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May 01, 2022
Lovesac Q1 2023 Earnings Report
Reported strong financial results for Q1 2023, exceeding expectations and defying macro headwinds.
Key Takeaways
Lovesac reported a strong first quarter with a 56.0% increase in net sales and a 42.2% increase in comparable sales. Net income decreased slightly to $1.9 million, while adjusted EBITDA increased to $6.4 million. The company's performance was driven by growth across all channels and underpinned by key competitive advantages.
Net sales increased by 56.0%, driven by growth across all channels.
Comparable sales grew by 42.2%.
Gross profit increased by 43.5% to $66.1 million.
Net income decreased to $1.9 million from $2.1 million in the prior year period.
Lovesac
Lovesac
Forward Guidance
The company reiterated its fiscal 2023 annual framework based on current trends.