Lands’ End said Tuesday its board authorized a new stock repurchase program of up to $100 million, replacing a prior buyback plan that expired March 31, 2026.
The new authorization runs from April 1, 2026 through March 31, 2029. Under the previous program, Lands’ End repurchased 1.26 million shares for a total of $16.0 million beginning in April 2024.
The company said the new plan can be funded with existing cash, cash from operations, distributions from its joint venture, borrowings under its asset-based senior secured credit facility, or a mix of those sources.
Chief Financial Officer Bernard McCracken said the company used proceeds from its transaction with WHP Global to repay its term loan debt in full, cutting interest expense and improving the balance sheet. He said the repayment, combined with the new authorization, gives Lands’ End more flexibility to return capital to shareholders.
The company said the prior buyback program had been constrained by term loan provisions that are no longer in effect. Under the new plan, repurchases may be made in the open market, in privately negotiated transactions or by other means, and could be carried out under a Rule 10b5-1 plan. Today the company's shares have moved 3.45% to a price of $13.80. If you want to know more, read the company's complete 8-K report here.
