Lands' End (LE) said Friday its board has begun a review of potential strategic moves, which could include a sale or merger.

The company said it believes its current market valuation does not fully reflect its long-term prospects and is working with legal and financial advisers to assess alternatives.

Lands' End said there is no guarantee of a specific outcome or timeline for the process and that it does not plan to provide updates unless deemed necessary.

The company's shares were up more than 10% in recent Friday premarket activity.