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Jul 30, 2023
Lovesac Q2 2024 Earnings Report
Reported a net sales increase of 4.0% and omni-channel comparable sales growth of 7.2%.
Key Takeaways
The Lovesac Company announced its financial results for the second quarter of fiscal year 2024, which ended July 30, 2023. The company reported a 4% increase in net sales compared to the same period last year, with growth driven by Showroom and Internet channels. However, the company experienced a net loss of $0.6 million, a decrease compared to the net income of $5.8 million in the second quarter of fiscal 2023.
Net sales increased by 4.0% primarily driven by growth within Showroom and Internet channels.
Gross profit increased by 16.8% to $92.4 million, with gross margin increasing by 650 basis points to 59.8%.
Operating loss was $1.0 million compared to an operating income of $8.1 million in the prior year.
Net loss was $0.6 million, or $(0.04) net loss per diluted share, compared to a net income of $5.8 million, or $0.37 net income per diluted share, in the prior year.
Forward Guidance
The Company expects the following for the full year of fiscal 2024: Net sales in the range of $710.0 million to $730.0 million. Adjusted EBITDA in the range of $51.0 million to $63.0 million. Net income in the range of $20.0 million to $29.0 million. Diluted income per common share in the range of $1.21 to $1.75 on approximately 16.5 million estimated diluted weighted average shares outstanding.
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