Lands End Inc · 8-K · For 2/27/02

Filed On 2/28/02   ·   SEC File 1-09769   ·   Accession Number 799288-2-11

Current Report   ·   Form 8-K
Filing Table of Contents

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 1: 8-K         Form 8-K on New York Meeting                           6±    24K 

Document Table of Contents

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UNITED STATES     
SECURITIES AND EXCHANGE COMMISSION    
Washington, D.C.  20549     

________    
FORM 8-K    

CURRENT REPORT    

PURSUANT TO SECTION 13 OR 15(d)     
OF THE SECURITIES EXCHANGE ACT OF 1934    

Date of Report(Date of earliest event reported) February 27, 2002     

LANDS' END, INC.    
(exact name of registrant as specified in its charter)    

DELAWARE                 1-9769              36-2512786                 
(State or other           (Commission         (I.R.S. Employer                  
jurisdiction            File Number)         Identification                 
of incorporation)                                  Number)                      

Lands' End Lane, Dodgeville, Wisconsin             53595                      
(Address of principal executive offices)          (Zip Code)                    

Registrant's telephone number     608-935-9341                                  
including area code                                                   

INFORMATION INCLUDED IN THIS REPORT   

Item 5.  Other Events.                                                          

   Attached as Exhibit 99 to this report are excerpted slides from a
Lands' End meeting with members of the financial community in New York, New     
York, on Wednesday, February 27, 2002.  An audio broadcast of the meeting       
was simulcast on the Internet and will be archived there for six months.        

SIGNATURES      

Pursuant to the requirements of the Securities and Exchange Act of 1934, the    
registrant has duly caused this report to be signed on its behalf by the        
undersigned, its duly authorized officer and chief financial officer.           

                LANDS' END, INC.

February 28, 2002                By:/S/ DONALD R. HUGHES                        
                Donald R. Hughes
                       Senior Vice President &
                       Chief Financial Officer

                                    EXHIBIT 99
***Slide                                                                        

Lands' End Has Shown 15 Years of Solid Growth     

               Total Revenue
Fiscal Year               (in millions)           

1987                         284.0          
1992                         722.0          
1997                       1,194.0          
2002 Est.                  1,565.0          
___________________________________________________________________________     
***Slide                                                                        
Internet Growth     
(Net Merchandising Sales)     

                       Net Merchandising Sales
Fiscal Year                  (in millions)        

1997                             3.0        
1998                            18.0        
1999                            61.0        
2000                           138.0        
2001                           218.0        
2002 Est.                      300.0        
___________________________________________________________________________     
***Slide                                                                        
Fourth Quarter Results      
($ in millions, except EPS)     

Estimated    Actual      Actual 
 Q4 FY02     Q4 FY01     Q4 FY00

Total revenue   $ 592.0      $ 538.6     $ 483.1                
Gross profit       45.2%        43.7%       42.8%               
SG&A               32.3%        33.8%       33.4%               
Pretax income      12.6%         9.4%        9.3%               
Diluted EPs     $  1.51      $  1.07     $  0.92                
___________________________________________________________________________     
***Slide                                                                        

Fiscal 2002 Estimated Results     
($ in millions, except EPS)     

53 weeks       52 weeks           
ended          ended            
02/01/02       01/26/01     Change

Total Revenue          $  1,565       $  1,462     + 7  %                       
Gross Profit               44.0%          42.5%    + 1.4 pts                    
SG&A                       36.7%          38.3%    - 1.6 pts                    
Pretax income          $  107.0       $   55.0                                  
Pretax income               6.9%           3.8%    + 3.1 pts                    
Diluted EPS            $   2.20       $   1.14     + 93 %                       
___________________________________________________________________________     
___________________________________________________________________________     
***Slide                                                                        
Year-End Inventory Levels     
($ in millions)     

                Year-End Level
Fiscal Year         ($ in millions)   

1998                $241      
1999                $220      
2000                $162      
2001                $188      
2002* Est.            $227        
*The $39 million increase in inventory breaks down approximately as             
follows:                                                                      
$30 million for early receipt of spring/summer merchandise                  
$14 million for build up of key-core items                                  
($5)million for reduced liquidation inventory                               
___________________________________________________________________________     
***Slide                                                                        
Recent History      

*Revitalization of merchandise, circulation and inventory strategies led to     
record Fiscal 2002 results.                                                   

          FY1999*       FY2002

Total Revenue        $1,466        $1,565           
Gross Margin           42.0%         44.0%          
Pre-Tax Profit          5.4%          6.9%          
Pages Circulated       25.2          24.7           
(billions)                                      
Peak Borrowing       $264.0        $ 54.0           
SKUs                    107            96           
EPS                  $ 1.27         $2.20           

*Excludes $12.6 million pre-tax non-recurring charge.                           
___________________________________________________________________________     
***Slide                                                                        

Lands' End Customer     
U.S. Consumer Business    

Fiscal                Number of Households
Year                     (in millions)  

1998                         25.9       
1999                         27.7       
2000                         29.1       
2001                         30.7       
2002                         32.3       

-Our customer file has grown to 32.2 million households in the U.S.             
Consumer Business.                                                          
-Our 12-month buyers grew to 6.2 million in FY02.                               
-Our 36-month buyer file is more than 10.1 million households.                  
__________________________________________________________________________      

***Slide                                                                        

Our Five-Year Opportunities     

1.  Grow the U.S. Consumer Business                                             

--  Extend our merchandise lines in defined, focused ways.              
--  Exploit new channels of marketing and customer service,             
enjoying greater efficiencies.                                  
--  Expand our universe of customers.                                   

2.  Grow Specialty Divisions and International                                  

--  Advance these businesses from their beach-head positions to         
true leadership positions.                                      

3.  Grow Earnings at Least 3 Ways                                               

--  Top line revenue growth                                             
--  Leverage existing expense structure.                                
--  Leverage existing capacity in Dodgeville and around the world.      
--  Extend and improve recent strong margin gains.                      
___________________________________________________________________________     

***Slide                                                                        
Five Year Opportunities     
Key Initiatives     

-- New extended size catalog for women (launched Fall 2001).            
-- Introduction of intimate apparel that leverages huge swimwear        
business.                                                         
-- Alumni collection - high quality collegiate apparel                  
--first foray into larger sports licensing business.              
-- Great go-togethers - company-wide initiative to market multiple      
purchases that are stylish and complementary.                     
-- New customer segmentation resulting in more targeted and efficient   
catalog marketing.                                                
-- Explore the retail store channel.                                    
___________________________________________________________________________     

***Slide                                                                        

Women's Extended Size Market      

-- Extended size market reached $17.3 billion in 2001.                          
-12% is direct to consumer                                                
-- Developed specialty catalog to maximize growth potential.                    
-- Developed an additional 20% styles to support growth.                        
-- Hired experienced talent to drive business.                                  
-- Plan five issues this year.                                                  
___________________________________________________________________________     

***Slide                                                                        
Intimate Apparel Market         

-- Intimate Apparel Market reached $8.3 billion in 2001.              
-10% is direct to consumer                                      
-- Leverage our established fit position in Swim.                     
-- Maximize trend in Sleepwear separates.                             
-- Explore new ways to market our Intimate Apparel, Sleepwear         
and Spa products for FY04 and beyond.                           
___________________________________________________________________________     

***Slide                                                                        

Operations/Facilities     

Key statistics in FY 2002 for U.S. Consumer Business                  

17.8 Million Orders Shipped                                           
17.0 Million Sales/Service Contacts                                   
79.2 Million Minutes of Customer Talk Time                            
4.2 Million Units Embroidered                                       
1.9 Million Units Monogrammed                                       
2.6 Million Units Inseamed                                          
1.9 Million Square feet of Distribution Facilities                  
Significant capacity exists to meet future sales growth without   
facility expansion.                                               
___________________________________________________________________________     

***Slide                                                                        

Systems Development       
For Emerging Strategic Goals      

1.  1993 - 1999  Industrial Strength                                    
  Enhanced functionality on core processes
Call Center Systems                   
Warehouse/Pick and ship               

2.  1999 - 2001  Internet Platform                                      
              Successfully integrated Internet with core processes
  Developed customer focused applications-
Personalization                       

3.  2001 - 2004  Smart Systems                                          
   Superior Customer Relationship Management
Business Intelligence                 
Advanced Supply Chain Management      
___________________________________________________________________________     

***Slide                                                                        

Investment Highlights       

-- Lands' End is a unique, highly admired, and trusted brand destined 
to be a high growth, high performance company.                  
-- A wealth of promising merchandising ideas on the drawing board.    
--US Consumer                                                   
--Specialty                                                     
--International                                                 
--Internet                                                      
-- Financial flexibility and significant free cash strategic          
investments.                                                    
-- The drive and talent of a seasoned management team.                
___________________________________________________________________________     

STATEMENT REGARDING FORWARD-LOOKING INFORMATION                                 

Statements in this document that are not historical, including, without         
limitation, statements regarding our plans, expectations, assumptions, and      
estimations for fiscal 2002 and fiscal 2003 revenues, gross profit margin,      
and earnings, as well as anticipated sales trends, timing of catalogs and       
future development of our business strategy, are considered forward-looking     
and speak only as of today's date.                                              

As such, these statements are subject to a number of risks and                  
uncertainties.  Future results may be materially different from those           
expressed or implied by these statements due to a number of factors.            
Currently, we believe that the principal factors that create uncertainty        
about our future results are the following: customer response to our            
merchandise offerings, circulation changes and other initiatives; the mix       
of our sales between full price and liquidation merchandise; overall            
consumer confidence and general economic conditions, both domestic and          
foreign; effects of weather on customer purchasing behavior; effects of         
shifting patterns of e-commerce versus catalog purchases; costs associated      
with printing and mailing catalogs and fulfilling orders; dependence on         
consumer seasonal buying patterns; fluctuations in foreign currency             
exchange rates; and changes that may have different effects on the various      
sectors in which we operate (e.g., rather than individual consumers, the        
Business Outfitters Division, included in the specialty segment, sells to       
numerous corporations, and certain of these sales are for their corporate       
promotional activities).  Our future results could, of course, be affected      
by other factors as well.  More information about these risks and               
uncertainties may be found in the company's 10-K filings with the S.E.C.        

The company does not undertake to publicly update or revise its forward-        
looking statements even if experience or future changes make it clear that      
any projected results expressed or implied therein will not be realized.        

Dates Referenced Herein   and   Documents Incorporated By Reference

This 8-K Filing		Date		Other Filings
For The Period Ended		2/27/02
Filed On / Filed As Of		2/28/02
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