Lands’ End Inc 2025年度报告

FORM 10-K Lands’ End, Inc. (Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YES☐NO☒ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).YES☐NO☒ The aggregate market value (based on the closing price of the registrant’s common stock quoted on the Nasdaq Stock Market) of the registrant’s common stock owned bynon-affiliates, as of August 1, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $150.1 million. As of March 23, 2026, the registrant had 30,751,337 shares of common stock, $0.01 par value, outstanding. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Proxy Statement relating to the registrant’s 2026 Annual Meeting of Stockholders (the “Proxy Statement”), to be held on May 7, 2026, areincorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Proxy Statement will be filed with the U.S. Securities and Exchange Commissionwithin 120 days after the end of the fiscal year to which this report relates. Auditor Firm Id:34Auditor Name:Deloitte & Touche LLPAuditor Location:Chicago, IL, United States LANDS’ END, INC.INDEX TO ANNUAL REPORT ON FORM 10-K Table of Contents PART I Item 1.Business2Item 1A.Risk Factors12Item 1B.Unresolved Staff Comments26Item 1C.Cybersecurity26Item 2.Properties28Item 3.Legal Proceedings28Item 4.Mine Safety Disclosures29PART IIItem 5.Market forRegistrant’sCommon Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities30Item 6.[Reserved]31Item 7.Management’sDiscussion and Analysis of Financial Condition and Results of Operations32Item 7A.Quantitative and Qualitative Disclosures About Market Risk47Item 8.Financial Statements and Supplementary Data48Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure87Item 9A.Controls and Procedures87Item 9B.Other Information87Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections88PART IIIItem 10.Directors, Executive Officers and Corporate Governance89Item 11.Executive Compensation90Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters91Item 13.Certain Relationships and Related Transactions, and Director Independence92Item 14.Principal Accounting Fees and Services93PART IVItem 15.Exhibits and Financial Statement Schedules94Item 16.Form 10-K Summary98Signatures99 PART I ITEM 1. BUSINESS As used in this Annual Report on Form 10-K, references to the “Company”, “Lands’ End”, “we”, “us”,“our” and similar terms refer to Lands’ End, Inc. and its subsidiaries. Our fiscal year ends on the Friday precedingthe Saturday closest to January 31. Other terms commonly used in this Annual Report on Form 10-K are defined asfollows: •ABL Facility – Asset-based senior secured credit agreements, providing for a revolving facility, dated asof November 16, 2017, with Wells Fargo, N.A. and certain other lenders, as amended to date•Adjusted EBITDA – Net income/(loss) appearing on the Consolidated Statements of Operations net ofIncom