Operating revenues were $854.2 million, including approximately $49.1 million from the 53rd week, compared to $867.0 million in the prior year quarter. Favorable changes in foreign currency exchange rates benefited revenues by $4.2 million. Same store operating revenues declined 8.8%, an improvement compared to a decline of 9.4% in the third quarter of 2017, due to our strategic subscriber pricing initiatives and the inclusion of a full quarter of ReachLocal revenue in our same store calculation. Total digital revenues increased to $272.3 million, or approximately 31.9% of total revenue. GAAP net losses were $13.6 million, including a $42.8 million tax expense from the Tax Cuts and Jobs Act of 2017 and $27.6 million of after-tax restructuring, asset impairment charges and other costs. Click Read More below for additional information.
WHP Global to pay $300M for controlling stake in Lands’ End
Lands’ End and WHP Global on Monday said they are forming a joint venture, with the brand management firm paying $300 million in cash to acquire a 50% controlling stake in the apparel brand.
The brand in turn will hand over all of its intellectual property and related assets, including its licensing business, and will continue to be in charge of its direct-to-consumer and business-to-business operations.
Lands’ End, which struggled for years and is in the midst of a turnaround, plans to use proceeds from the sale to pay off an outstanding term loan of about $234 million “and for general corporate purposes.” Those purposes include paying royalties to license its own brand; the agreement includes annual minimum royalty payments per year, starting at $50 million for the first year, per the release.
WHP Global to pay $300M for controlling stake in Lands’ End | Retail Dive