Business
The Lovesac Company Reports First Quarter Fiscal 2022 Financial Results
Net Sales Growth of 52.5% Comparable Sales Growth of 48.8% Net Income (Loss) Improved to $2.1 million from $(8.3) million in the Prior Year Period Record
About this update from The Lovesac Company
[{"type":"text","content":"Net Sales Growth of 52.5% Comparable Sales Growth of 48.8% Net Income (Loss) Improved to $2.1 million from $(8.3) million in the Prior Year Period Record First Quarter Adjusted EBITDA1 of $5.3 million STAMFORD, Conn., June 09, 2021 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”) today announced financial results for the first quarter of fiscal 2022, which ended May 2, 2021. Shawn Nelson, Chief Executive Officer, stated, “Our strong first quarter performance affirms the confluence of two highly-favorable dynamics in Lovesac’s evolution. The first is that we are providing a great customer experience, backed by product innovation, investments in digital, and expanded showrooms and other distribution channels. Impactful and high-return marketing and merchandising strategies further complement these efforts. The second is that the pandemic tailwinds continue within the home furnishings category itself and our teams are executing across the board to strengthen the Lovesac brand and value proposition in this environment. The results are clear and include record first quarter results highlighted by sales growth of 52.5%, a comparable sales increase of 48.8% and positive Adjusted EBITDA1 of $5.3 million. Mr. Nelson continued, “As we look to the remainder of the year, we recognize the environment remains dynamic and we will continue to execute our vision and strategy with discipline as we focus on continuing to drive long-term value for all our stakeholders.” Key Measures for the First Quarter of Fiscal 2022 Ending May 2, 2021:(Dollars in millions, except per share amounts) Quarter Ended May 2, 2021Quarter Ended May 3, 2020%Inc (Dec)Net Sales$82.9 $54.4 52.5% Gross Profit$46.1 $27.3 68.9% Gross Margin 55.6% 50.2% 540 bpsTotal Operating Expense$43.8 $35.7 22.9% SG&A$30.7 $25.8 18.9% SG&A as % of Net Sales 37.0% 47.5% (1050) bpsAdvertising & Marketing$10.7 $8.2 30.3% Advertising & Marketing as % of Net Sales 12.9% 15.1% (220) bpsBasic EPS Income (Loss)$0.14 $(0.58) 123.6% Diluted EPS Income (Loss)$0.13 $(0.58) 122.1% Net income (Loss)$2.1 $(8.3) 126.6% Adjusted EBITDA1$5.3 $(5.7) 193.7% Net Cash Used In Operating Activities$(9.6) $(0.5) (1771.8%) 1 Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Information” and “Reconciliation of Non-GAAP Financial Measures” included in this press release. Percent I...