Lovesac Q3 2024 Earnings Report
Key Takeaways
Lovesac Company reported a 14.3% increase in net sales for the third quarter of fiscal 2024, driven by growth in Showroom and Internet channels. The company's net loss improved by 68.2%.
Net sales increased by 14.3% primarily driven by growth within Showroom and Internet channels.
Gross profit increased by $23.5 million, or 36.3%, to $88.4 million.
Net loss improved to $2.3 million, or $(0.15) net loss per diluted share.
The company opened 10 additional showrooms and closed 1 showroom and 2 kiosks during the quarter.
Lovesac
Lovesac
Forward Guidance
The Company expects the following for the full year of fiscal 2024: Net sales in the range of $710.0 million to $720.0 million. Adjusted EBITDA4 in the range of $54.0 million to $62.0 million. Net income in the range of $22.0 million to $26.0 million. Diluted income per common share in the range of $1.35 to $1.60 on approximately 16.5 million estimated diluted weighted average shares outstanding. Fiscal 2024 will contain an additional “53rd week” in the fourth quarter versus 52 weeks in fiscal 2023. The Company currently expects the following for the fourth quarter of fiscal 2024: Net sales in the range of $260.0 million to $270.0 million. Adjusted EBITDA4 in the range of $48.0 million to $56.0 million. Net income in the range of $29.0 million to $33.0 million. Diluted income per common share in the range of $1.77 to $2.02 on approximately 16.6 million estimated diluted weighted average shares outstanding.