Business
The Lovesac Company Reports Third Quarter Fiscal 2022 Financial Results
Strong Momentum Across Channels Drives 56.1% Growth in Net SalesComparable Sales Increased 47.1% on Top of 53.5% in the Prior Year PeriodNet Income Improved
About this update from The Lovesac Company
[{"type":"text","content":"Strong Momentum Across Channels Drives 56.1% Growth in Net SalesComparable Sales Increased 47.1% on Top of 53.5% in the Prior Year PeriodNet Income Improved 11% to $2.8 millionThird Quarter Adjusted EBITDA1 of $5.8 million STAMFORD, Conn., Dec. 08, 2021 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”) today announced financial results for the third quarter of fiscal 2022, which ended October 31, 2021. Shawn Nelson, Chief Executive Officer, stated, “Our results for the third quarter reflect strong, sustainable and profitable growth across all sales channels including, most notably, an increase in showroom sales of nearly 70% and a nearly 40% increase for internet sales. This performance is a testament to the team’s exceptional execution and affirms that our personalized shopping experience, whether in person, online or directly to customers' homes through our recently launched Mobile Concierge service, is resonating and meeting customers where they prefer to shop. We generated strong top-line growth against the backdrop of macro supply chain disruption that reveals some of the many advantages of our unique business model with a concentrated sku count and redundant manufacturing spread across multiple geographies, delivering customers’ orders within days.” Mr. Nelson continued, “Operationally, we made good progress against our strategic priorities including the much-anticipated launch of our new Stealthtech embedded surround sound system, which is reverse-compatible with all of the designed-for-life Sactionals we have sold to-date. The results of this approach to achieving true sustainability will be highlighted in our first ever formal ESG report being published later this month. As we look to the final quarter of the year, we are pleased with our strong start to the all-important holiday season and are confident in our in-stock position to meet fourth quarter demand. We look forward to delivering an elevated customer experience across channels during the busiest time of year and closing out fiscal 2022.” Key Measures for the Third Quarter and Year-to-date Period of Fiscal 2022 Ending October 31, 2021:(Dollars in millions, except per share amounts) Thirteen weeks endedThirty-nine weeks endedOctober 31,2021November 1,2020% Inc (Dec)October 31,2021November 1,2020% Inc (Dec)Net Sales$116.7$74.756.1...