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By Sam Boughedda
Investing.com — Shares of furniture firm The Lovesac Company (NASDAQ:LOVE) rose 20% to $78 after it reported earnings earnings before the bell that beat analyst expectations.
The company announced earnings per share of 17 cents on revenue of $116.68 million. Analysts polled by Investing.com anticipated a per-share loss of 41 cents on revenue of $112.19 million.
Shawn Nelson, CEO of Lovesac was pleased with the company's performance during the quarter, telling investors they "reflect strong, sustainable and profitable growth across all sales channels including, most notably, an increase in showroom sales of nearly 70% and a nearly 40% increase for internet sales."
He added: "We generated strong top-line growth against the backdrop of macro supply chain disruption that reveals some of the many advantages of our unique business model with a concentrated sku count and redundant manufacturing spread across multiple geographies, delivering customers’ orders within days.”
Lovesac put its net sales increase of 56.1% down to a higher sales volume and lower promotional discounting, which drove an increase in showroom sales of 67.8%.