U.S. Markets open in 6 hrs 53 mins

Lands' End CEO Griffith: Retail environment remains 'promotional'

Sari Lesk
Lands' End CEO Griffith: Retail environment remains 'promotional'

Well-informed customers means the retail landscape remains “promotional,” according to Lands’ End Inc. chief executive officer Jerome Griffith. The Dodgeville-based retailer reported its first-quarter earnings this week, citing a net loss of $6.8 million, or 21 cents loss per share. During a conference call with analysts, Griffith said he thinks Lands’ End came out of the quarter “relatively OK,” noting the 12% increase in comparable store sales at established company-operated stores in the U.S. The first quarter was tough for U.S. retailers, including Menomonee Falls-based Kohl’s Corp. Following a 3.4% decrease in comparable sales for its first quarter, Kohl’s executives said the department store chain would be more aggressive in its pricing and promotions.