Business
The Lovesac Company Reports First Quarter Fiscal 2025 Financial Results
Q1 FY25 Net Sales of $132.6 MillionReaffirms Full Year Fiscal 2025 Outlook STAMFORD, Conn., June 13, 2024 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq:
About this update from The Lovesac Company
[{"type":"text","content":"Q1 FY25 Net Sales of $132.6 MillionReaffirms Full Year Fiscal 2025 Outlook STAMFORD, Conn., June 13, 2024 (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 2025, which ended May 5, 2024. Shawn Nelson, Chief Executive Officer, stated, “We are pleased to deliver first quarter performance inline to slightly above the high end of our expectations. Our results reflect continued outperformance compared to the industry and demonstrate our commitment to executing against our objectives. We believe through our omni-channel infinity flywheel, designed for life platform and advantaged supply chain we are well positioned to continue to deliver results and capitalize on the tremendous opportunity still ahead. With the recent launch of our PillowSac Accent Chair we are continuing to expand our offering and see opportunity to further widen the aperture with exciting innovative launches yet to come.” Key Measures for the First Quarter of Fiscal 2025 Ending May 5, 2024:(Dollars in millions, except per share amounts. Dollar and percentage changes may not recalculate due to rounding.) Thirteen weeks endedMay 5,2024April 30,2023% Inc (Dec)Net sales Showrooms$81.6$83.6(2.3%)Internet$36.6$40.2(9.0%)Other$14.4$17.4(17.1%)Total net sales$132.6$141.2(6.1%)Gross profit$72.0$70.62.1%Gross margin 54.3% 50.0%430 bpsTotal operating expenses$89.9$76.317.9%SG&A$68.4$56.521.0%SG&A as a % of Net Sales 51.6% 40.0%1,160 bpsAdvertising and marketing$18.0$16.96.4%Advertising & marketing as a % of Net Sales 13.6% 12.0%160 bpsNet loss$(13.0)$(4.1)(214.9%)Basic net loss per common share$(0.83)$(0.27)(207.4%)Diluted net loss per common share$(0.83)$(0.27)(207.4%)Adjusted EBITDA 1$(10.3)$(2.1)(381.1%)Net cash (used in) provided by operating activities$(7.0)$6.3(211.5%) 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 (decrease) except showroom count Thirteen weeks endedMay 5,2024April 30,2023Omni-channel Comparable Net Sales(1) (14.8)% (6.2)%Internet Sales (9.0)% 28.7%Ending Showroom Count246211 1 Omni-channel Comparable Net Sales includes sales at all retail locat...