Business
The Lovesac Company Reports Second Quarter Fiscal 2023 Financial Results
Net Sales Growth of 45.0% Comparable Sales Growth of 31.1% STAMFORD, Conn., Sept. 08, 2022 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac”
About this update from The Lovesac Company
[{"type":"text","content":"Net Sales Growth of 45.0% Comparable Sales Growth of 31.1% STAMFORD, Conn., Sept. 08, 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 second quarter of fiscal 2023, which ended July 31, 2022. Shawn Nelson, Chief Executive Officer, stated, “We are pleased with our second quarter results with top and bottom line performance that exceeded expectations including total net sales growth of 45% and Adjusted EBITDA of $14.1 million. We delivered these results against an industry backdrop that proved challenging for many, illustrating our market share gains off of a very small base in a large and fragmented total addressable couch + home audio market of $46.2 billion. These share gains continue to be fueled by the compelling value proposition our Designed for Life platform offers with sustainability core to how we operate, our industry-leading in-stock position, and our brand awareness and customer adoption that are at important inflection points.” Mr. Nelson continued, “While we expect the dynamic operating environment to persist through the rest of this year, our growth strategies are designed to fortify our position and build on our market share gains including our efforts around key product innovation, StealthTech, effective marketing and merchandising strategies, productivity expansion of our touchpoints, and healthy digital channel growth. The significant runway we have with our strategic initiatives combined with our focus on disciplined execution gives me confidence in our ability to drive our share gains in any type of macro environment while also accelerating our growth investments as we continue to scale the business.” Key Measures for the Second Quarter and First Half of Fiscal 2023 Ending July 31, 2022:(Dollars in millions, except per share amounts) Thirteen weeks endedTwenty-six weeks ended July 31, 2022August 1, 2021% Inc (Dec)July 31, 2022August 1, 2021% Inc (Dec)Net Sales$148.5 $102.4 45.0% $277.9 $185.4 49.9% Gross Profit$80.9 $59.0 37.1% $147.0 $105.1 39.9% Gross Margin 54.5% 57.6% (310) bps 52.9% 56.7% (380) bpsTotal Operating Expense$71.0 $50.0 42.0% $134.5 $93.8 43.3% SG&A$48.9 $35.4 38.1% $93.8 $66.1 41.8% SG&A as a % of Net Sales 32.9% 34.5%...