Lovesac Q1 net loss $4.2M vs prior-year profit; sales up 9.1%, comp sales 15.1%

Lovesac Co

2024-Q1 EPS reported -$0.28 revenue$141,193,000

Net sales of $141.2M (+9.1% YoY); comparable sales growth of 15.1%.
Net loss of $4.2M (diluted EPS $(0.28)) vs net income of $1.9M ($0.12) a year ago.
Adjusted EBITDA turned negative to $(2.4)M from $6.4M.
Gross margin fell 100 bps to 50.1%; SG&A as % of sales rose 560 bps to 40.3%.
CEO cites strong comps and debt-free balance sheet; plans to boost product investment.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Lovesac Co reported the first quarter of fiscal 2024, which ended April 30, 2023 results: revenue $141.2, net income $(4.2), EPS $(0.28).

Period: the first quarter of fiscal 2024, which ended April 30, 2023
Revenue: $141.2
Net income: $(4.2)
EPS: $(0.28)
Result: reported results

Exact text from the filing

in millions, except per share amounts. Dollar and percentage changes may not recalculate due to rounding.) Thirteen weeks ended April 30, 2023 May 1, 2022 % Inc (Dec) Net Sales $141.2 $129.4 9.1% Gross Profit $70.7 $66.1 7.0% Gross Margin 50.1 % 51.1 % (100) bps Total Operating Expense $76.6 $63.5 20.7% SG&A $56.8 $44.9 26.6% SG&A as a % of Net Sales 40.3 %

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Source: SEC EDGAR

accession 0001628280-23-021163

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