Business
The Lovesac Company Reports Second Quarter Fiscal 2022 Financial Results
Net Sales Growth of 65.4%Comparable Sales Growth of 39.5%Net Income (Loss) Improved to $8.4 million from $(1.1) million in the Prior Year PeriodSecond Quarter
About this update from The Lovesac Company
[{"type":"text","content":"Net Sales Growth of 65.4%Comparable Sales Growth of 39.5%Net Income (Loss) Improved to $8.4 million from $(1.1) million in the Prior Year PeriodSecond Quarter Adjusted EBITDA1 of $12.4 million STAMFORD, Conn., Sept. 09, 2021 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”) today announced financial results for the second quarter of fiscal 2022, which ended August 1, 2021. Shawn Nelson, Chief Executive Officer, stated, “Across nearly every key operating metric, Lovesac's quarterly results affirm the fundamental efficacy of our disruptive home furnishings model, the competitive advantages of our diversified supply chain and resulting strong in-stock positions, along with growing brand awareness. To that end, our very strong second quarter performance marks 14 consecutive quarters of 25%+ sales growth with profitability nicely ahead of expectations driven primarily by lower promotions and fixed cost leverage on this quarter’s 65% sales increase.” Mr. Nelson continued, “The third quarter is off to a strong start and as we look to the second half of the year, we are confident in our ability to execute on our key strategic growth priorities and navigate the tight supply chain environment. With our strong positioning and unique competitive advantages, including our Circle-to-Consumer philosophy that will help us build long-term relationships with our most valued customers, we are very optimistic about the significant growth opportunities that lie ahead for Lovesac and our ability to drive value for all stakeholders.” Key Measures for the Second Quarter and First Half of Fiscal 2022 Ending August 1, 2021:(Dollars in millions, except per share amounts) Quarter EndedAugust 1, 2021Quarter EndedAugust 2, 2020%Inc (Dec)First Half EndedAugust 1, 2021First Half EndedAugust 2, 2020%Inc (Dec)Net Sales$102.4$61.965.4%$185.4$116.359.4%Gross Profit$59.0$31.190.1%$105.1$58.380.2% Gross Margin57.6%50.1%749 bps56.7%50.2%655 bpsTotal Operating Expense$50.0$32.155.9%$93.8$67.838.5%SG&A$35.4$23.451.3%$66.1$49.234.3% SG&A as % of Net Sales34.5%37.7%(321) bps35.7%42.3%(665) bpsAdvertising & Marketing$13.0$7.281.9%$23.7$15.454.4% Advertising & Marketing as % of Net Sales12.7%11.6%116 bps12.8%13.2%(41) bpsBasic EPS Income (Loss)$0.56$(0.08)834.0%$0.70$(0.65)207.5%Diluted EPS Income (Loss)$0.52$(0.08)788.2%$0.66$(0.65)200.8%...