Lovesac Q1 2021 Earnings Report

Reported a net sales increase of 32.8% and a comparable sales increase of 50.0% amidst the COVID-19 pandemic.

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.

Previous year: -$0.67

-13.4%

Omni-channel Comparable Net Sales Growth