Business
Lulus Releases Preliminary Second Quarter Results and Announces Second Quarter Earnings Call Date
CHICO, Calif., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Lulu’s Fashion Lounge Holdings, Inc. (“Lulus” or the “Company”) (Nasdaq: LVLU) today announced preliminary
About this update from Lulu's Fashion Lounge Holdings, Inc.
[{"type":"text","content":"CHICO, Calif., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Lulu’s Fashion Lounge Holdings, Inc. (“Lulus” or the “Company”) (Nasdaq: LVLU) today announced preliminary unaudited financial results for the second quarter ended June 30, 2024. The Company plans to release its second quarter results after the market closes on Wednesday, August 14, 2024. Crystal Landsem, CEO of Lulus, said: \"In response to sustained consumer weakness and in anticipation of continued macroeconomic challenges, we have proactively reduced fixed labor and operational costs and optimized variable marketing expenditures to align with current sales volumes. While we remain confident in our strategic investments and their near and long-term benefits, we anticipate a prolonged recovery given the broader economic context. Our focus remains on maintaining an aggressive operational framework that balances agility with the necessary organizational infrastructure to best serve our customers and benefit our investors. We anticipate realizing savings from these actions in the third and fourth quarter of 2024, extending through 2025. We are optimistic about our continued sales recovery and business turnaround and are encouraged by sequential improvements in our quarterly revenue comps. More importantly, we are confident in our strategic direction and ability to deliver value over time.” Preliminary Second Quarter 2024 Highlights: Net revenue is expected to be between approximately $90.5 million to $91.5 million, representing a decline of approximately 14.7% to 13.8% compared to the same period last year.Adjusted EBITDA is expected to be between approximately ($0.9) million to ($0.2) million compared to $4.2 million in the same period last year.A pre-tax loss of between approximately $5.2 million to $4.5 million is expected, compared to $1.7 million in the same period last year. Pre-tax loss estimates are provided as we have not completed our standard review of our quarterly income tax provision. Tiffany Smith, CFO of Lulus, said: “Net revenue comps improved sequentially in May and June, with early third quarter sales, prior to fully matured customer returns, showing positive trends. During the second quarter of 2024, our new return policy boosted restocking fee revenue and resulted in some improvement in customer return behavior, despite our decision to honor exceptions to the p...