Shares of Lands' End Inc. LE, -13.77% plunged 16% toward a three-month low in premarket trade Thursday, after the clothing, accessories and home products retailer reported a wider second-quarter loss and declines in same-store sales. The net loss for the quarter to Aug. 3 widened to $5.3 million, or 16 cents a share, from $3.9 million, or 12 cents a share, in the same period a year ago. The average estimate of two analysts surveyed by FactSet was for a loss of 4 cents a share. Net revenue rose 1.9% to $307.9 million, as direct segment revenue grew 6.4% to $276.6 million but retail segment revenue dropped 25.8% to $31.3 million, as same-store sales fell 5.8%. The decline in retail segment revenue is due primarily to the reduction of 57 Lands' End Shops at Sears locations. Same-store sales at Lands' End Shops at Sears locations fell 6.7% while same-store sales at company-operated stores declined 0.6%. The stock has rallied 28% year to date through Wednesday, while the SPDR S&P Retail ETF XRT, -0.71% has climbed 15% and the S&P 500 SPX, -0.45% has gained 8%.
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