LOVE - Lovesac runs to 52-week high after blasting past Q3 consensus marks

Lovesac ([[LOVE]] +13.7%) rallies after reporting comparable sales growth of 53.5% for Q3 and positive adjusted EBITDA of $6.0M vs. the consensus expectation for -$10.2M. Gross margin expanded by 487 bps during the quarter off the sales leverage. CEO update: "Our business fundamentals are strong, and our recently expanded partnership with Best Buy broadens our audience and expands Sactionals adoption in an agile, capital efficient manner. In combination with continued progress on our key strategic initiatives, we are well-positioned to capitalize on product demand and as such, we expect a strong year over year increase of 50% to 60% in Adjusted EBITDA1 for the fourth quarter. We look forward to building on our progress and success as we close out the fiscal year." Lovesac's growth marks continue to compare favorably to peers.

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Lovesac runs to 52-week high after blasting past Q3 consensus marks