Lovesac Q4 2023 Earnings Report
Key Takeaways
Lovesac Company reported a 21.7% increase in net sales for the fourth quarter, driven by growth across all sales channels. Net income was $27.6 million, and adjusted EBITDA increased by 51.0% to $48.3 million. The company is focused on growth initiatives and profitable growth for fiscal year 2024.
Net sales increased by 21.7% in Q4 2023, driven by growth across all sales channels.
Comparable sales grew by 16.2% in Q4 2023.
Net income was $27.6 million in Q4 2023, compared to $32.6 million in the same quarter last year.
Adjusted EBITDA increased by 51.0% to $48.3 million in Q4 2023.
Lovesac
Lovesac
Forward Guidance
The Company expects net sales between $700 million and $740 million, adjusted EBITDA between $55.0 million and $66.0 million, net income between $30.0 million and $36.0 million for fiscal year 2024.
Positive Outlook
- Net sales in the range of $700 million to $740 million.
- Adjusted EBITDA in the range of $55.0 million to $66.0 million.
- Net income in the range of $30.0 million to $36.0 million.
- Diluted income per common share in the range of $1.83 to $2.24.
- Fiscal 2024 will contain an additional “53rd week” in the fourth quarter versus 52 weeks in fiscal 2023.
Challenges Ahead
- Net sales in the range of $133 million to $136 million for Q1 2024.
- Adjusted EBITDA loss in the range of $4.0 million to $5.0 million for Q1 2024.
- Net loss in the range of $5.0 million to $6.0 million for Q1 2024.
- Diluted loss per common share in the range of $0.36 to $0.37 for Q1 2024.
- Projections are as of this date and the Company assumes no obligation to update or supplement this information.