Business
The Lovesac Company Reports Record Fourth Quarter and Fiscal 2021 Financial Results
Net Sales Growth of 40.7% in Fourth Quarter and 37.4% in Fiscal 2021Comparable Sales Growth of 45.0% in Fourth Quarter and 53.0% in Fiscal 2021Net Income
About this update from The Lovesac Company
[{"type":"text","content":"Net Sales Growth of 40.7% in Fourth Quarter and 37.4% in Fiscal 2021Comparable Sales Growth of 45.0% in Fourth Quarter and 53.0% in Fiscal 2021Net Income (Loss) Increase to $14.7 million from $(15.2) million in Fiscal 2021Adjusted EBITDA Increase to $28.3 million from $(3.7) million in Fiscal 2021 STAMFORD, Conn., April 14, 2021 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”) today announced record financial results for the fourth quarter and fiscal year 2021, which ended January 31, 2021. Shawn Nelson, Chief Executive Officer, stated, “Lovesac delivered landmark results in fiscal 2021, as the power of our model, our products and our operational excellence was fully manifest. This included an outstanding finish to the year with fourth quarter net sales growth of 40.7%, comparable sales growth of 45.0%, gross margin expansion of 890 basis points and a more than threefold increase in Adjusted EBITDA to $25.9 million. Throughout the year, we also delivered tangible results on key strategic initiatives including compelling new product launches, creative utilization of our showrooms and other channels to expand customer touchpoints, and efficient marketing and merchandising strategies. Notably, we prudently managed our expenses, and made investments in supply chain and infrastructure that we expect will yield benefits in the coming quarters. Our strong fiscal 2021 financial and operational performance is a testament to the strength of our people, brand, business model and operating platform.” Mr. Nelson continued, “As we look past this unprecedented year, we are confident that Lovesac’s unyielding commitment to sustainable products that are built to last a lifetime and designed to evolve is a distinct and compelling competitive advantage. We expect that adherence to this ‘Designed for Life’ philosophy will not only drive continued growth and profitability, but will also help us reach our newly stated goal: to operate a 100% circular and sustainable business model, reaching targets of zero waste and zero emissions by 2040.” Key Measures for the Fourth Quarter and Fiscal 2021 Ending January 31, 2021:(Dollars in millions, except per share amounts) Quarter EndedJanuary 31,2021Quarter EndedFebruary 2,2020%Inc (Dec)Year EndedJanuary 31,2021Year EndedFebruary 2,2020%Inc (Dec)Net Sales$129.7$92.240.7%$320....