The UK arm of US fashion brand Lands’ End is hoping a “renewed strategic focus” will help it return to growth in the coming years.
The company, which has its UK headquarters in Oakham, Rutland, said its plan will include “driving higher quality sales, improving gross margins, newness in the product assortment, optimising the cost structure and improved organisational effectiveness”.
Lands’ End added its recent financial performance has been impacted by high inflation, global supply chain issues and the ongoing war in Ukraine.
Newly filed accounts for the year to January 27, 2023, show that Lands’ End’s turnover decreased from £79.7m to £72.3m while its pre-tax losses widened from £829,000 to £2.8m.
A statement signed off by the board said: “Turnover decreased in the year by nine per cent as a result of performance in both the core UK business as well as in the Lands’ End GmbH business which drives the remainder of turnover.
“Management is committed to driving growth through renewed strategic focus that includes driving higher quality sales, improving gross margins, newness in the product assortment, optimising the cost structure and improved organisational effectiveness.”
On its future, Lands’ End added: “Against a backdrop of uncertainty over the macro-economic outlook, due to high inflation, global supply chain issues and the ongoing war in Ukraine, the directors consider that in both the short and medium term, prevailing economic conditions will continue to place pressure on both market pricing and competitor discounting.
“However, the directors are confident that the company is well placed through its current strategy to continue to overcome these pressures.”