We are reiterating our Buy rating and $20 price target for Lands' End and leaving our projections for the remainder of FY25 and FY26 basically unchanged after the company reported inline 1Q EPS, but revenue and EBITDA at the lower end of their guidance and below Street expectations. That said, given the shift to higher licensing revenue (up 60%), the overall 1Q YoY revenue decline of 8.5%, with gross margins rising 210 bp, was not a material surprise. Management reiterated FY25 guidance, as the company has mitigated the impact of tariffs and is focused on continuing to drive higher overall returns via increased licensing, lower inventories and discounting and shifting the customer base to a younger group focused on solutions for their lifestyle. We believe Lands' End remains on the path to registering strong overall top and bottom line expansion and, as such, reiterate our Buy rating and $20 price target on LE.