We are reiterating our Buy rating and $45 price target for Lands’ End with the company announcing 1QFY26 (April) results before the open on Tuesday. With the joint venture with WHP Global, which included the sale of a controlling interest in the Lands’ End intellectual property to WHP Global (and $300 million in gross proceeds to Lands’ End), closing on April 1st, the financial statements for Lands’ End will materially change. As such, while we believe the core tenets of our LE investment thesis (higher returns, lower inventory, deeper focus as a lifestyle resource) are unchanged, our financial projections will be materially impacted (both positively and negatively). We look forward to a new era of lower debt and higher Returns on Capital at Lands’ End and reiterate our Buy rating and $45 price target on LE.