Lands' End, Inc. reported financial results for the first quarter of fiscal 2025, ending May 2, 2025. The company experienced a decrease in net revenue to $261.2 million, down $24.3 million or 8.5% from $285.5 million in the first quarter of fiscal 2024. Excluding the transition of kids and footwear inventory to licensees, net revenue declined by 4.2%. Gross profit for the quarter was $132.7 million, a reduction of $6.3 million or 4.5% compared to $139.0 million in the same period last year. Despite the decrease in gross profit, the gross margin improved by approximately 210 basis points to 50.8%, up from 48.7% in the first quarter of 2024. This improvement was largely attributed to the impact of transitioning inventory to licensees. Selling and administrative expenses decreased by $3.9 million to $123.5 million, representing 47.3% of net revenue compared to 44.6% in the previous year. The increase in the percentage of net revenue was primarily due to deleverage from lower revenues. Lands' End also reported continued growth in Gross Merchandise Value $(GMV.AU)$, which increased by low-single digits excluding the impact of the inventory transition. However, including this impact, GMV was modestly lower year-over-year. The company highlighted progress in strengthening its diversified supply chain and emphasized its focus on establishing Lands' End as a premium brand across all channels and geographies. No specific outlook or guidance for future quarters was provided in the release.