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Jan 29, 2023
Lovesac Q4 2023 Earnings Report
Lovesac reported record fourth quarter and fiscal year 2023 financial results, marked by net sales growth and increased adjusted EBITDA.
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.