LOVE - Lovesac GAAP EPS of -$0.28 beats by $0.13 revenue of $141.19M beats by $7.46M

2023-06-07 07:02:49 ET

• Lovesac press release ( NASDAQ: LOVE ): Q1 GAAP EPS of -$0.28 beats by $0.13 .
• Revenue of $141.19M (+9.1% Y/Y) beats by $7.46M .
• Showroom net sales, which include kiosks and mobile concierges, increased 2.9%. Internet net sales increased 28.7%, and our “Other” channel which principally includes pop-up-shops and shop-in-shops increased 3.1%.
• Comparable Sales Growth of 15.1%

• The Company continues to expect the following for the full year of fiscal 2024:

  • Net sales in the range of $700.0 million to $740.0 million.
  • Adjusted EBITDA ⁴ 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 on approximately 16.4 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 second quarter of fiscal 2024:

  • Net sales in the range of $149.0 million to $151.0 million.
  • Adjusted EBITDA ⁴ in the range of $1.0 million to $1.5 million.
  • Net loss in the range of $2.0 million to $2.5 million.
  • Diluted loss per common share in the range of $0.12 to $0.16 on approximately 15.2 million estimated weighted average shares outstanding.

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