The Lovesac Company · Q1 2024 earnings

Briefing

Reported a net sales growth of 9.1% and comparable sales growth of 15.1% despite dampened consumer spending and higher interest rates.

Lovesac reported a 9% increase in total sales and a 15% increase in comparable sales for the first quarter of fiscal 2024. The company's performance reflects the success of its customer-centric business model and the loyalty commanded by its product platforms.

• Net sales increased by 9.1% driven by growth across all channels.
• Gross profit increased by $4.6 million, or 7.0%, to $70.7 million.
• Operating loss was $5.9 million compared to an operating income of $2.6 million in the prior year.
• Net loss was $4.2 million, or $0.28 loss per diluted share, compared to a net income of $1.9 million, or $0.12 per diluted share in the prior year.

Headline financials

Revenue & EPS history

The Company continues to expect the following for the full year of fiscal 2024: Net sales in the range of $700.0 million to $740.0 million. Adjusted EBITDA in the range of $55.0 million to $66.0 million. Net income in the range of $30.0 million to $36.0 million. Diluted income per common share in the range of $1.83 to $2.24 on approximately 16.4 million estimated diluted weighted average shares outstanding.