Business
The Lovesac Company Reports First Quarter Fiscal 2024 Financial Results
Net Sales Growth of 9.1%Comparable Sales Growth of 15.1% STAMFORD, Conn., June 07, 2023 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or
About this update from The Lovesac Company
[{"type":"text","content":"Net Sales Growth of 9.1%Comparable Sales Growth of 15.1% STAMFORD, Conn., June 07, 2023 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”), the home furnishing brand best known for its Sactionals, The World's Most Adaptable Couch, today announced financial results for the first quarter of fiscal 2024, which ended April 30, 2023. Shawn Nelson, Chief Executive Officer, stated, “We are very pleased with our first quarter performance, highlights of which included 9% and 15% increases in total sales and comparable sales, respectively, despite dampened consumer spending and higher interest rates. Lovesac’s relative outperformance reflects success executing our highly differentiated, customer-centric business model, the loyalty commanded by our Designed For Life product platforms, and our stellar operational platform.” Mr. Nelson continued, “While we expect unfavorable macro-economic conditions to continue in the coming quarters, Lovesac continues to operate from a position of strength with a debt free balance sheet and a proven track record of cost discipline and rigor. We believe that we are thus poised to continue investing in the future with an accelerated pace of new product innovation that will expect to drive further customer enthusiasm and uptake.” Key Measures for the First Quarter of Fiscal 2024 Ending April 30, 2023:(Dollars in millions, except per share amounts. Dollar and percentage changes may not recalculate due to rounding.) Thirteen weeks endedApril 30, 2023May 1, 2022% Inc (Dec)Net Sales$141.2$129.49.1%Gross Profit$70.7$66.17.0%Gross Margin50.1%51.1%(100) bpsTotal Operating Expense$76.6$63.520.7%SG&A$56.8$44.926.6%SG&A as a % of Net Sales40.3%34.7%(560) bpsAdvertising & Marketing$16.9$15.96.4%Advertising & Marketing as a % of Net Sales12.0%12.3%(30) bpsBasic (loss) income per common share$(0.28)$0.13(315.4%)Diluted (loss) income per common share$(0.28)$0.12(333.3%)Net (Loss) Income$(4.2)$1.9(323.2%)Adjusted EBITDA1$(2.4)$6.4(137.0%)Net Cash Provided by (Used in) Operating Activities$6.3$(21.8)128.9% 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 increase except showroom count Thirteen weeks endedApril 30, 2023May 1, 2022Total Comparable Sales 215.1%42.2%Comparable Showroom S...