Lovesac reports Q2 net loss of $0.6M despite 4% sales growth; gross margin expands to 59.8%

Lovesac Co

2024-Q3 EPS reported -$0.46 revenue$449,758,000

Net sales $154.5M (+4.0% YoY); omni-channel comparable sales +7.2%.
Net loss $(0.6)M vs net income $5.8M prior year; diluted EPS $(0.04).
Gross margin 59.8% up 650 bps; adjusted EBITDA $5.3M down 57.1% YoY.
SG&A rose 30.8% to $63.8M; advertising spend up 39% to $26.5M.
CEO expects challenged consumer spending; plans cost controls and new product investments.

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 0.92

Lovesac Co reported second quarter of fiscal 2024, which ended July 30, 2023 results: revenue $154.5, net income $(0.6), EPS $(0.04) per diluted share.

Period: second quarter of fiscal 2024, which ended July 30, 2023
Revenue: $154.5
Net income: $(0.6)
EPS: $(0.04) per diluted share
Result: reported results

Exact text from the filing

may not recalculate due to rounding.) Thirteen weeks ended Twenty-six weeks ended July 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 margin 59.8 % 53.3 % 650 bps 55.1 % 52.2 % 290 bps Total operating expenses $93.4 $71.0

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Source: SEC EDGAR

accession 0001628280-23-036549

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