The Lovesac Co (LOVE) Reports Preliminary Q3 Sales, Up 11% to 13% YoY
The Lovesac Co (NASDAQ:LOVE) expects Q3 net sales to be in the range of $150 million to $152 million, marking an 11% to 13% increase from Q3 fiscal 2023.
The company will release its second quarter financial results before market open on Friday, November 3, 2023.
Executive Vice President and Chief Financial Officer, Keith Siegner, expressed satisfaction with the company's strong performance and market share gains.
The Lovesac Co (NASDAQ:LOVE) is preparing to file its amended financial statements in the coming days.
On October 30, 2023, The Lovesac Co (NASDAQ:LOVE) announced its preliminary sales outlook for the third quarter of fiscal 2024, ended October 29, 2023. The company expects net sales to be in the range of approximately $150 million to $152 million, which is an 11% to 13% increase from the third quarter of fiscal 2023.
Financial Performance and Challenges
The Lovesac Co (NASDAQ:LOVE) has shown a strong performance in the third quarter of fiscal 2024, with double-digit net sales growth. However, the company also highlighted that these preliminary financial results are based on information available to management as of the date of the press release and may be subject to further adjustments. The company's independent registered public accounting firm has not audited, reviewed, or performed any procedures with respect to the preliminary financial results.
Company's Commentary
Keith Siegner, Executive Vice President and Chief Financial Officer, expressed gratitude for the patience shown during the financial restatement process. He stated,
I want to thank everyone for their patience as we have diligently worked through our financial restatement. We hold ourselves to very high standards of integrity, and the accuracy and reliability of our financial statements is paramount. We are pleased to be in a position to issue this date announcement and are preparing to file our amended financial statements in the coming days."
Mr. Siegner also expressed satisfaction with the company's performance in the third quarter, stating,
We are also pleased to provide a preliminary sales view for the third quarter that delivered a strong performance, with continued market share gains that drove double-digit net sales growth. We look forward to discussing our business and performance on our earnings call later this week."
About The Lovesac Co (NASDAQ:LOVE)
Based in Stamford, Connecticut, The Lovesac Co (NASDAQ:LOVE) is a technology-driven company that designs, manufactures, and sells unique, high-quality furniture. The company's product offering includes modular couches called Sactionals, premium foam beanbag chairs called Sacs, and the Sactionals StealthTech Sound + Charge System. The company markets and sells its products primarily online at www.lovesac.com, supported by direct-to-consumer touchpoints in the form of owned showrooms, as well as through shop-in-shops and pop-up-shops with third-party retailers.
Explore the complete 8-K earnings release (here) from The Lovesac Co for further details.
This article first appeared on GuruFocus.
