Business
The Lovesac Company Reports Record Fourth Quarter and Fiscal 2023 Financial Results
Net Sales Growth of 21.7% in Fourth Quarter and 30.8% in Fiscal 2023Comparable Sales Growth of 16.2% in Fourth Quarter and 21.9% in Fiscal 2023Net Income of
About this update from The Lovesac Company
[{"type":"text","content":"Net Sales Growth of 21.7% in Fourth Quarter and 30.8% in Fiscal 2023Comparable Sales Growth of 16.2% in Fourth Quarter and 21.9% in Fiscal 2023Net Income of $27.6 million in Fourth Quarter compared to $32.6 million in Last Year QuarterNet Income of $28.2 million in Fiscal 2023 compared to $45.9 million in Fiscal 2022Adjusted EBITDA1 Increased 51.0% to $48.3 million in Fourth Quarter from $32.0 million in Last Year QuarterAdjusted EBITDA1 Increased to $60.4 million in Fiscal 2023 from $55.5 million in Fiscal 2022 STAMFORD, Conn., March 28, 2023 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”), sustainable 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 2023, which ended January 29, 2023. Shawn Nelson, Chief Executive Officer, stated, “Amid considerable macroeconomic and consumer headwinds, Lovesac delivered very strong Q4 and Full Year 2023 results that drove tangible value for our shareholders, customers, associates and business partners. Highlights in this regard include above 30% increase in total annual net sales to $651.5 million, total Comp Sales growth of 21.9% and an 8.7% increase in adjusted EBITDA to $60.4 million. Three unique and highly beneficial assets continue to drive this outperformance: our omnichannel business model that engages and motivates customers, our Designed for Life proprietary products that inspire passion and loyalty, and our efficient and profitable operating platform. As we scale, these key differentiators should continue to drive accretive growth with exciting possibilities for Lovesac’s future.” Mr. Nelson continued, “Looking ahead to fiscal 2024, we will continue to surgically invest in growth initiatives and focus on strong execution to drive continued profitable growth.” Key Measures for the Fourth Quarter and Fiscal 2023 Ended January 29, 2023:(Dollars in millions, except per share amounts. Dollar and percentage changes may not recalculate due to rounding.) Thirteen weeks endedFifty-two weeks endedJanuary 29, 2023January 30, 2022% Inc (Dec)January 29, 2023January 30, 2022% Inc (Dec)Net Sales$238.8 $196.2 21.7%$651.5 $498.2 30.8%Gross Profit$135.2 $109.6 23.4%$345.8 $273.3 26.5%Gross Margin56.6% 55.9% 70 bps53.1% 54.9% (180) bpsTotal Operating Expen...