Business
The Lovesac Company Reports Second Quarter Fiscal 2024 Financial Results
Net Sales Growth of 4.0%Omni-channel Comparable Sales Growth of 7.2% STAMFORD, Conn., Nov. 03, 2023 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE)
About this update from The Lovesac Company
[{"type":"text","content":"Net Sales Growth of 4.0%Omni-channel Comparable Sales Growth of 7.2% STAMFORD, Conn., Nov. 03, 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 second quarter of fiscal 2024, which ended July 30, 2023. Shawn Nelson, Chief Executive Officer, stated, “We are very pleased with our second quarter performance, which affirms the resilience of our brand and disruptive business model that has consistently delivered category outperformance and extraordinary customer love and loyalty. The quarterly highlights include 4% total net sales growth, impressively lapping 45.0% net sales growth in the year ago period. Operational highlights included the launch of our new Angled Side product – a strategic expansion of our Sactionals portfolio that has been very well received – and successful growth of our physical and e-commerce footprint to deliver a seamless, omnichannel customer experience.” Mr. Nelson continued, “Looking ahead, we expect consumer spending in our category to remain challenged. To that end, we will prudently control expenses with a focus on efficiency balanced against proactive investments in new products to drive consumer demand and further expand our market leadership. Coupled with our healthy balance sheet, we are positioned well to optimize the opportunity ahead of us.” Key Measures for the Second Quarter and First Half of Fiscal 2024 Ending July 30, 2023:(Dollars in millions, except per share amounts. Dollar and percentage changes may not recalculate due to rounding.) Thirteen weeks endedTwenty-six weeks endedJuly 30, 2023 July 31, 2022 % Inc (Dec) July 30, 2023 July 31, 2022 % Inc (Dec) Net sales$154.5 $148.5 4.0% $295.7 $277.9 6.4% Gross profit$92.4 $79.1 16.8% $163.0 $145.1 12.3% Gross margin59.8% 53.3% 650 bps 55.1% 52.2% 290 bps Total operating expenses$93.4 $71.0 31.6% $169.7 $134.5 26.2% SG&A$63.8 $48.8 30.8% $120.4 $93.7 28.4% SG&A as a % of Net Sales41.3% 32.9% 840 bps 40.7% 33.7% 700 bps Advertising and marketing$26.5 $19.1 39.0% $43.4 $35.0 24.2% Advertising & marketing as a % of NetSales17.2% 12.9% 430 bps 14.7% 12.6% 210 bps Basic net (loss) income per common share$(0.04) $0.38 (110.5%) $(0.31) $0.50 (162.0%) Diluted net (loss) inco...