Lovesac Q1 2021 Earnings Report
Key Takeaways
Lovesac reported strong Q1 results with a 32.8% increase in total company sales, driven by a 255% increase in e-commerce sales. The operating loss improved by almost $1 million from the prior year period, despite showroom closures.
Net sales increased by 32.8% due to a significant rise in internet sales (255.4%) and a smaller increase in 'Other' sales (11.0%), offset by a decrease in showroom sales (-32.7%) due to COVID-19 closures.
Gross profit increased by 30.0%, primarily due to higher net sales, but was partially offset by tariffs.
Operating loss improved to $8.4 million from $9.3 million in the prior year period.
Cash and cash equivalents balance was $45.5 million as of May 3, 2020, compared to $35.7 million as of May 5, 2019.
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Lovesac Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the press release.
Revenue & Expenses
Visualization of income flow from segment revenue to net income