit Plan

The Company has a 401(k) retirement plan, which covers most regular employees and allows them to make contributions. The Company also provides a matching contribution on a portion of the employee contributions. Total expenses incurred under this plan were $3.9 million for Fiscal 2023, Fiscal 2022 and Fiscal 2021.

Other Comprehensive Income (Loss)

Other comprehensive income (loss) encompasses all changes in equity other than those arising from transactions with stockholders and is comprised solely of foreign currency translation adjustments. Our foreign subsidiaries use their foreign currency as their functional currency. Functional currency assets and liabilities are translated into U.S. Dollars using exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates during the period. Resulting translation gains and losses are reported in other comprehensive income (loss), until the substantial liquidation of a subsidiary, at which time accumulated transactions gains or losses are reclassified into net income. During Fiscal 2023, the Company recognized a net gain of $0.4 million of cumulative foreign currency translation adjustments related to the substantial liquidation of Lands’ End Japan. See Note 8, Lands’ End Japan Closure.


	Fiscal 2023			Fiscal 2022			Fiscal 2021
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,525, $3,361, and $2,987, respectively)	$	(17,022	)	$	(12,642	)	$	(11,221	)
Other comprehensive (loss) income
Foreign currency translation adjustments (net of tax of $(348), $1,164, and $374, respectively)		1,307			(4,380	)		(1,421	)
Reclassification of foreign currency translation gain to income (net of tax of $94, $0, and $0, respectively)		(354	)		—			—
Ending balance: Accumulated other comprehensive loss (net of tax of $4,271, $4,525, and $3,361, respectively)	$	(16,069	)	$	(17,022	)	$	(12,642	)

Stock-Based Compensation

Stock-based compensation expense for restricted stock units, comprised of both Deferred Awards and Performance Awards, is determined based on the grant date fair value. The fair value of Deferred Awards and of Performance Awards granted before Fiscal 2023 are based on the closing price of the Company’s common stock on the grant date. For Performance Awards granted in Fiscal 2023 which include market conditions to determine, in part, vesting, the grant date fair value is based on the Monte Carlo simulation model. Performance Awards have, in addition to a service requirement, performance criteria that must be achieved for the awards to be earned. 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 Company recognizes stock-based compensation cost net of estimated forfeitures and revises the estimated forfeitures in subsequent periods if actual forfeitures differ from the estimates. The Company estimates the forfeiture rate based on historical data as well as expected future behavior. Stock-based compensation is recorded in Selling and administrative expense in the Consolidated Statements of Operations over the period in which the employee is required to provide service in exchange for the Deferred Awards and Option awards and over the applicable performance period for Performance Awards.

Earnings (Loss) Per Share

Earnings (Loss) per Share

The numerator for both basic and diluted EPS is net income (loss) attributable to the Company. The denominator for basic EPS is based upon the number of weighted average shares of the Company’s common stock outstanding during the reporting periods. The denominator for diluted EPS is based upon the number of weighted average shares of the Company’s common stock and common stock equivalents outstanding during the reporting periods using the treasury stock method in accordance with ASC 260, Earnings Per Share.

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


(in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
Net (loss) income	$	(130,684	)	$	(12,530	)	$	33,369
Basic weighted average shares outstanding		31,970			33,108			32,929
Dilutive impact of stock awards		—			—			752
Diluted weighted average shares outstanding	$	31,970		$	33,108		$	33,681
(Loss) earnings per share
Basic	$	(4.09	)	$	(0.38	)	$	1.01
Diluted	$	(4.09	)	$	(0.38	)	$	0.99

Anti-dilutive shares excluded from diluted earnings (loss) per common share calculation		1,021			1,186			93

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

Repurchase of Common Stock

Repurchases of Common Stock

Shares of the Company’s common stock may be repurchased by the Company through open market transactions. The par value of the shares retired is charged against Common stock and the remaining purchase price is 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 portion charged to (Accumulated deficit) Retained earnings. For transactions in which the purchase price is less than the price at initial issuance, the full amount is charged against Additional

paid-in capital. The total cost of the broker commissions is charged directly to (Accumulated deficit) Retained earnings. All shares repurchased under the 2022 Share Repurchase Program have been retired. See Note 6, Stockholders’ Equity.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Adopted 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 ABL Facility and Former Term Loan Facility 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 Consolidated Financial Statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

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

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

Summary of Significant Accounting Policies - Schedule of Components of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Accounting Policies [Abstract]
Net Income (Loss)	$ (130,684)	$ (12,530)	$ 33,369
Basic weighted average shares outstanding	31,970	33,108	32,929
Dilutive impact of stock awards	0	0	752
Diluted weighted average shares outstanding	31,970	33,108	33,681
Basic (loss) earnings per share	$ (4.09)	$ (0.38)	$ 1.01
Diluted (loss) earnings per share	$ (4.09)	$ (0.38)	$ 0.99
Anti-dilutive shares excluded from diluted earnings (loss) per common share calculation	1,021	1,186	93

- Definition

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

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- Definition

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

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- Definition

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

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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Feb. 02, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

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 Consolidated Statements of Operations:


(in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
Deferred awards	$	3,491		$	5,744		$	5,683
Performance awards (1)		(87	)		(2,090	)		4,370
Option awards		423			99			103
Total stock-based compensation expense	$	3,827		$	3,753		$	10,156

(1)

Net credit expense for Fiscal 2023 and Fiscal 2022 includes a reduction of the accrual for Performance Awards based on actual and projected results relative to performance measures and forfeitures.

Summary of Deferred Awards Activity

The following table provides a summary of the Deferred Awards activity for Fiscal 2023, Fiscal 2022 and Fiscal 2021.


	Fiscal Year Ended
	February 2, 2024					January 27, 2023					January 28, 2022
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Deferred Awards at beginning of year		906		$	16.46		913		$	14.60		1,093		$	10.86
Granted		844			8.53		503			18.09		247			29.90
Vested		(449	)		12.21		(398	)		14.14		(401	)		13.89
Forfeited		(342	)		16.53		(112	)		16.94		(26	)		13.46
Deferred Awards at end of year		959		$	11.44		906		$	16.46		913		$	14.60

Summary of Performance Awards Activity

The following table provides a summary of the Performance Awards activity for Fiscal 2023, Fiscal 2022 and Fiscal 2021:


	Fiscal Year Ended
	February 2, 2024					January 27, 2023					January 28, 2022
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Performance Awards at beginning of year		355		$	24.39		436		$	21.15		393		$	18.32
Granted		567			9.74		248			20.65		166			29.95
Change in estimate - performance												42			15.73
Vested		—			—		(270	)		15.73		(165	)		21.90
Forfeited		(315	)		19.68		(59	)		24.39		—			—
Performance Awards at end of year		607		$	13.14		355		$	24.39		436		$	21.15

Summary of Changes in Outstanding Options Awards

The following table provides a summary of the changes in outstanding Options Awards for Fiscal 2023 and Fiscal 2022.


	Fiscal Year Ended
	February 2, 2024				January 27, 2023
	Option Awards		Weighted Average Exercise Price per Share		Option Awards		Weighted Average Exercise Price per Share
(in thousands, except per share amounts)
Option Awards outstanding at beginning of year		511	$	16.08		343	$	18.66
Granted		—		—		168		10.81
Vested		—		—		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—
Option Awards outstanding at end of year		511	$	16.08		511	$	16.08

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 February 2, 2024:


	Option Awards		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
(in thousands, except per share and contractual life amounts)
Option Awards vested and expected to vest		511		3.3	$	16.08		—
Option Awards exercisable		385		1.5	$	17.80		—

Performance Awards

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Grant Date Fair Value of Award Granted

The fair value for the Performance Awards granted during Fiscal 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.

Employee Stock Option

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Grant Date Fair Value of Award Granted

The grant date fair value of the Option Award granted during Fiscal 2022 was estimated at the grant date using the Black Scholes option pricing model with the following assumptions:


Risk-free interest rate (1)		4.2	%
Expected dividend yield		0.0	%
Expected volatility (2)		75.5	%
Expected term (in years) (3)		6.0
Grant date fair value per share	$	7.44

(1)

The Risk-free interest rate is based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected term of the stock option award.

(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 stock option award.

(3)

The Expected term (in years) of the stock option award represents the estimated period of time until exercise and is calculated using the simplified method. The simplified method was used to calculate the Expected term (in years) as the Company does not have sufficient historical experience exercise data to provide a reasonable basis upon which to estimate the expected term of the Option Award.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Indefinite Lived Intangible Assets - Summary of Goodwill and Intangible Asset Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Gross amount	$ 110,000	$ 110,000	$ 110,000
Goodwill, Accumulated impairment losses	(110,000)	(3,300)	(3,300)
Goodwill, Carrying Value	0	106,700	$ 106,700
Goodwill, Impairment loss	$ 106,700	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (130,684)	$ (12,530)	$ 33,369
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	38,465	38,741	39,166
Amortization of debt issuance costs	2,716	3,176	3,194
Loss (gain) on disposal of property and equipment	93	(530)	741
Stock-based compensation	3,827	3,753	10,156
Deferred income taxes	1,813	927	(782)
Goodwill and long-lived asset impairment	106,700	468
Loss on extiguishment of debt	6,666
Other	(1,335)	(775)	(661)
Change in operating assets and liabilities:
Accounts receivable, net	9,861	4,503	(13,170)
Inventories, net	124,459	(45,873)	(4,213)
Accounts payable	(33,047)	19,938	13,089
Other operating assets	(447)	(8,105)	4,080
Other operating liabilities	1,478	(40,060)	(14,400)
Net cash provided by (used in) operating activities	130,565	(36,367)	70,569
CASH FLOWS FROM INVESTING ACTIVITIES
Sales of property and equipment	7	1,967
Purchases of property and equipment	(34,916)	(31,806)	(25,238)
Net cash used in investing activities	(34,909)	(29,839)	(25,238)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings under ABL Facility	172,000	264,000	143,000
Payments of borrowings under ABL Facility	(272,000)	(164,000)	(168,000)
Proceeds from issuance on long-term debt, net of discount	252,200
Payments on term loan	(244,063)	(13,750)	(13,750)
Payments of debt extinguishment costs	(2,338)
Payments of debt issuance costs	(2,735)		(1,232)
Payments for taxes related to net share settlement of equity awards	(1,269)	(4,324)	(5,111)
Purchases and retirement of common stock	(11,902)	(8,463)
Net cash (used in) provided by financing activities	(110,107)	73,463	(45,093)
Effects of exchange rate changes on cash, cash equivalents and restricted cash	350	(2,001)	103
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(14,101)	5,256	341
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR	41,391	36,135	35,794
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR	27,290	41,391	36,135
SUPPLEMENTAL CASH FLOW DATA
Unpaid liability to acquire property and equipment	3,853	9,998	2,627
Income taxes paid, net of refunds	1,108	4,763	24,868
Interest paid	$ 48,099	$ 34,485	$ 31,421

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. 29, 2021	$ 369,703	$ 326	$ 369,372	$ 11,226	$ (11,221)
Balance, shares at Jan. 29, 2021		32,614
Net Income (Loss)	33,369			33,369
Cumulative translation adjustment, net of tax	(1,421)				(1,421)
Stock-based compensation expense	10,156		10,156
Vesting of restricted shares		$ 4	(4)
Vesting of restricted shares, shares		567
Common stock withheld related to net share settlement of equity awards	(5,111)		(5,111)
Common stock withheld related to net share settlement of equity awards, shares		(196)
Balance at Jan. 28, 2022	406,696	$ 330	374,413	44,595	(12,642)
Balance, shares at Jan. 28, 2022		32,985
Net Income (Loss)	(12,530)			(12,530)
Cumulative translation adjustment, net of tax	(4,380)				(4,380)
Stock-based compensation expense	3,753		3,753
Vesting of restricted shares		$ 4	(4)
Vesting of restricted shares, shares		673
Common stock withheld related to net share settlement of equity awards	(4,324)		(4,324)
Common stock withheld related to net share settlement of equity awards, shares		(236)
Purchases and retirement of common stock	(8,463)	$ (8)	(7,657)	(798)
Purchases and retirement of common stock, shares		(796)
Balance at Jan. 27, 2023	380,752	$ 326	366,181	31,267	(17,022)
Balance, shares at Jan. 27, 2023		32,626
Net Income (Loss)	(130,684)			(130,684)
Cumulative translation adjustment, net of tax	953				953
Stock-based compensation expense	3,827		3,827
Vesting of restricted shares		$ 3	(3)
Vesting of restricted shares, shares		449
Common stock withheld related to net share settlement of equity awards	(1,269)		(1,269)
Common stock withheld related to net share settlement of equity awards, shares		(155)
Purchases and retirement of common stock	(11,986)	$ (14)	(11,972)
Purchases and retirement of common stock, shares		(1,487)
Balance at Feb. 02, 2024	$ 241,593	$ 315	$ 356,764	$ (99,417)	$ (16,069)
Balance, shares at Feb. 02, 2024		31,433

Fair Value Measurements of Financial Assets and Liabilities - Carrying Values and Fair Values of Other Financial Instruments (Details) - USD ($) $ in Thousands	Feb. 02, 2024	Jan. 27, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 260,000	$ 244,063
Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 258,139	$ 241,728

Debt - Schedule of Aggregate Maturities (Details) - Secured Debt $ in Thousands	Feb. 02, 2024 USD ($)
Debt Instrument [Line Items]
2024	$ 13,000
2025	13,000
2026	13,000
2027	13,000
2028	208,000
Long Term Debt	$ 260,000

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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Reference 3: 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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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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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 02, 2024	Jan. 27, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	480,000,000	480,000,000
Common stock, shares issued	31,433,000	32,626,000
Common stock, shares outstanding	31,433,000	32,626,000

Debt (Tables)

12 Months Ended

Feb. 02, 2024

Debt Disclosure [Abstract]

Summary of Company's Maximum Borrowing Availability Under ABL Facility


	February 2, 2024			January 27, 2023
(in thousands)	Amount		Interest Rate	Amount		Interest Rate
ABL Facility limit	$	275,000		$	275,000
Borrowing Base		176,311			274,354

Outstanding borrowings		—			100,000		6.27	%
Outstanding letters of credit		9,070			10,557
ABL Facility utilization at end of period		9,070			110,557

ABL Facility borrowing availability	$	167,241		$	163,797

Schedule of Company's Long Term Debt

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


	February 2, 2024					January 27, 2023
(in thousands)	Amount		Interest Rate			Amount		Interest Rate
Former Term Loan Facility	$	—		—	%	$	244,063		14.13	%
Current Term Loan Facility	$	260,000		13.70	%		—		—	%
Less: Current portion of long-term debt		13,000					13,750
Less: Unamortized debt issuance costs		10,830					6,807
Long-term debt, net	$	236,170				$	223,506

Schedule of Aggregate Scheduled Maturities

The Company’s aggregate scheduled maturities of the Debt Facilities as of February 2, 2024 are as follows:


Scheduled maturities

(in thousands)

2024	$	13,000
2025		13,000
2026		13,000
2027		13,000
2028		208,000
Total	$	260,000

Leases - Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Leases [Abstract]
Operating cash outflows from operating leases	$ 8,060	$ 9,154	$ 10,509
Operating lease right-of-use-assets (reversal) obtained in exchange for lease liabilities	$ (2,236)	$ 4,440	$ 1,409

Goodwill and Indefinite Lived Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible asset net, carrying value	$ 257,000,000	$ 257,000,000	$ 257,000,000
Goodwill impairment	106,700,000
Trade Names
Indefinite Lived Intangible Assets By Major Class [Line Items]
Impairment of indefinite intangible asset excluding goodwill	0	$ 0	$ 0
Outfitters
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill impairment	36,300,000
US eCommerce
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill impairment	$ 70,400,000

Lands' End Japan Closure

12 Months Ended

Feb. 02, 2024

Restructuring and Related Activities [Abstract]

Lands' End Japan Closure

NOTE 8. 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. Lands’ End Japan comprises the Japan eCommerce operating segment. For a discussion of this operating segment, see Note 13, Segment Reporting. The closing and subsequent disposal of the assets does 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 Consolidated Financial Statements as discontinued operations.

In August 2022, the Company notified all employees of the closure and commenced closing activities. Liquidation sales commenced in the month of September 2022 through the end of Fiscal 2022. The dissolution of Lands’ End Japan was authorized and approved on January 31, 2023. The Company recorded closing costs for employee severance and benefit costs, early termination and restoration costs of lease facilities and contract cancellation and other costs. The final liquidation occurred in First Quarter 2024.

The following table summarizes the closing costs of Lands’ End Japan recognized in Other operating expense, net in the Consolidated Statement of Operations for Fiscal 2023 and Fiscal 2022.


(in thousands)	February 2, 2024			January 27, 2023
Employee severance and benefit costs (1)	$	25		$	1,795
Early termination and restoration costs of leased facilities		(16	)		744
Contract cancellation and other costs		259			448
Total closing costs	$	268		$	2,987

(1)

For fiscal year ending January 27, 2023 employee severance and benefit costs are approximately $1.0 million lower than actual payments due to the reversal of a previously recorded compensation-related accrual.

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


(in thousands)	Employee Severance and Benefit Costs			Leased Facilities Costs			Other Closing Costs			Total
Balance as of January 28, 2022	$	—		$	—		$	—		$	—
Estimated costs payable in cash		2,812			749			347			3,908
Cash payments		(2,076	)		(381	)		(379	)		(2,836	)
Foreign currency translation		331			104			49			484
Balance as of January 27, 2023	$	1,067		$	472		$	17		$	1,556
Estimated costs payable in cash		25			(16	)		259			268
Cash payments		(1,050	)		(438	)		(260	)		(1,748	)
Foreign currency translation		(14	)		(18	)		(1	)		(33	)
Balance as of February 2, 2024	$	28		$	—		$	15		$	43

Debt - Summary of Company's Maximum Borrowing Availability Under ABL Facility (Details) - ABL Facility - USD ($)	12 Months Ended
	Jan. 27, 2023	Feb. 02, 2024
Line Of Credit Facility [Line Items]
ABL Facility maximum borrowing	$ 275,000,000	$ 275,000,000.0
Borrowing base	274,354,000	176,311,000
Less: Outstanding borrowings	100,000,000	0
Letters of Credit Outstanding, Amount, Total	10,557,000	9,070,000
Utilization of ABL Facility at end of period	110,557,000	9,070,000
Borrowing availability under ABL Facility	$ 163,797,000	$ 167,241,000
Interest Rate	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

Goodwill and Indefinite Lived Intangible Assets (Tables)

12 Months Ended

Feb. 02, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill and Intangible Asset Net

The following table summarizes the activity of the Company’s Goodwill:


(in thousands)	Goodwill
Balance January 28, 2022
Gross amount	$	110.0
Accumulated impairment losses		(3.3	)
Carrying Value		106.7
Impairment loss booked in Fiscal 2022		—
Balance January 27, 2023
Gross amount		110.0
Accumulated impairment losses		(3.3	)
Carrying Value		106.7
Impairment loss booked in Fiscal 2023		106.7
Balance February 2, 2024
Gross amount		110.0
Accumulated impairment losses		(110.0	)
Carrying Value	$	—

The carrying value of Intangible asset, net was $257.0 million as of February 2, 2024, January 27, 2023 and January 28, 2022.

Income Taxes (Tables)

12 Months Ended

Feb. 02, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

The Company’s income (loss) before income taxes in the United States and in foreign jurisdictions is as follows:


(in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
(Loss) income before income taxes
United States	$	(126,745	)	$	4,646		$	52,963
Foreign		(5,072	)		(19,325	)		(6,994	)
Total (loss) income before income taxes	$	(131,817	)	$	(14,679	)	$	45,969

Schedule of Components of the Provision for (Benefit from) Income Taxes

The components of the provision for (benefit from) income taxes are as follows:


(in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
United States	$	(1,482	)	$	(3,258	)	$	12,215
Foreign		349			1,109			385
Total (benefit) provision	$	(1,133	)	$	(2,149	)	$	12,600


(in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
Current:
Federal	$	(3,092	)	$	(3,928	)	$	11,370
State		(192	)		(273	)		1,627
Foreign		338			1,125			385
Total current		(2,946	)		(3,076	)		13,382
Deferred:
Federal		(316	)		682			(1,426	)
State		2,118			261			644
Foreign		11			(16	)		—
Total deferred		1,813			927			(782	)
Total (benefit) provision	$	(1,133	)	$	(2,149	)	$	12,600

Reconciliation of the Effective Income Tax Rate

A reconciliation of the statutory federal income tax rate to the effective income tax rate is as follows:


	Fiscal 2023			Fiscal 2022			Fiscal 2021
Tax at statutory federal tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal tax benefit		(1.1	)%		0.1	%		3.9	%
Foreign differential		2.1	%		27.2	%		(5.2	)%
Permanent differences		(0.8	)%		(3.4	)%		1.9	%
Uncertain tax benefits		0.1	%		1.1	%		1.1	%
Change in foreign valuation allowance		(2.2	)%		(32.4	)%		4.9	%
Goodwill impairment		(17.0	)%		—	%		—	%
Other, net		(1.2	)%		1.0	%		(0.2	)%
Total		0.9	%		14.6	%		27.4	%

Summary of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consisted of the following:


(in thousands)	February 2, 2024			January 27, 2023			January 28, 2022
Deferred tax assets
Deferred revenue	$	7,388		$	5,946		$	6,528
Legal accruals		1,418			2,053			2,461
Deferred compensation		6,100			10,246			18,328
Deferred interest		640			10,011			—
Reserve for returns		2,867			2,938			2,958
Inventory		4,510			4,303			3,730
CTA investment in foreign subsidiaries		4,271			4,525			3,361
Operating lease liabilities		7,017			8,112			8,677
Other		1,369			1,980			2,402
Net operating loss carryforward		26,544			11,057			5,211
Total deferred tax assets		62,124			61,171			53,656
Less valuation allowance		(16,292	)		(11,207	)		(6,009	)
Net deferred tax assets	$	45,832		$	49,964		$	47,647

Deferred tax liabilities
Intangible assets	$	61,785		$	61,715		$	62,295
LIFO reserve		19,137			21,263			18,118
Property and equipment		5,662			4,461			4,396
Operating lease right-of-use assets		5,709			6,670			7,089
Catalog advertising		1,559			1,808			1,940
Total deferred tax liabilities		93,852			95,917			93,838
Net deferred tax liability	$	48,020		$	45,953		$	46,191

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending gross amount of unrecognized tax benefits (“UTBs”) is as follows:


	Fiscal 2023			Fiscal 2022			Fiscal 2021
Gross UTBs balance at beginning of period	$	1,297		$	1,477		$	1,012
Tax positions related to the prior periods - gross (decreases) increases		(156	)		(180	)		539
Settlements		—			—			(74	)
Gross UTBs balance at end of period	$	1,141		$	1,297		$	1,477

Fair Value Measurements of Financial Assets and Liabilities - Additional Information (Details) - USD ($)	Feb. 02, 2024	Jan. 27, 2023
Nonrecurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Nonfinancial assets fair value disclosure	$ 0	$ 0
Nonfinancial liabilities fair value disclosure	0	0
Fair Value \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Restricted cash fair value	$ 2,000,000	$ 1,800,000

Lands' End Japan Closure - Summary of Accrued Closure Cost Activity Related to Lands' End Japan Included in Accrued Expenses and Other Current Liabilities in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 1,556
Estimated costs (reductions) payable in cash	268	$ 3,908
Cash payments	(1,748)	(2,836)
Foreign currency translation	(33)	484
Ending Balance	43	1,556
Employee Severance and Benefit Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	1,067
Estimated costs (reductions) payable in cash	25	2,812
Cash payments	(1,050)	(2,076)
Foreign currency translation	(14)	331
Ending Balance	28	1,067
Leased Facilities Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	472
Estimated costs (reductions) payable in cash	(16)	749
Cash payments	(438)	(381)
Foreign currency translation	(18)	104
Ending Balance		472
Other Closing Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	17
Estimated costs (reductions) payable in cash	259	347
Cash payments	(260)	(379)
Foreign currency translation	(1)	49
Ending Balance	$ 15	$ 17

- 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 Changes in Outstanding Options Awards (Details) - Option Awards - $ / shares	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option Awards, Outstanding at beginning of year	511,000	343,000
Option Awards, Granted	0	168,000
Option Awards, Vested	0
Option Awards, Exercised	0
Option Awards, Forfeited	0
Option Awards, Outstanding at end of year	511,000	511,000
Weighted Average Exercise Price per Share, Outstanding at beginning of year	$ 16.08	$ 18.66
Weighted Average Exercise Price per Share, Granted	0	10.81
Weighted Average Exercise Price per Share, Vested	0
Weighted Average Exercise Price per Share, Exercised	0
Weighted Average Exercise Price per Share, Forfeited	0
Weighted Average Exercise Price per Share, Outstanding at end of year	$ 16.08	$ 16.08

Debt - Schedule of Company's Long Term Debt (Details) - USD ($) $ in Thousands	Feb. 02, 2024	Dec. 29, 2023	Jan. 27, 2023
Line Of Credit Facility [Line Items]
Less: Current portion of long-term debt	$ 13,000		$ 13,750
Less: Unamortized debt issuance costs	10,830		6,807
Long-term debt, net	236,170		223,506
Former Term Loan Facility
Line Of Credit Facility [Line Items]
Secured debt			$ 244,063
Debt instrument, interest rate, stated percentage			14.13%
Current Term Loan Facility
Line Of Credit Facility [Line Items]
Secured debt	$ 260,000	$ 260,000
Debt instrument, interest rate, stated percentage	13.70%

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023
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%
Options awards expiration period	10 years
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	$ 6.2
Compensation expense not yet recognized, recognition period	2 years 1 month 6 days
Fair value of awards, vested	$ 5.5	$ 5.7
Performance Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Compensation expense not yet recognized, recognition period	2 years 2 months 12 days
Performance awards period considered	3 years
Compensation expense not yet recognized	$ 2.2
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options awards expiration period	10 years
Compensation expense not yet recognized, recognition period	1 year 9 months 18 days
Compensation expense not yet recognized	$ 0.7

Summary of Significant Accounting Policies - Schedule of Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022	Jan. 29, 2021
Accounting Policies [Abstract]
Accumulated other comprehensive loss, tax	$ 4,271	$ 4,525	$ 3,361	$ 2,987
Foreign currency translations adjustment, tax	(348)	1,164	374
Reclassification of foreign currency translation gain to income, tax	$ 94	$ 0	$ 0

Stockholders' Equity (Tables)

12 Months Ended

Feb. 02, 2024

Share Repurchase Program

Equity Class of Treasury Stock [Line Items]

Summary of Share Repurchases

The following table summarizes the Company’s share repurchases during Fiscal 2023 and Fiscal 2022:


(Shares and $ in thousands except average per share cost)	February 2, 2024		January 27, 2023
Number of shares repurchased		1,487		796
Total cost	$	11,872	$	8,447
Average per share cost	$	7.98	$	10.61

Summary of Significant Accounting Policies - Summary of Plant and Equipment (Details) - USD ($) $ in Thousands	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 463,198	$ 435,772
Less: Accumulated depreciation	(345,165)	(308,134)
Total property and equipment, net	118,033	127,638	$ 129,791
Land
Property Plant And Equipment [Line Items]
Gross property and equipment	3,450	3,440
Buildings and improvements
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 101,232	99,545
Buildings and improvements \| Minimum
Property Plant And Equipment [Line Items]
Asset lives of property and equipment (years)	15 years
Buildings and improvements \| Maximum
Property Plant And Equipment [Line Items]
Asset lives of property and equipment (years)	30 years
Furniture, fixtures and equipment
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 66,373	59,992
Furniture, fixtures and equipment \| Minimum
Property Plant And Equipment [Line Items]
Asset lives of property and equipment (years)	3 years
Furniture, fixtures and equipment \| Maximum
Property Plant And Equipment [Line Items]
Asset lives of property and equipment (years)	10 years
Computer hardware and software
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 261,764	232,799
Computer hardware and software \| Minimum
Property Plant And Equipment [Line Items]
Asset lives of property and equipment (years)	3 years
Computer hardware and software \| Maximum
Property Plant And Equipment [Line Items]
Asset lives of property and equipment (years)	10 years
Leasehold improvements
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 12,673	12,761
Leasehold improvements \| Minimum
Property Plant And Equipment [Line Items]
Asset lives of property and equipment (years)	3 years
Leasehold improvements \| Maximum
Property Plant And Equipment [Line Items]
Asset lives of property and equipment (years)	7 years
Construction in progress
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 17,706	$ 27,235

Stock-Based Compensation - Summary of Deferred Awards Activity (Details) - Deferred Awards - $ / shares shares in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Awards at beginning of year	906	913	1,093
Number of Shares, Granted	844	503	247
Number of Shares, Vested	(449)	(398)	(401)
Number of Shares, Forfeited	(342)	(112)	(26)
Number of Shares, Awards at end of year	959	906	913
Weighted Average Grant Date Fair Value, Awards at beginning of year	$ 16.46	$ 14.6	$ 10.86
Weighted Average Grant Date Fair Value, Granted	8.53	18.09	29.9
Weighted Average Grant Date Fair Value, Vested	12.21	14.14	13.89
Weighted Average Grant Date Fair Value, Forfeited	16.53	16.94	13.46
Weighted Average Grant Date Fair Value, Awards at end of year	$ 11.44	$ 16.46	$ 14.6

Summary of Significant Accounting Policies

12 Months Ended

Feb. 02, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fiscal Year


Fiscal Year	Ended	Weeks
2023	February 2, 2024	53
2022	January 27, 2023	52
2021	January 28, 2022	52

Seasonality

Use of Estimates

Cash and cash equivalents

Restricted cash

The Company classifies cash balances pledged as collateral as Restricted cash on the Consolidated Balance Sheets.

Allowance for Credit Losses

Changes in the balance of the allowance for credit losses are as follows:


(in thousands)	Fiscal 2023			Fiscal 2022
Beginning balance	$	728		$	625
Provision		89			295
Write-offs		(167	)		(192	)
Ending balance	$	650		$	728

Inventory

Deferred Catalog Costs and Marketing

Property and Equipment


(in thousands)	Asset Lives (years)	February 2, 2024			January 27, 2023
Land	—	$	3,450		$	3,440
Buildings and improvements	15-30		101,232			99,545
Furniture, fixtures and equipment	3-10		66,373			59,992
Computer hardware and software	3-10		261,764			232,799
Leasehold improvements	3-7		12,673			12,761
Construction in progress			17,706			27,235
Gross property and equipment			463,198			435,772
Less: Accumulated depreciation			(345,165	)		(308,134	)
Total property and equipment, net		$	118,033		$	127,638

As of both February 2, 2024 and January 27, 2023, construction in progress relates primarily to technological investments.

Leases

Impairment of Property and Equipment

Goodwill and Indefinite-lived Intangible Asset Impairment Assessments

Goodwill impairment assessments

The impairment test 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

Financial Instruments with Off-Balance-Sheet Risk

Fair Value of Financial Instruments

Foreign Currency Translations and Transactions

Revenue Recognition

Contract Liabilities


(in thousands)	Fiscal 2023			Fiscal 2022
Deferred revenue beginning of period	$	7,484		$	8,560
Deferred revenue recognized in period		(7,270	)		(8,346	)
Revenue deferred in period		4,100			7,270
Deferred revenue end of period	$	4,314		$	7,484


(in thousands)	Fiscal 2023			Fiscal 2022
Balance as of beginning of period	$	33,029		$	33,070
Gift cards sold		66,392			65,877
Gift cards redeemed		(60,374	)		(64,637	)
Gift card breakage		(3,443	)		(1,281	)
Balance as of end of period	$	35,604		$	33,029

Refund Liabilities

Cost of Sales

Selling and Administrative Expenses

Income Taxes

Self-Insurance

Retirement Benefit Plan

Other Comprehensive Income (Loss)


	Fiscal 2023			Fiscal 2022			Fiscal 2021
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,525, $3,361, and $2,987, respectively)	$	(17,022	)	$	(12,642	)	$	(11,221	)
Other comprehensive (loss) income
Foreign currency translation adjustments (net of tax of $(348), $1,164, and $374, respectively)		1,307			(4,380	)		(1,421	)
Reclassification of foreign currency translation gain to income (net of tax of $94, $0, and $0, respectively)		(354	)		—			—
Ending balance: Accumulated other comprehensive loss (net of tax of $4,271, $4,525, and $3,361, respectively)	$	(16,069	)	$	(17,022	)	$	(12,642	)

Stock-Based Compensation

Earnings (Loss) per Share

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


(in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
Net (loss) income	$	(130,684	)	$	(12,530	)	$	33,369
Basic weighted average shares outstanding		31,970			33,108			32,929
Dilutive impact of stock awards		—			—			752
Diluted weighted average shares outstanding	$	31,970		$	33,108		$	33,681
(Loss) earnings per share
Basic	$	(4.09	)	$	(0.38	)	$	1.01
Diluted	$	(4.09	)	$	(0.38	)	$	0.99

Anti-dilutive shares excluded from diluted earnings (loss) per common share calculation		1,021			1,186			93

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

Repurchases of Common Stock

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Commitments and Contingencies

12 Months Ended

Feb. 02, 2024

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.

Leases

12 Months Ended

Feb. 02, 2024

Leases [Abstract]

Leases

NOTE 4. LEASES

The following table summarizes the Company’s components of lease expense, primarily related to Company Operated stores, which is included in Selling and administrative expense in the Consolidated Statements of Operations:


(in thousands)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Operating lease expense	$	6,340	$	7,466	$	8,273
Variable lease expense		2,572		2,714		2,312
Total lease expense	$	8,912	$	10,180	$	10,585

Short-term lease cost was not material for Fiscal 2023, Fiscal 2022 or Fiscal 2021.

Supplemental balance sheet information related to operating leases are as follows:


(in thousands)	Fiscal 2023			Fiscal 2022
Operating lease right-of-use asset	$	23,438		$	30,325
Lease liability – current		6,024			5,414
Lease liability – long-term		22,952			31,095
Weighted average remaining lease term in years		5.7			6.6
Weighted average discount rate		6.62	%		6.36	%

Supplemental cash flow information related to operating leases are as follows:


(in thousands)	Fiscal 2023			Fiscal 2022		Fiscal 2021
Operating cash outflows from operating leases	$	8,060		$	9,154	$	10,509
Operating lease right-of-use-assets (reversal) obtained in exchange for lease liabilities		(2,236	)		4,440		1,409

Maturities of operating lease liabilities as of February 2, 2024 are as follows:


(in thousands)
2024	$	7,682
2025		5,671
2026		5,372
2027		5,212
2028		4,462
Thereafter		6,552
Total operating lease payments	$	34,951
Less imputed interest		5,975
Present value of lease liabilities	$	28,976

Segment Reporting - Summary of Segment and Geographic Region (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 02, 2024

Jan. 27, 2023

Jan. 28, 2022

Segment Reporting Information [Line Items]

Net revenue

$ 1,472,508

$ 1,555,429

$ 1,636,624

United States

Segment Reporting Information [Line Items]

Net revenue

$ 1,342,366

$ 1,368,518

$ 1,393,402

Percentage of net revenue

91.20%

88.00%

85.10%

Europe

Segment Reporting Information [Line Items]

Net revenue

$ 114,778

$ 135,878

$ 179,302

Percentage of net revenue

7.80%

8.70%

11.00%

Asia

Segment Reporting Information [Line Items]

Net revenue

^[1]

$ 569

$ 33,451

$ 44,383

Percentage of net revenue

^[1]

0.00%

2.20%

2.70%

Other Foreign

Segment Reporting Information [Line Items]

Net revenue

$ 14,795

$ 17,582

$ 19,537

Percentage of net revenue

1.00%

1.10%

1.20%

[1]	Fiscal 2022 and Fiscal 2021 includes Net revenue of $32.7 million and $43.3 million, respectively, from the Japan eCommerce distribution channel. See Note 8, Lands’ End Japan Closure.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

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

12 Months Ended

Feb. 02, 2024

Jan. 27, 2023

Jan. 28, 2022

Segment Reporting Information [Line Items]

Net revenue

$ 1,472,508

$ 1,555,429

$ 1,636,624

US eCommerce

Segment Reporting Information [Line Items]

Net revenue

$ 930,314

$ 955,752

$ 1,027,138

Percentage of net revenue

63.20%

61.40%

62.80%

International

Segment Reporting Information [Line Items]

Net revenue

^[1]

$ 112,855

$ 166,627

$ 220,997

Percentage of net revenue

^[1]

7.70%

10.70%

13.50%

Outfitters

Segment Reporting Information [Line Items]

Net revenue

$ 269,943

$ 265,898

$ 254,191

Percentage of net revenue

18.30%

17.10%

15.50%

Third Party

Segment Reporting Information [Line Items]

Net revenue

$ 111,826

$ 118,996

$ 86,517

Percentage of net revenue

7.60%

7.70%

5.30%

Retail

Segment Reporting Information [Line Items]

Net revenue

$ 47,570

$ 48,156

$ 47,781

Percentage of net revenue

3.20%

3.10%

2.90%

[1]	Fiscal 2022 and Fiscal 2021 includes Net revenue of $32.7 million and $43.3 million, respectively, from the Japan eCommerce distribution channel. See Note 8, Lands’ End Japan Closure.

- Definition

+ References

+ Details

Stock-Based Compensation - Summary of Performance Awards Activity (Details) - Performance Awards - $ / shares	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Awards at beginning of year	355,000	436,000	393,000
Number of Shares, Granted	567,000	248,000	166,000
Number of Shares, Change in estimate - performance			42,000
Number of Shares, Vested		(270,000)	(165,000)
Number of Shares, Forfeited	(315,000)	(59,000)
Number of Shares, Awards at end of year	607,000	355,000	436,000
Weighted Average Grant Date Fair Value, Awards at beginning of year	$ 24.39	$ 21.15	$ 18.32
Weighted Average Grant Date Fair Value, Granted	9.74	20.65	29.95
Weighted Average Grant Date Fair Value, Change in estimate - performance			15.73
Weighted Average Grant Date Fair Value, Vested		15.73	21.9
Weighted Average Grant Date Fair Value, Forfeited	19.68	24.39
Weighted Average Grant Date Fair Value, Awards at end of year	$ 13.14	$ 24.39	$ 21.15

Background and Basis of Presentation - Additional Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Jun. 22, 2023

Feb. 02, 2024

Jan. 27, 2023

Unusual Risk Or Uncertainty [Line Items]

Corporate restructuring, percentage of reduced corporate positions

10.00%

Corporate restructuring

$ 268

$ 2,987

Employee severance and benefit costs

^[1]

1,795

Employee Severance and Benefit Costs [Member]

Unusual Risk Or Uncertainty [Line Items]

Corporate restructuring costs, yet to be paid

2,900

Other Related Costs [Member]

Unusual Risk Or Uncertainty [Line Items]

Corporate restructuring costs, yet to be paid

1,100

Other Operating Expense (Income)

Unusual Risk Or Uncertainty [Line Items]

Corporate restructuring

7,300

Employee severance and benefit costs

6,200

Corporate restructuring, other related costs

1,100

One-time closing costs

$ 300

$ 3,000

Term Loan Facility | Secured Debt | One Month Adjusted Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Unusual Risk Or Uncertainty [Line Items]

Spread on variable rate

0.11448%

Term Loan Facility | Secured Debt | Three Month Adjusted Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Unusual Risk Or Uncertainty [Line Items]

Spread on variable rate

0.26161%

Term Loan Facility | Secured Debt | Six Month Adjusted Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Unusual Risk Or Uncertainty [Line Items]

Spread on variable rate

0.42826%

[1]	For fiscal year ending January 27, 2023 employee severance and benefit costs are approximately $1.0 million lower than actual payments due to the reversal of a previously recorded compensation-related accrual.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Feb. 02, 2024
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

Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023
Accounting Policies [Abstract]
Beginning balance	$ 728	$ 625
Provision	89	295
Write-offs	(167)	(192)
Ending balance	$ 650	$ 728

Summary of Significant Accounting Policies - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Accounting Policies [Abstract]
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,525, $3,361, and $2,987 , respectively)	$ (17,022)	$ (12,642)	$ (11,221)
Other comprehensive (loss) income
Foreign currency translation adjustments	1,307	(4,380)	(1,421)
Reclassification of foreign currency translation gain to income	(354)
Ending balance: Accumulated other comprehensive loss (net of tax of $4,304, $34,525, and $3,361, respectively)	$ (16,069)	$ (17,022)	$ (12,642)

- Definition

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

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Summary Of Significant Accounting Policies [Line Items]
Increase in inventories	$ (124,459)	$ 45,873	$ 4,213
Reserve for excess and obsolete inventory	$ 18,100	$ 13,900
United States
Summary Of Significant Accounting Policies [Line Items]
Percentage of LIFO inventory	93.00%	92.00%
LIFO
Summary Of Significant Accounting Policies [Line Items]
Increase in inventories	$ 1,500	$ 1,200

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (130,684)	$ (12,530)	$ 33,369

- Definition

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

+ References

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 02, 2024	Jan. 27, 2023
Current assets
Cash and cash equivalents	$ 25,314	$ 39,557
Restricted cash	1,976	1,834
Accounts receivable, net	35,295	44,928
Inventories, net	301,724	425,513
Prepaid expenses and other current assets	45,951	44,894
Total current assets	410,260	556,726
Property and equipment, net	118,033	127,638
Operating lease right-of-use asset	23,438	30,325
Goodwill	0	106,700
Intangible asset, net	257,000	257,000
Other assets	2,748	3,759
TOTAL ASSETS	811,479	1,082,148
Current liabilities
Current portion of long-term debt	13,000	13,750
Accounts payable	131,922	171,557
Lease liability - current	6,024	5,414
Accrued expenses and other current liabilities	108,972	106,756
Total current liabilities	259,918	297,477
Long-term borrowings on ABL Facility		100,000
Long-term debt, net	236,170	223,506
Lease liability - long-term	22,952	31,095
Deferred tax liabilities	48,020	45,953
Other liabilities	2,826	3,365
TOTAL LIABILITIES	569,886	701,396
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock, par value $0.01 - authorized: 480,000 shares; issued and outstanding: 31,433 and 32,626, respectively	315	326
Additional paid-in capital	356,764	366,181
(Accumulated deficit) Retained earnings	(99,417)	31,267
Accumulated other comprehensive loss	(16,069)	(17,022)
TOTAL STOCKHOLDERS' EQUITY	241,593	380,752
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 811,479	$ 1,082,148

Fair Value Measurements of Financial Assets and Liabilities (Tables)

12 Months Ended

Feb. 02, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Fair Values of Other Financial Instruments

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


	February 2, 2024				January 27, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	260,000	$	258,139	$	244,063	$	241,728

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 02, 2024

Accounting Policies [Abstract]

Schedule of Allowance for Credit Losses

Changes in the balance of the allowance for credit losses are as follows:


(in thousands)	Fiscal 2023			Fiscal 2022
Beginning balance	$	728		$	625
Provision		89			295
Write-offs		(167	)		(192	)
Ending balance	$	650		$	728

Summary of Property and Equipment, Net

As of the balance sheet dates, Property and equipment, net consisted of the following:


(in thousands)	Asset Lives (years)	February 2, 2024			January 27, 2023
Land	—	$	3,450		$	3,440
Buildings and improvements	15-30		101,232			99,545
Furniture, fixtures and equipment	3-10		66,373			59,992
Computer hardware and software	3-10		261,764			232,799
Leasehold improvements	3-7		12,673			12,761
Construction in progress			17,706			27,235
Gross property and equipment			463,198			435,772
Less: Accumulated depreciation			(345,165	)		(308,134	)
Total property and equipment, net		$	118,033		$	127,638

Deferred Revenue Disclosure

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


(in thousands)	Fiscal 2023			Fiscal 2022
Deferred revenue beginning of period	$	7,484		$	8,560
Deferred revenue recognized in period		(7,270	)		(8,346	)
Revenue deferred in period		4,100			7,270
Deferred revenue end of period	$	4,314		$	7,484

Gift Card Reconciliation

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


(in thousands)	Fiscal 2023			Fiscal 2022
Balance as of beginning of period	$	33,029		$	33,070
Gift cards sold		66,392			65,877
Gift cards redeemed		(60,374	)		(64,637	)
Gift card breakage		(3,443	)		(1,281	)
Balance as of end of period	$	35,604		$	33,029

Schedule of Other Comprehensive Income (Loss)


	Fiscal 2023			Fiscal 2022			Fiscal 2021
Beginning balance: Accumulated other comprehensive loss (net of tax of $4,525, $3,361, and $2,987, respectively)	$	(17,022	)	$	(12,642	)	$	(11,221	)
Other comprehensive (loss) income
Foreign currency translation adjustments (net of tax of $(348), $1,164, and $374, respectively)		1,307			(4,380	)		(1,421	)
Reclassification of foreign currency translation gain to income (net of tax of $94, $0, and $0, respectively)		(354	)		—			—
Ending balance: Accumulated other comprehensive loss (net of tax of $4,271, $4,525, and $3,361, respectively)	$	(16,069	)	$	(17,022	)	$	(12,642	)

Schedule of Components of Basic and Diluted EPS

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


(in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
Net (loss) income	$	(130,684	)	$	(12,530	)	$	33,369
Basic weighted average shares outstanding		31,970			33,108			32,929
Dilutive impact of stock awards		—			—			752
Diluted weighted average shares outstanding	$	31,970		$	33,108		$	33,681
(Loss) earnings per share
Basic	$	(4.09	)	$	(0.38	)	$	1.01
Diluted	$	(4.09	)	$	(0.38	)	$	0.99

Anti-dilutive shares excluded from diluted earnings (loss) per common share calculation		1,021			1,186			93

Summary of Significant Accounting Policies - Deferred Revenue Disclosure (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Deferred revenue beginning of period	$ 7,484	$ 8,560
Deferred revenue recognized in period	(7,270)	(8,346)
Revenue deferred in period	4,100	7,270
Deferred revenue end of period	$ 4,314	$ 7,484

Debt

12 Months Ended

Feb. 02, 2024

Debt Disclosure [Abstract]

Debt

NOTE 3. 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 or Loan Cap which is calculated from Eligible Inventory, Trade Receivables and Credit Card Receivables, all foregoing capitalized terms not defined herein are as defined in the ABL Facility.

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


	February 2, 2024			January 27, 2023
(in thousands)	Amount		Interest Rate	Amount		Interest Rate
ABL Facility limit	$	275,000		$	275,000
Borrowing Base		176,311			274,354

Outstanding borrowings		—			100,000		6.27	%
Outstanding letters of credit		9,070			10,557
ABL Facility utilization at end of period		9,070			110,557

ABL Facility borrowing availability	$	167,241		$	163,797

Long-Term Debt

On December 29, 2023, the Company entered into the Current Term Loan Facility which provides borrowings of $260.0 million, the proceeds of which were used to repay all of the indebtedness under the Former Term Loan Facility and to pay fees and expenses in connection with the financing. Origination costs, including a 3% original issue discount of $7.8 million and debt origination fees of $2.9 million, were incurred in connection with entering into the Current Term Loan Facility. The original issue discount and the debt origination fees are presented as a direct deduction from the carrying value of the Current Term Loan Facility and Former Term Loan Facility and are amortized over the term of the loan to Interest expense in the Consolidated Statements of Operations.

As a result of the Former Term Loan Facility repayment before the scheduled maturity date, the transaction was subject to a 1% prepayment premium of $2.3 million. Additionally, the Company recorded $4.4 million for the write off of unamortized original issue discount and debt issuance costs of the Former Term Loan Facility. These charges resulted in a loss on extinguishment of debt of $6.7 million in Fourth Quarter 2023.

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


	February 2, 2024					January 27, 2023
(in thousands)	Amount		Interest Rate			Amount		Interest Rate
Former Term Loan Facility	$	—		—	%	$	244,063		14.13	%
Current Term Loan Facility	$	260,000		13.70	%		—		—	%
Less: Current portion of long-term debt		13,000					13,750
Less: Unamortized debt issuance costs		10,830					6,807
Long-term debt, net	$	236,170				$	223,506

Interest; Fees

ABL Facility

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”). During Second Quarter 2023, the Company adopted ASU 2020-04, the optional practical expedient for Reference Rate and as such, this amendment was treated as a continuation of the existing agreement and no gain or loss on this modification was recorded in the Consolidated Statement of Operations. 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. The Fourth Amendment had no material interest rate impact.

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”.

The ABL Facility fees include (i) commitment fees of 0.25% based upon the average daily unused commitment (aggregate commitment less loans and letter of credit outstanding) under the ABL Facility for the preceding fiscal quarter, (ii) customary letter of credit fees and (iii) customary annual agent fees. As of February 2, 2024, the Company had no borrowings outstanding under the ABL Facility.

Current Term Loan Facility

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

Customary agency fees are payable annually for the Current Term Loan Facility.

Former Term Loan Facility

Effective June 22, 2023, the Company entered into Amendment No. 1 (the “First Amendment”) to the Former Term Loan Facility which (subject to a 1% floor) replaced the interest rate benchmark based upon LIBOR with Term Loan Adjusted SOFR. This transition resulted in no material interest rate impact. During Second Quarter 2023, the Company adopted ASU 2020-04, the optional practical expedient for Reference Rate and as such, this amendment was treated as a continuation of the existing agreement and no gain or loss on this modification was recorded in the Consolidated Statement of Operations.

Prior to the First Amendment to the Former Term Loan Facility, the interest rate per annum applicable to the loans under the Former Term Loan Facility was based on a fluctuating rate of interest measured by reference to, at the borrower’s election, either (1) a 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%.

Effective with the First Amendment to the Former Term Loan Facility, the interest rate per annum applicable to the loans under the Former Term Loan Facility was based on a fluctuating rate of interest measured by reference to, at the borrower’s election, either (1) a Term 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%.

Customary agency fees were paid annually for the Former Term Loan Facility.

Maturity; Amortization and Prepayments

The ABL Facility maturity date is July 29, 2026.

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

The Company’s aggregate scheduled maturities of the Debt Facilities as of February 2, 2024 are as follows:


Scheduled maturities

(in thousands)

2024	$	13,000
2025		13,000
2026		13,000
2027		13,000
2028		208,000
Total	$	260,000

Guarantees; Security

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

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

Representations and Warranties; Covenants

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

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

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

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

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

Events of Default

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

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Lands' End Japan Closure - Summary of Closing Costs of Lands' End Japan Recognized in Other Operating Expense (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 02, 2024

Jan. 27, 2023

Restructuring and Related Activities [Abstract]

Employee severance and benefit costs

^[1]

$ 25

$ 1,795

Early termination and restoration costs of leased facilities

(16)

744

Contract cancellation and other costs

259

448

Total closing costs

$ 268

$ 2,987

[1]	For fiscal year ending January 27, 2023 employee severance and benefit costs are approximately $1.0 million lower than actual payments due to the reversal of a previously recorded compensation-related accrual.

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

12 Months Ended

Feb. 02, 2024

Jan. 27, 2023

Jan. 28, 2022

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

Share-based compensation

$ 3,827

$ 3,753

$ 10,156

Deferred Awards

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

Share-based compensation

3,491

5,744

5,683

Performance Awards

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

Share-based compensation

^[1]

(87)

(2,090)

4,370

Employee Stock Option

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

Share-based compensation

$ 423

$ 99

$ 103

[1]	Net credit expense for Fiscal 2023 and Fiscal 2022 includes a reduction of the accrual for Performance Awards based on actual and projected results relative to performance measures and forfeitures.

- 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

12 Months Ended

Feb. 02, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

NOTE 5. STOCK-BASED COMPENSATION

The Company expenses the fair value of all stock awards over the 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.

ii.

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. The Performance Awards granted in Fiscal 2023 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. 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. For Fiscal 2023 Performance Awards, 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 Fiscal 2023 are based on the closing price of the Company’s common stock on the grant date. For awards granted in Fiscal 2023 which include 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 more accurately measured.

iii.

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

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


(in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
Deferred awards	$	3,491		$	5,744		$	5,683
Performance awards (1)		(87	)		(2,090	)		4,370
Option awards		423			99			103
Total stock-based compensation expense	$	3,827		$	3,753		$	10,156

(1)

Net credit expense for Fiscal 2023 and Fiscal 2022 includes a reduction of the accrual for Performance Awards based on actual and projected results relative to performance measures and forfeitures.

Deferred Awards

The following table provides a summary of the Deferred Awards activity for Fiscal 2023, Fiscal 2022 and Fiscal 2021.


	Fiscal Year Ended
	February 2, 2024					January 27, 2023					January 28, 2022
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Deferred Awards at beginning of year		906		$	16.46		913		$	14.60		1,093		$	10.86
Granted		844			8.53		503			18.09		247			29.90
Vested		(449	)		12.21		(398	)		14.14		(401	)		13.89
Forfeited		(342	)		16.53		(112	)		16.94		(26	)		13.46
Deferred Awards at end of year		959		$	11.44		906		$	16.46		913		$	14.60

Total unrecognized stock-based compensation expense related to unvested Deferred Awards was approximately $6.2 million as of February 2, 2024, which is expected to be recognized ratably over a weighted average period of 2.1 years. The total fair value of Deferred Awards vested during Fiscal 2023 and Fiscal 2022 was $5.5 million and $5.7 million, respectively. Deferred Awards granted to employees during Fiscal 2023 vest over a period of three years.

Performance Awards

The following table provides a summary of the Performance Awards activity for Fiscal 2023, Fiscal 2022 and Fiscal 2021:


	Fiscal Year Ended
	February 2, 2024					January 27, 2023					January 28, 2022
(in thousands, except per share amounts)	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Performance Awards at beginning of year		355		$	24.39		436		$	21.15		393		$	18.32
Granted		567			9.74		248			20.65		166			29.95
Change in estimate - performance												42			15.73
Vested		—			—		(270	)		15.73		(165	)		21.90
Forfeited		(315	)		19.68		(59	)		24.39		—			—
Performance Awards at end of year		607		$	13.14		355		$	24.39		436		$	21.15

Total unrecognized stock-based compensation expense related to unvested Performance Awards was approximately $2.2 million as of Fiscal 2023 which is expected to be recognized ratably over a weighted average period of 2.2 years. The Performance Awards granted to employees during Fiscal 2023 vest, if earned, after completion of the applicable three-year performance period. The fair value for the Performance Awards granted during Fiscal 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.

Options Awards

The following table provides a summary of the changes in outstanding Options Awards for Fiscal 2023 and Fiscal 2022.


	Fiscal Year Ended
	February 2, 2024				January 27, 2023
	Option Awards		Weighted Average Exercise Price per Share		Option Awards		Weighted Average Exercise Price per Share
(in thousands, except per share amounts)
Option Awards outstanding at beginning of year		511	$	16.08		343	$	18.66
Granted		—		—		168		10.81
Vested		—		—		—		—
Exercised		—		—		—		—
Forfeited		—		—		—		—
Option Awards outstanding at end of year		511	$	16.08		511	$	16.08

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 February 2, 2024:


	Option Awards		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Aggregate Intrinsic Value
(in thousands, except per share and contractual life amounts)
Option Awards vested and expected to vest		511		3.3	$	16.08		—
Option Awards exercisable		385		1.5	$	17.80		—

Total unrecognized stock-based compensation expense related to Option Awards was approximately $0.7 million as of February 2, 2024, which is expected to be recognized over a weighted average period of 1.8 years.

The grant date fair value of the Option Award granted during Fiscal 2022 was estimated at the grant date using the Black Scholes option pricing model with the following assumptions:


Risk-free interest rate (1)		4.2	%
Expected dividend yield		0.0	%
Expected volatility (2)		75.5	%
Expected term (in years) (3)		6.0
Grant date fair value per share	$	7.44

(1)

The Risk-free interest rate is based on the U.S. Treasury constant maturity interest rate with a term consistent with the expected term of the stock option award.

(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 stock option award.

(3)

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Feb. 02, 2024 USD ($)
Leases [Abstract]
2024	$ 7,682
2025	5,671
2026	5,372
2027	5,212
2028	4,462
Thereafter	6,552
Total operating lease payments	34,951
Less imputed interest	5,975
Present value of lease liabilities	$ 28,976

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Income Tax Disclosure [Abstract]
Gross UTBs balance at beginning of period	$ 1,297	$ 1,477	$ 1,012
Tax positions related to the prior periods - gross (decreases) increases	(156)	(180)	539
Settlements	0	0	(74)
Gross UTBs balance at end of period	$ 1,141	$ 1,297	$ 1,477

Stockholders' Equity - Additional Information (Details) - USD ($)			12 Months Ended
	Mar. 15, 2024	Jun. 28, 2022	Feb. 02, 2024	Jan. 27, 2023
Equity Class of Treasury Stock [Line Items]
Purchases and retirement of common stock			$ (11,986,000)	$ (8,463,000)
Retained Earnings
Equity Class of Treasury Stock [Line Items]
Purchases and retirement of common stock				(798,000)
Share Repurchase Program
Equity Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount	$ 25,000,000
Stock repurchase program expiration date	Mar. 31, 2026
Purchases and retirement of common stock			11,872,000	8,447,000
2022 Share Repurchase Program
Equity Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount		$ 50,000,000
Stock repurchase program expiration date		Feb. 02, 2024
Stock repurchased, value			20,300,000
2022 Share Repurchase Program \| Retained Earnings
Equity Class of Treasury Stock [Line Items]
Purchases and retirement of common stock			$ 0	$ 7,700,000

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Feb. 02, 2024	Apr. 01, 2024	Jul. 28, 2023
Cover [Abstract]
Entity Registrant Name	Lands’ End, Inc.
Document Type	10-K
Trading Symbol	LE
Current Fiscal Year End Date	--02-02
Entity Common Stock, Shares Outstanding		31,491,974
Amendment Flag	false
Entity Central Index Key	0000799288
Entity Filer Category	Accelerated Filer
Document Period End Date	Feb. 02, 2024
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Public Float			$ 136.8
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 Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Auditor Name	BDO USA, P.C.
Auditor Location	Madison, WI, United States
Auditor Firm ID	243
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement relating to the registrant’s 2024 Annual Meeting of Stockholders (the “Proxy Statement”), to be held on May 9, 2024, are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Feb. 02, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	February 2, 2024		January 27, 2023
Deferred gift card revenue	$	35,604	$	33,029
Accrued employee compensation and benefits		28,449		18,125
Reserve for sales returns and allowances		21,560		25,030
Accrued property, sales and other taxes		8,795		9,780
Deferred revenue		4,314		7,484
Accrued interest		1,994		4,456
Other		8,256		8,852
Total Accrued expenses and other current liabilities	$	108,972	$	106,756

Stockholders' Equity

12 Months Ended

Feb. 02, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

NOTE 6. STOCKHOLDERS’ EQUITY

Share Repurchase Program

On June 28, 2022, the Company announced that its Board of Directors authorized the Company to repurchase up to $50.0 million of the Company’s common stock through February 2, 2024 (the “2022 Share Repurchase Program”). Under the 2022 Share Repurchase Program, the Company could repurchase its common stock through open market purchases, in privately negotiated transactions, or by other means in accordance with federal securities laws, including Rule 10b-18 of the Exchange Act. The amount and timing of these purchases was determined by the Company’s management depending upon market conditions and other factors and at times were made pursuant to a Rule 10b5-1 trading plan. Purchases of $20.3 million were made under the 2022 Share Repurchase Program which expired on February 2, 2024.

The following table summarizes the Company’s share repurchases during Fiscal 2023 and Fiscal 2022:


(Shares and $ in thousands except average per share cost)	February 2, 2024		January 27, 2023
Number of shares repurchased		1,487		796
Total cost	$	11,872	$	8,447
Average per share cost	$	7.98	$	10.61

The Company retired all shares that were repurchased through the 2022 Share Repurchase Program through February 2, 2024. 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. For all shares retired during Fiscal 2023 and Fiscal 2022, no amount and $7.7 million, respectively, was charged to (Accumulated deficit) Retained earnings. In addition, the total cost of the broker commissions is charged directly to (Accumulated deficit) Retained earnings.

On March 15, 2024, the Company announced that its Board of Directors authorized the Company to repurchase up to $25.0 million of the Company’s common stock through March 31, 2026.

- Definition

The entire disclosure for equity.

+ References

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

Summary of Significant Accounting Policies - Gift Card Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023
Gift Card Reconciliation [Abstract]
Gift card liability at beginning of period	$ 33,029	$ 33,070
Gift cards sold	66,392	65,877
Gift cards redeemed	(60,374)	(64,637)
Gift card breakage	(3,443)	(1,281)
Balance as of end of period	$ 35,604	$ 33,029

Income Taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
(Loss) income before income taxes
United States	$ (126,745)	$ 4,646	$ 52,963
Foreign	(5,072)	(19,325)	(6,994)
(Loss) income before income taxes	$ (131,817)	$ (14,679)	$ 45,969

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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

Stock-Based Compensation - Schedule of Grant Date Fair Value of Award Granted (Details) - $ / shares

12 Months Ended

Feb. 02, 2024

Jan. 27, 2023

Performance Awards

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Risk-free interest rate

^[1]

4.46%

Expected dividend yield

0.00%

Expected volatility

^[2]

78.04%

Expected term (in years)

^[3]

2 years 7 months 17 days

Grant date fair value per share

$ 9.74

Employee Stock Option

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Risk-free interest rate

4.20%

Expected dividend yield

0.00%

Expected volatility

75.50%

Expected term (in years)

6 years

Grant date fair value per share

$ 7.44

[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.

- 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

12 Months Ended

Feb. 02, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Background and Basis of Presentation

NOTE 1. BACKGROUND AND BASIS OF PRESENTATION

Description of Business

Lands’ End, Inc. (“Lands’ End” or the “Company”) is a leading digital retailer of solution-based apparel, swimwear, outerwear, accessories, footwear, home products and uniforms. We offer products online at www.landsend.com, through third-party distribution channels and our own Company Operated stores. We also offer products to businesses and schools, for their employees and students, through the Outfitters distribution channel.

Terms that are commonly used in the Company’s Notes to the 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 Consolidated Statements of Operations net of Income tax expense/(benefit), Interest expense, Depreciation and amortization and other 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

•

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

•

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

•

Deferred Awards – Time vesting stock awards

•

EPS – Earnings per share

•

FASB – Financial Accounting Standards Board

•

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

•

Fiscal 2024 – The 52 weeks ending January 31, 2025

•

Fiscal 2023 – The 53 weeks ended February 2, 2024

•

Fiscal 2022 – The 52 weeks ended January 27, 2023

•

Fiscal 2021 – The 52 weeks ended January 28, 2022

•

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

•

Fourth Quarter 2023 – The 14 weeks ended February 2, 2024

•

GAAP – Accounting principles generally accepted in the United States

•

LIBOR – London inter-bank offered rate

•

Option Awards – Stock option awards

•

Performance Awards – Performance-based stock awards

•

SEC – United States Securities and Exchange Commission

•

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

•

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

•

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

•

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

Basis of Presentation

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

The accompanying Consolidated Financial Statements have been prepared in accordance with GAAP. In the opinion of management, all material adjustments are of a normal and recurring nature necessary for a fair presentation of the results have been reflected for the periods presented. Dollar amounts are reported in thousands, except per share data, unless otherwise noted.

Macroeconomic Challenges

Macroeconomic issues, such as high interest rates and inflationary pressures, 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 and other inputs necessary for the production and distribution of the Company’s products.

Global Supply Chain Challenges

Like many industries, we experienced global supply chain challenges that impacted our distribution process, third-party manufacturing partners and logistics partners, including shipping delays due to port congestion and closure of certain third-party manufacturing facilities and production lines. These global supply chain challenges caused manufacturing, transport and receipt of inbound product delays that increased our logistics costs during the first half of Fiscal 2022. These global supply chain challenges began to normalize in the second half of Fiscal 2022 and throughout Fiscal 2023.

Corporate Restructuring

The Company reduced approximately 10% of positions in the corporate offices and the Hong Kong sourcing office during Fiscal 2023. The Company incurred $7.3 million of total corporate restructuring costs, which includes $6.2 million of employee severance and benefit costs and $1.1 million of other related costs, which was recorded in Other operating expense, net in the Consolidated Statements of Operations. As of February 2, 2024, approximately

$2.9 million of the employee severance and benefit costs and $1.1 million of the other related costs had yet to be paid and are included in Accrued expenses and other current liabilities in the 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 $0.3 million and $3.0 million during Fiscal 2023 and Fiscal 2022, respectively, recorded in Other operating expense, net in the Consolidated Statements of Operations. See Note 8, Lands’ End Japan Closure. The final liquidation occurred in First Quarter 2024.

Segment Reporting - Summary of Segment and Geographic Region (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Segment Reporting Information [Line Items]
Net revenue	$ 1,472,508	$ 1,555,429	$ 1,636,624
Japan eCommerce
Segment Reporting Information [Line Items]
Net revenue		$ 32,700	$ 43,300

- Definition

+ References

+ Details

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Feb. 02, 2024 Channel Country Segment
Segment Reporting [Abstract]
Number of reportable segments \| Segment	1
Number of distribution channels for revenue reporting purposes \| Channel	5
Number of countries other than the U.S. representing greater than 10% of total net revenue	0
Number of countries other than the U.S. representing greater than 10% of total property and equipment, net	0

Goodwill and Indefinite Lived Intangible Assets

12 Months Ended

Feb. 02, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Indefinite Lived Intangible Assets

NOTE 10. GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSET

The Company’s intangible assets, consisting of a goodwill and trade name, were originally valued in connection with a business combination accounted for under the purchase accounting method. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired.

The following table summarizes the activity of the Company’s Goodwill:


(in thousands)	Goodwill
Balance January 28, 2022
Gross amount	$	110.0
Accumulated impairment losses		(3.3	)
Carrying Value		106.7
Impairment loss booked in Fiscal 2022		—
Balance January 27, 2023
Gross amount		110.0
Accumulated impairment losses		(3.3	)
Carrying Value		106.7
Impairment loss booked in Fiscal 2023		106.7
Balance February 2, 2024
Gross amount		110.0
Accumulated impairment losses		(110.0	)
Carrying Value	$	—

The carrying value of Intangible asset, net was $257.0 million as of February 2, 2024, January 27, 2023 and January 28, 2022.

ASC 350, Intangibles - Goodwill and Other, requires companies to test goodwill and indefinite-lived intangible assets for impairment annually, or more often if an event or circumstance indicates that the carrying amount may not be recoverable. In connection with the preparation of the financial statements included in the Company’s Third Quarter 2023 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 a 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 impairment test 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.

There was no impairment of the trade name during any period presented.

Income Taxes - Reconciliation of the Effective Income Tax Rate (Details)	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Income Tax Disclosure [Abstract]
Tax at statutory federal tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal tax benefit	(1.10%)	0.10%	3.90%
Foreign differential	2.10%	27.20%	(5.20%)
Permanent differences	(0.80%)	(3.40%)	1.90%
Uncertain tax benefits	0.10%	1.10%	1.10%
Change in foreign valuation allowance	(2.20%)	(32.40%)	4.90%
Goodwill impairment	(17.00%)	0.00%	0.00%
Other, net	(1.20%)	1.00%	(0.20%)
Total	0.90%	14.60%	27.40%

Fair Value Measurements of Financial Assets and Liabilities

12 Months Ended

Feb. 02, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements of Financial Assets and Liabilities

NOTE 9. FAIR VALUE MEASUREMENTS OF FINANCIAL ASSETS AND LIABILITIES

Cash and cash equivalents and restricted cash is reflected on the Consolidated Balance Sheets at fair value based on Level 1 inputs. Cash and cash equivalents and restricted cash amounts are valued based upon statements received from financial institutions. The fair value of restricted cash was $2.0 million and $1.8 million as of February 2, 2024 and January 27, 2023, respectively.

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


	February 2, 2024				January 27, 2023
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion	$	260,000	$	258,139	$	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-Derman-Toy (“BDT”) model as well as market inputs from management. The BDT modeling approach is particularly relevant given the Current Term Loan Facility’s features, including the optional redemption provision. There were no nonfinancial assets or nonfinancial liabilities recognized at fair value on a nonrecurring basis as of February 2, 2024 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

Segment Reporting - Summary of Property and Equipment Net by Geographical Location (Details) - USD ($) $ in Thousands	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Segment Reporting Information [Line Items]
Property and equipment, net	$ 118,033	$ 127,638	$ 129,791
United States
Segment Reporting Information [Line Items]
Property and equipment, net	111,254	120,311	121,259
Europe
Segment Reporting Information [Line Items]
Property and equipment, net	6,588	7,051	7,879
Asia
Segment Reporting Information [Line Items]
Property and equipment, net	$ 191	$ 276	$ 653

Consolidated Statements of Comprehensive Operations - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Statement of Comprehensive Income [Abstract]
NET (LOSS) INCOME	$ (130,684)	$ (12,530)	$ 33,369
Other comprehensive (loss) income, net of tax, foreign currency translation gain (loss)	1,307	(4,380)	(1,421)
Other comprehensive (loss) income, net of tax, reclassification of foreign currency translation gain to income	(354)
COMPREHENSIVE (LOSS) INCOME	$ (129,731)	$ (16,910)	$ 31,948

- Definition

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

+ References

+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022	Jan. 29, 2021
Income Tax Examination [Line Items]
Unrecognized tax benefits	$ 1,141	$ 1,297	$ 1,477	$ 1,012
Unrecognized tax benefits that would impact effective tax rate	$ 1,000
Tax years remain open for examination	2020 2021 2022 2023
Amount of interest and penalties recognized	$ 600	600
Income tax examination, penalties and interest accrued, net of tax benefit	500	$ 500
Federal Tax Authority
Income Tax Examination [Line Items]
Operating loss Carryforwards	125,200
Deferred tax assets, net	14,400
State and Local Jurisdiction
Income Tax Examination [Line Items]
Operating loss Carryforwards	125,200
Deferred tax assets, net	14,400
Foreign Tax Authority
Income Tax Examination [Line Items]
Operating loss Carryforwards	41,900
Deferred tax assets, net	$ 12,100

Income Taxes - Schedule of Components of the Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Income Tax Expense (Benefit), Continuing Operations, by Jurisdiction [Abstract]
United States	$ (1,482)	$ (3,258)	$ 12,215
Foreign	349	1,109	385
Total (benefit) provision	(1,133)	(2,149)	12,600
Current:
Federal	(3,092)	(3,928)	11,370
State	(192)	(273)	1,627
Foreign	338	1,125	385
Total current	(2,946)	(3,076)	13,382
Deferred:
Federal	(316)	682	(1,426)
State	2,118	261	644
Foreign	11	(16)	0
Total deferred	1,813	927	(782)
Total (benefit) provision	$ (1,133)	$ (2,149)	$ 12,600

Segment Reporting - Summary of Net Revenue by Distribution Channel (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Segment Reporting Information [Line Items]
Net revenue	$ 1,472,508	$ 1,555,429	$ 1,636,624
Japan eCommerce
Segment Reporting Information [Line Items]
Net revenue		$ 32,700	$ 43,300

- Definition

+ References

+ Details

Lands' End Japan Closure (Tables)

12 Months Ended

Feb. 02, 2024

Restructuring and Related Activities [Abstract]

Summary of Closing Costs of Lands' End Japan Recognized in Other Operating Expense

The following table summarizes the closing costs of Lands’ End Japan recognized in Other operating expense, net in the Consolidated Statement of Operations for Fiscal 2023 and Fiscal 2022.


(in thousands)	February 2, 2024			January 27, 2023
Employee severance and benefit costs (1)	$	25		$	1,795
Early termination and restoration costs of leased facilities		(16	)		744
Contract cancellation and other costs		259			448
Total closing costs	$	268		$	2,987

(1)

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

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


(in thousands)	Employee Severance and Benefit Costs			Leased Facilities Costs			Other Closing Costs			Total
Balance as of January 28, 2022	$	—		$	—		$	—		$	—
Estimated costs payable in cash		2,812			749			347			3,908
Cash payments		(2,076	)		(381	)		(379	)		(2,836	)
Foreign currency translation		331			104			49			484
Balance as of January 27, 2023	$	1,067		$	472		$	17		$	1,556
Estimated costs payable in cash		25			(16	)		259			268
Cash payments		(1,050	)		(438	)		(260	)		(1,748	)
Foreign currency translation		(14	)		(18	)		(1	)		(33	)
Balance as of February 2, 2024	$	28		$	—		$	15		$	43

Summary of Significant Accounting Policies - Additional Information (Details1) - USD ($) shares in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Significant Accounting Policies [Line Items]
Unamortized marketing costs	$ 10,300,000	$ 10,400,000
Marketing expenses	200,500,000	205,600,000	$ 220,000,000
Depreciation expense	$ 38,500,000	38,700,000	39,200,000
Lease, Existence of Option to Extend [true false]	true
Lease option to extend	The lease term is defined as the noncancelable portion of the lease term plus any periods covered by an option to extend the lease, if it is reasonably certain that the option will be exercised.
Company operated store duration	14 months
Impairment of property and equipment	$ 0	500,000	0
Goodwill impairment	106,700,000
Accounts receivable, net	35,295,000	44,928,000	49,700,000
Foreign currency translation adjustments	953,000	(4,380,000)	(1,421,000)
Total self insurance expenses	18,900,000	17,700,000	17,300,000
401(k) plan expense	3,900,000	$ 3,900,000	$ 3,900,000
Cumulative foreign currency translation adjustments	$ 400,000
Options awards expiration period	10 years
Antidilutive shares excluded from diluted weighted average shares outstanding	1,021	1,186	93
Accrued Expenses and Other Current Liabilities
Significant Accounting Policies [Line Items]
Refund liabilities	$ 21,600,000	$ 25,000,000
Cost Of Sales
Significant Accounting Policies [Line Items]
Foreign currency translation adjustments	1,000,000	4,400,000	$ 1,400,000
Foreign exchange transaction adjustments	$ (1,000,000)	(1,000,000)	$ 800,000
Minimum
Significant Accounting Policies [Line Items]
Leases remaining terms	1 year
Maximum
Significant Accounting Policies [Line Items]
Leases remaining terms	10 years
ABL Facility
Significant Accounting Policies [Line Items]
Line of credit facility, maximum borrowing capacity	$ 275,000,000.0	275,000,000
Line of credit	0	100,000,000
Letter of credit outstanding amount	$ 9,070,000	$ 10,557,000
ABL Facility \| Maximum
Significant Accounting Policies [Line Items]
Line of credit facility, maturity date	Jul. 29, 2026
ABL Facility \| Letter of Credit
Significant Accounting Policies [Line Items]
Line of credit facility, maximum borrowing capacity	$ 70,000,000
Trade Names
Significant Accounting Policies [Line Items]
Reporting units exceeded the carrying value percentage	6.10%	13.30%	68.90%
Impairment of indefinite intangible asset excluding goodwill	$ 0	$ 0	$ 0
US eCommerce
Significant Accounting Policies [Line Items]
Goodwill impairment	70,400,000
Outfitters
Significant Accounting Policies [Line Items]
Goodwill impairment	$ 36,300,000

Income Taxes

12 Months Ended

Feb. 02, 2024

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 11. INCOME TAXES

The Company’s income (loss) before income taxes in the United States and in foreign jurisdictions is as follows:


(in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
(Loss) income before income taxes
United States	$	(126,745	)	$	4,646		$	52,963
Foreign		(5,072	)		(19,325	)		(6,994	)
Total (loss) income before income taxes	$	(131,817	)	$	(14,679	)	$	45,969

Certain foreign operations are branches of Lands’ End and are subject to U.S. as well as foreign income tax. The pretax income (loss) by location and the analysis of the income tax provision by taxing jurisdiction are not directly related.

The components of the provision for (benefit from) income taxes are as follows:


(in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
United States	$	(1,482	)	$	(3,258	)	$	12,215
Foreign		349			1,109			385
Total (benefit) provision	$	(1,133	)	$	(2,149	)	$	12,600


(in thousands)	Fiscal 2023			Fiscal 2022			Fiscal 2021
Current:
Federal	$	(3,092	)	$	(3,928	)	$	11,370
State		(192	)		(273	)		1,627
Foreign		338			1,125			385
Total current		(2,946	)		(3,076	)		13,382
Deferred:
Federal		(316	)		682			(1,426	)
State		2,118			261			644
Foreign		11			(16	)		—
Total deferred		1,813			927			(782	)
Total (benefit) provision	$	(1,133	)	$	(2,149	)	$	12,600

A reconciliation of the statutory federal income tax rate to the effective income tax rate is as follows:


	Fiscal 2023			Fiscal 2022			Fiscal 2021
Tax at statutory federal tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal tax benefit		(1.1	)%		0.1	%		3.9	%
Foreign differential		2.1	%		27.2	%		(5.2	)%
Permanent differences		(0.8	)%		(3.4	)%		1.9	%
Uncertain tax benefits		0.1	%		1.1	%		1.1	%
Change in foreign valuation allowance		(2.2	)%		(32.4	)%		4.9	%
Goodwill impairment		(17.0	)%		—	%		—	%
Other, net		(1.2	)%		1.0	%		(0.2	)%
Total		0.9	%		14.6	%		27.4	%

Deferred tax assets and liabilities consisted of the following:


(in thousands)	February 2, 2024			January 27, 2023			January 28, 2022
Deferred tax assets
Deferred revenue	$	7,388		$	5,946		$	6,528
Legal accruals		1,418			2,053			2,461
Deferred compensation		6,100			10,246			18,328
Deferred interest		640			10,011			—
Reserve for returns		2,867			2,938			2,958
Inventory		4,510			4,303			3,730
CTA investment in foreign subsidiaries		4,271			4,525			3,361
Operating lease liabilities		7,017			8,112			8,677
Other		1,369			1,980			2,402
Net operating loss carryforward		26,544			11,057			5,211
Total deferred tax assets		62,124			61,171			53,656
Less valuation allowance		(16,292	)		(11,207	)		(6,009	)
Net deferred tax assets	$	45,832		$	49,964		$	47,647

Deferred tax liabilities
Intangible assets	$	61,785		$	61,715		$	62,295
LIFO reserve		19,137			21,263			18,118
Property and equipment		5,662			4,461			4,396
Operating lease right-of-use assets		5,709			6,670			7,089
Catalog advertising		1,559			1,808			1,940
Total deferred tax liabilities		93,852			95,917			93,838
Net deferred tax liability	$	48,020		$	45,953		$	46,191

As of February 2, 2024, the Company had $125.2 million of federal and state net operating loss (“NOL”) carryforwards (generating a $14.4 million deferred tax asset) available to offset future taxable income. The federal NOL Carryforward has an indefinite life. The state NOL carryforwards generally expire between 2024 and 2043 with certain state NOLs generated after 2017 having indefinite carryforward. The Company’s foreign subsidiaries had $41.9 million of NOL carryforwards (generating a $12.1 million deferred tax asset) available to offset future taxable income. These foreign NOLs can be carried forward indefinitely, however, a valuation allowance was established since the future utilization of these NOLs is uncertain.

A reconciliation of the beginning and ending gross amount of unrecognized tax benefits (“UTBs”) is as follows:


	Fiscal 2023			Fiscal 2022			Fiscal 2021
Gross UTBs balance at beginning of period	$	1,297		$	1,477		$	1,012
Tax positions related to the prior periods - gross (decreases) increases		(156	)		(180	)		539
Settlements		—			—			(74	)
Gross UTBs balance at end of period	$	1,141		$	1,297		$	1,477

As of February 2, 2024, the Company had gross UTBs of $1.1 million. Of this amount, $1.0 million would, if recognized, impact its effective tax rate. The Company does not expect that UTBs will fluctuate significantly in the next 12 months for tax audit settlements and the expiration of the statute of limitations for certain jurisdictions. Tax years 2020 through 2023 remain open for examination by the Internal Revenue Service as well as various state and foreign jurisdictions.

The Company classifies interest expense and penalties related to UTBs and interest income on tax overpayments as components of income tax expense. As of February 2, 2024, the total amount of interest expense and penalties recognized on the balance sheet was $0.6 million ($0.5 million net of federal benefit). As of January 27, 2023, the total amount of interest and penalties recognized on the balance sheet was $0.6 million ($0.5 million net of federal

benefit). The total amount of net interest expense recognized in the Consolidated Statements of Operations was insignificant for all periods presented. The Company files income tax returns in both the United States and various foreign jurisdictions.

- 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
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Deferred tax assets
Deferred revenue	$ 7,388	$ 5,946	$ 6,528
Legal accruals	1,418	2,053	2,461
Deferred compensation	6,100	10,246	18,328
Deferred interest	640	10,011	0
Reserve for returns	2,867	2,938	2,958
Inventory	4,510	4,303	3,730
CTA investment in foreign subsidiaries	4,271	4,525	3,361
Operating lease liabilities	7,017	8,112	8,677
Other	1,369	1,980	2,402
Net operating loss carryforward	26,544	11,057	5,211
Total deferred tax assets	62,124	61,171	53,656
Less valuation allowance	(16,292)	(11,207)	(6,009)
Net deferred tax assets	45,832	49,964	47,647
Deferred tax liabilities
Intangible assets	61,785	61,715	62,295
LIFO reserve	19,137	21,263	18,118
Property and equipment	5,662	4,461	4,396
Operating lease right-of-use assets	5,709	6,670	7,089
Catalog advertising	1,559	1,808	1,940
Total deferred tax liabilities	93,852	95,917	93,838
Net deferred tax liability	$ 48,020	$ 45,953	$ 46,191

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Leases [Abstract]
Operating lease expense	$ 6,340	$ 7,466	$ 8,273
Variable lease expense	2,572	2,714	2,312
Total lease expense	$ 8,912	$ 10,180	$ 10,585

Accrued Expenses and Other Current Liabilities

12 Months Ended

Feb. 02, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

NOTE 7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


(in thousands)	February 2, 2024		January 27, 2023
Deferred gift card revenue	$	35,604	$	33,029
Accrued employee compensation and benefits		28,449		18,125
Reserve for sales returns and allowances		21,560		25,030
Accrued property, sales and other taxes		8,795		9,780
Deferred revenue		4,314		7,484
Accrued interest		1,994		4,456
Other		8,256		8,852
Total Accrued expenses and other current liabilities	$	108,972	$	106,756

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Other Liabilities, Current [Abstract]
Deferred gift card revenue	$ 35,604	$ 33,029	$ 33,070
Accrued employee compensation and benefits	28,449	18,125
Reserve for sales returns and allowances	21,560	25,030
Accrued property, sales and other taxes	8,795	9,780
Deferred revenue	4,314	7,484
Accrued interest	1,994	4,456
Other	8,256	8,852
Total accrued expenses and other current liabilities	$ 108,972	$ 106,756

Stockholder' Equity - Summary of Share Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023
Equity Class of Treasury Stock [Line Items]
Total cost	$ (11,986)	$ (8,463)
Share Repurchase Program
Equity Class of Treasury Stock [Line Items]
Number of shares repurchased	1,487	796
Total cost	$ 11,872	$ 8,447
Average per share cost	$ 7.98	$ 10.61

Lands' End Japan Closure - Summary of Estimated Closure Costs of Lands' End Japan Recognized in Other Operating Expense (Parenthetical) (Details) - USD ($)
$ in Thousands

12 Months Ended

Feb. 02, 2024

Jan. 27, 2023

Restructuring Cost and Reserve [Line Items]

Employee severance and benefit costs

^[1]

$ 25

$ 1,795

Compensation-Related Accrual

Restructuring Cost and Reserve [Line Items]

Employee severance and benefit costs

$ 1,000

[1]	For fiscal year ending January 27, 2023 employee severance and benefit costs are approximately $1.0 million lower than actual payments due to the reversal of a previously recorded compensation-related accrual.

- 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

Leases (Tables)

12 Months Ended

Feb. 02, 2024

Leases [Abstract]

Components of Lease Expense


(in thousands)	Fiscal 2023		Fiscal 2022		Fiscal 2021
Operating lease expense	$	6,340	$	7,466	$	8,273
Variable lease expense		2,572		2,714		2,312
Total lease expense	$	8,912	$	10,180	$	10,585

Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to operating leases are as follows:


(in thousands)	Fiscal 2023			Fiscal 2022
Operating lease right-of-use asset	$	23,438		$	30,325
Lease liability – current		6,024			5,414
Lease liability – long-term		22,952			31,095
Weighted average remaining lease term in years		5.7			6.6
Weighted average discount rate		6.62	%		6.36	%

Supplemental Cash Flow Information Related to Operating Leases

Supplemental cash flow information related to operating leases are as follows:


(in thousands)	Fiscal 2023			Fiscal 2022		Fiscal 2021
Operating cash outflows from operating leases	$	8,060		$	9,154	$	10,509
Operating lease right-of-use-assets (reversal) obtained in exchange for lease liabilities		(2,236	)		4,440		1,409

Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of February 2, 2024 are as follows:


(in thousands)
2024	$	7,682
2025		5,671
2026		5,372
2027		5,212
2028		4,462
Thereafter		6,552
Total operating lease payments	$	34,951
Less imputed interest		5,975
Present value of lease liabilities	$	28,976

Stock-Based Compensation - Summary of Information about Option Awards Vested and Expected to Vest (Details) - Employee Stock Option	12 Months Ended
	Feb. 02, 2024 $ / 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
Weighted Average Remaining Contractual Life (Years), Option Awards vested and expected to vest	3 years 3 months 18 days
Weighted Average Exercise Price, Option Awards vested and expected to vest \| $ / shares	$ 16.08
Option Awards, Option Awards exercisable \| shares	385,000
Weighted Average Remaining Contractual Life (Years), Option Awards vested and expected to vest, Option Awards exercisable	1 year 6 months
Weighted Average Exercise Price, Option Awards exercisable \| $ / shares	$ 17.8

- 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

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 02, 2024	Jan. 27, 2023	Jan. 28, 2022
Income Statement [Abstract]
Net revenue	$ 1,472,508	$ 1,555,429	$ 1,636,624
Cost of sales (excluding depreciation and amortization)	846,981	961,663	945,164
Gross profit	625,527	593,766	691,460
Selling and administrative	550,211	527,374	571,767
Depreciation and amortization	38,465	38,741	39,166
Goodwill impairment	106,700
Other operating expense, net	7,666	2,926	741
Total costs and expenses	703,042	569,041	611,674
Operating (loss) income	(77,515)	24,725	79,786
Interest expense	48,291	39,768	34,445
Loss on extiguishment of debt	6,666
Other income, net	(655)	(364)	(628)
(Loss) income before income taxes	(131,817)	(14,679)	45,969
Income tax (benefit) expense	(1,133)	(2,149)	12,600
NET (LOSS) INCOME	$ (130,684)	$ (12,530)	$ 33,369
NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO STOCKHOLDERS
Basic:	$ (4.09)	$ (0.38)	$ 1.01
Diluted:	$ (4.09)	$ (0.38)	$ 0.99
Basic weighted average common shares outstanding	31,970	33,108	32,929
Diluted weighted average common shares outstanding	31,970	33,108	33,681

Leases - Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Thousands	Feb. 02, 2024	Jan. 27, 2023
Leases [Abstract]
Operating lease right-of-use asset	$ 23,438	$ 30,325
Lease liability - current	6,024	5,414
Lease liability - long-term	$ 22,952	$ 31,095
Weighted average remaining lease term in years	5 years 8 months 12 days	6 years 7 months 6 days
Weighted average discount rate	6.62%	6.36%

Segment Reporting

12 Months Ended

Feb. 02, 2024

Segment Reporting [Abstract]

Segment Reporting

NOTE 13. SEGMENT REPORTING

During Fiscal 2023, the Company’s operating segments consisted of: U.S. eCommerce, Europe eCommerce, Outfitters, Third Party and Retail. During Fiscal 2022, the Company’s operating segments included Japan eCommerce. See Note 8, 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.

Landsʼ 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 relationships.

•

Retail sells products through Company Operated stores.

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


(in thousands)	Fiscal 2023		% of Net Revenue	Fiscal 2022		% of Net Revenue	Fiscal 2021		% of Net Revenue
U.S. eCommerce	$	930,314	63.2%	$	955,752	61.4%	$	1,027,138	62.8%
International (1)		112,855	7.7%		166,627	10.7%		220,997	13.5%
Outfitters		269,943	18.3%		265,898	17.1%		254,191	15.5%
Third Party		111,826	7.6%		118,996	7.7%		86,517	5.3%
Retail		47,570	3.2%		48,156	3.1%		47,781	2.9%
Total Net revenue	$	1,472,508		$	1,555,429		$	1,636,624

(1)

Fiscal 2022 and Fiscal 2021 includes Net revenue of $32.7 million and $43.3 million, respectively, from the Japan eCommerce distribution channel. See Note 8, Lands’ End Japan Closure.

The geographical allocation of Net revenue is based upon where the product is shipped. The following presents summarized geographical information:


(in thousands)	Fiscal 2023		% of Net Revenue	Fiscal 2022		% of Net Revenue	Fiscal 2021		% of Net Revenue
United States	$	1,342,366	91.2%	$	1,368,518	88.0%	$	1,393,402	85.1%
Europe		114,778	7.8%		135,878	8.7%		179,302	11.0%
Asia (1)		569	0.0%		33,451	2.2%		44,383	2.7%
Other		14,795	1.0%		17,582	1.1%		19,537	1.2%
Total Net revenue	$	1,472,508		$	1,555,429		$	1,636,624

(1)

Fiscal 2022 and Fiscal 2021 includes Net revenue of $32.7 million and $43.3 million, respectively, from the Japan eCommerce distribution channel. See Note 8, Lands’ End Japan Closure.

Other than the United States and Europe, no geographic region represented more than 10% of Net revenue.

Property and equipment, net by geographical location are as follows:


(in thousands)	Fiscal 2023		Fiscal 2022		Fiscal 2021
United States	$	111,254	$	120,311	$	121,259
Europe		6,588		7,051		7,879
Asia		191		276		653
Total long-lived assets	$	118,033	$	127,638	$	129,791

Other than the United States, no geographic region is greater than 10% of total Property and equipment, net.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Debt - Additional Information (Details)						12 Months Ended
Debt - Additional Information (Details)	Dec. 29, 2023 USD ($)	Jun. 22, 2023	Jun. 21, 2023	May 12, 2023	May 11, 2023	Feb. 02, 2024 USD ($)	Jan. 27, 2023 USD ($)
Line Of Credit Facility [Line Items]
Loss on extiguishment of debt						$ (6,666,000)
ABL Facility
Line Of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity						275,000,000.0	$ 275,000,000
Line of credit facility, available to borrow of facility limit						275,000,000
Line of credit						$ 0	100,000,000
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						$ 0
Line of credit facility, unused commitment fee percentage				0.25%
Line of credit facility, covenant terms, minimum percentage of loan cap amount						10.00%
Line of credit facility, covenant terms, minimum excess credit availability						$ 15,000,000
Line of credit facility, covenant terms, minimum fixed charge coverage ratio						1
ABL Facility \| Secured Debt \| Adjusted Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
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%
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 Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Spread on variable rate				1.00%
Term Loan Facility \| Secured Debt \| One Month Adjusted Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Spread on variable rate		0.11448%
Term Loan Facility \| Secured Debt \| Federal Funds Rate
Line Of Credit Facility [Line Items]
Spread on variable rate				0.50%	0.50%
Term Loan Facility \| Secured Debt \| One Month LIBOR
Line Of Credit Facility [Line Items]
Spread on variable rate					1.00%
Current Term Loan Facility
Line Of Credit Facility [Line Items]
Secured debt	$ 260,000,000					$ 260,000,000
Amount of original issue discount	7,800,000
Debt origination fees	$ 2,900,000
Percentage of original issue discount	3.00%
Current Term Loan Facility \| Fortress Credit Corp
Line Of Credit Facility [Line Items]
Line of credit facility, amortization rate	1.25%
Current Term Loan Facility \| Minimum
Line Of Credit Facility [Line Items]
Line of credit facility, maturity date						Dec. 29, 2028
Current Term Loan Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Spread on variable rate		2.00%
Current Term Loan Facility \| Secured Debt \| Fortress Credit Corp
Line Of Credit Facility [Line Items]
Prepayment premium on or before December 29, 2024	3.00%
Prepayment premium between December 30, 2024 and December 29, 2025	2.00%
Prepayment premium between December 30, 2025 and December 29, 2026	1.00%
Prepayment premium between December 30, 2026 and December 29, 2027	0.50%
Current Term Loan Facility \| Secured Debt \| Minimum \| Fortress Credit Corp
Line Of Credit Facility [Line Items]
Mandatory prepayment terms, amount equal to borrowers' excess cash flows, percentage	0.00%
Current Term Loan Facility \| Secured Debt \| Maximum \| Fortress Credit Corp
Line Of Credit Facility [Line Items]
Mandatory prepayment terms, amount equal to borrowers' excess cash flows, percentage	75.00%
Current Term Loan Facility \| 8.25% Interest Rate \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Interest charged based on leverage ratio		8.25%
Annual leverage ratio		275.00%
Current Term Loan Facility \| 8.00% Interest Rate \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Interest charged based on leverage ratio		8.00%
Current Term Loan Facility \| 8.00% Interest Rate \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Minimum
Line Of Credit Facility [Line Items]
Annual leverage ratio		225.00%
Current Term Loan Facility \| 8.00% Interest Rate \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Maximum
Line Of Credit Facility [Line Items]
Annual leverage ratio		275.00%
Current Term Loan Facility \| 7.75% Interest Rate \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Interest charged based on leverage ratio		7.75%
Current Term Loan Facility \| 7.75% Interest Rate \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Maximum
Line Of Credit Facility [Line Items]
Annual leverage ratio		225.00%
Current Term Loan Facility \| 7.25% Interest Rate \| Base Rate
Line Of Credit Facility [Line Items]
Interest charged based on leverage ratio		7.25%
Current Term Loan Facility \| 7.25% Interest Rate \| Base Rate \| Minimum
Line Of Credit Facility [Line Items]
Annual leverage ratio		275.00%
Current Term Loan Facility \| 7.00% Interest Rate \| Base Rate
Line Of Credit Facility [Line Items]
Interest charged based on leverage ratio		7.00%
Current Term Loan Facility \| 7.00% Interest Rate \| Base Rate \| Minimum
Line Of Credit Facility [Line Items]
Annual leverage ratio		225.00%
Current Term Loan Facility \| 7.00% Interest Rate \| Base Rate \| Maximum
Line Of Credit Facility [Line Items]
Annual leverage ratio		275.00%
Current Term Loan Facility \| 6.75% Interest Rate \| Base Rate
Line Of Credit Facility [Line Items]
Interest charged based on leverage ratio		6.75%
Current Term Loan Facility \| 6.75% Interest Rate \| Base Rate \| Maximum
Line Of Credit Facility [Line Items]
Annual leverage ratio		225.00%
Former Term Loan Facility
Line Of Credit Facility [Line Items]
Percentage of repayment transaction subject to premium	1.00%
Repayment amount subject to premium	$ 2,300,000
Unamortized original issue discount and debt issuance costs	4,400,000
Loss on extiguishment of debt	$ (6,700,000)
Secured debt							$ 244,063,000
Former Term Loan Facility \| Secured Debt \| Minimum
Line Of Credit Facility [Line Items]
Federal funds rate		0.00%	0.00%
Former Term Loan Facility \| Secured Debt \| One Month Adjusted Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Spread on variable rate		1.00%
Former Term Loan Facility \| Secured Debt \| Alternate Base Rate
Line Of Credit Facility [Line Items]
Spread on variable rate		8.75%	8.75%
Former Term Loan Facility \| Secured Debt \| Federal Funds Rate
Line Of Credit Facility [Line Items]
Spread on variable rate		0.50%	0.50%
Former Term Loan Facility \| Secured Debt \| One Month LIBOR
Line Of Credit Facility [Line Items]
Spread on variable rate			1.00%
Former Term Loan Facility \| Secured Debt \| London Interbank Offered Rate (LIBOR1) [Member]
Line Of Credit Facility [Line Items]
Spread on variable rate		1.00%	9.75%
Minimum LIBOR rate			1.00%
Former Term Loan Facility \| Secured Debt \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Spread on variable rate		9.75%