Business
The Lovesac Company Reports Fourth Quarter and Record Fiscal 2022 Financial Results
Net Sales Growth of 51.3% in Fourth Quarter and 55.3% in Fiscal 2022Comparable Sales Growth of 50.0% in Fourth Quarter and 46.9% in Fiscal 2022Net Income
About this update from The Lovesac Company
[{"type":"text","content":"Net Sales Growth of 51.3% in Fourth Quarter and 55.3% in Fiscal 2022Comparable Sales Growth of 50.0% in Fourth Quarter and 46.9% in Fiscal 2022Net Income Increases to $45.9 million in Fiscal 2022 from $14.7 million in Fiscal 2021Adjusted EBITDA1 Increases to $55.5 million in Fiscal 2022 from $28.3 million in Fiscal 2021 STAMFORD, Conn., March 29, 2022 (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 fourth quarter and fiscal year 2022, which ended January 30, 2022. Shawn Nelson, Chief Executive Officer, stated, “Lovesac’s continued strong financial performance in the face of a myriad of macro and industry shifts affirms the power of our unique business model and products. Importantly, the key distinguishing attributes of this model, which include operational flexibility, highly-engaged customers, innovation and a proven omni-channel approach, will only grow stronger over time as our progress along the product adoption curve steepens and word of mouth continues to gain strength. This curve will benefit further from deep stock positions that allow us to deliver and execute for our customers in a more timely manner, leading to further share gains and solidified customer loyalty. We also continue to identify and drive operational initiatives that will lead to even greater improvements in our bottom-line results as we continue to scale the business.” Mr. Nelson continued, “We enter fiscal 2023 with the people, strategy and platform primed to build on our success and deliver long-term, sustainable and profitable growth. We’ll drive this growth by remaining focused on key drivers: smart investments in product extensions and technology, creative deployment of our omni-channel sales model, supply chain and operating efficiencies. I am immensely proud of our resilient and passionate team and we are eager and enthusiastic for a successful fiscal 2023.” Key Measures for the Fourth Quarter and Fiscal 2022 Ending January 30, 2022:(Dollars in millions, except per share amounts) Thirteen weeks endedFifty-two weeks endedJanuary 30, 2022January 31, 2021% Inc (Dec)January 30, 2022January 31, 2021% Inc (Dec)Net Sales$196.2 $129.7 51.3% $498.2 $320.7 55.3% Gross Profit$109.6 $75.1 4...