Business
The Lovesac Company Reports Third Quarter Fiscal 2024 Financial Results
Net Sales Growth of 14.3%Net loss improves 68.2% STAMFORD, Conn., Dec. 06, 2023 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the
About this update from The Lovesac Company
[{"type":"text","content":"Net Sales Growth of 14.3%Net loss improves 68.2% STAMFORD, Conn., Dec. 06, 2023 (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 third quarter of fiscal 2024, which ended October 29, 2023. Shawn Nelson, Chief Executive Officer, stated, “We delivered another quarter of strong financial results and category outperformance highlighted by 14.3% net sales growth on top of 15.5% net sales growth in the fiscal third quarter of last year. Our disruptive Designed For Life platform, commitment to product innovation, compelling marketing, and highly productive omnichannel footprint continue to distinguish our unique brand and engender customer love and loyalty.\" Mr. Nelson continued, “We are very pleased with the start to the holiday season, successfully navigating the challenged category backdrop with continued healthy market share gains thus far. Our strong balance sheet and effective execution by our teams gives us confidence we can balance efficiency with proactive investments in new products to drive consumer demand and further expand our market leadership well into the future.” Key Measures for the Third Quarter and Year-to-date Period of Fiscal 2024 Ending October 29, 2023:(Dollars in millions, except per share amounts. Dollar and percentage changes may not recalculate due to rounding.) Thirteen weeks endedThirty-nine weeks endedOctober 29, 2023October 30, 2022% Inc (Dec)October 29, 2023October 30, 2022% Inc (Dec)Net sales$154.0 $134.8 14.3%$449.8 $412.7 9.0%Gross profit$88.4 $64.9 36.3%$251.4 $210.0 19.7%Gross margin 57.4% 48.2%920 bps 55.9% 50.9%500 bpsTotal operating expenses$92.1 $75.0 22.7%$261.7 $209.5 24.9%SG&A$67.6 $53.5 26.4%$188.0 $147.3 27.7%SG&A as a % of Net Sales 43.9% 39.7%420 bps 41.8% 35.7%610 bpsAdvertising and marketing$21.1 $19.1 10.8%$64.6 $54.0 19.5%Advertising & marketing as a % of Net Sales 13.7% 14.1%(40) bps 14.4% 13.1%130 bpsNet (loss) income$(2.3)$(7.4)68.2%$(7.1)$0.3 nm*Basic net (loss) income per common share$(0.15)$(0.48)68.8%$(0.46)$0.02 nm*Diluted net (loss) income per common share$(0.15)$(0.48)68.8%$(0.46)$0.02 nm*Adjusted EBITDA1$2.5 $(6.9)136.4%$5.7 $11.7 (51.5%)Net cash (used in) provided by operating activities$(7.2)$(5.5)(31.4%...