Q: What is Lands' End (LE) Q1 2024 Earnings Call Transcript Summary?
**Lands' End (LE) Q1 2024 Earnings Call Summary**
**Here are the specific viewpoints from the earnings call:**
**Bullish Points:**
1. Delivered strong first quarter 2024 results with an increase in gross profit dollars and significant gross margin expansion.
2. Inventory down 23% year over year, allowing for nimble operations and prioritization of newness and speed to market.
3. More than doubled demand from social media year over year, driving new customer acquisition.
4. High-performing categories included transitional weather solutions, women's sweaters, knit tops, lightweight jackets, raincoats, fleeces, and women's bottoms.
5. U.S. e-commerce business delivered its fifth consecutive quarter of great margin performance with an increase of over 600 basis points.
6. European business showed exceptional gross margin expansion of over 1,000 basis points year over year.
7. Initial foray into the Costco channel exceeded expectations with swimsuit options selling through quickly.
8. B2B Outfitters business added new accounts and delivered compelling Q1 results in the school uniform business.
9. Gross margin in the first quarter was 49%, an approximately 410 basis point improvement from the first quarter of 2023.
10. Raised the low end of revenue guidance for the full year, now expecting net revenue to be between $1.36 billion to $1.45 billion.
**Bearish Points:**
1. Total revenue performance decreased by 8% compared to last year.
2. Third-party marketplace revenue was down year over year.
3. U.S. e-commerce business saw a sales decrease of 4% compared to the first quarter of 2023.
4. Sales from Lands' End Outfitters were down 42% from the first quarter of 2023, reflecting the impact from Delta.
5. SG&A was 45% of sales, an increase of approximately 630 basis points compared to 2023, primarily due to deleverage from lower revenues and investment in digital marketing.
6. Net loss of $6.4 million or $0.20 per share for the first quarter.
7. Adjusted net loss of $6.2 million or $0.20 per share for the first quarter.
8. The kids' product line will not see significant impact until the back half of the year at the earliest.
9. The company acknowledges that having one global assortment during the pandemic did not work well, indicating past strategic missteps.
10. The company acknowledges that it has fallen back from being at the leading edge of the industry, particularly in technology.
For more information about Lands' End's earnings call, you can read the relevant news: Lands' End (LE) Q1 2024 Earnings Call Transcript
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