Last year, Sears announced plans to restore profitability by cutting costs, reducing inventory, selling off some assets and spinning off others. Those moves helped it reduce net debt by $400 million and generated $1.8 billion in cash from the asset sales in the latest fiscal year.
Sears also has been building a loyalty program called Shop Your Way, which accounts for 65 percent of its sales and has tens of millions of active customers.
Still, Sears continues to face losses. In November it reported a wider third quarter loss as revenue declined 7 percent to $8.27 as the company marked down goods heavily to move merchandise.
Lands' End, which sells clothing and home goods on the Internet and through catalogs, began in 1963 as a sailboat hardware and equipment catalog, but morphed into a clothing company by 1977. Sears bought the company in 2002.
Sears shares slipped 3 cents to $49.95 in afternoon trading. They are up almost 21 percent so far this year.