We are reiterating our Buy rating, $20 price target and projections for Lands' End after reviewing the August catalog. Lands' End continues to shift the overall focus of the catalogs to more of a lifestyle retailer, highlighting new denim, chinos, outerwear dressed and multiple tops collections, with new fabrics, textures and treatments. Further, the company is beginning to roll out new tariff-driven higher pricing, which has been offset by higher catalog discounts; we believe virtually all apparel driven players will raise prices in 2H. We believe Fall 2025 will be another step forward in the Lands' End transformation to a true lifestyle play for a younger customer base, and we reiterate our Buy rating and $20 price target.
