LOVE - Why Lovesac Company Stock Was Up Almost 30% in April
Shares of the Lovesac Company (NASDAQ: LOVE) were up 29.5% in April, according to data provided by S&P Global Market Intelligence . Oddly enough, the stock fell immediately following the release of its financial results for the fourth quarter of its fiscal 2021 even though results exceeded expectations. But it appears to be simply a case of a delayed, positive reaction from the market, since Lovesac stock steadily climbed thereafter.
Lovesac's fiscal 2021 ran from the beginning of February 2020 to the end of January 2021. The company operates showrooms which were closed for part of the year due to the COVID-19 pandemic. But net sales were nevertheless up 37% from fiscal 2020 as e-commerce sales took off. Furthermore, Lovesac reported net income of $14.7 million (compared to a net loss of $15.2 million in the previous year) as its gross-profit margin expanded from 50% to 54.5%.
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Why Lovesac Company Stock Was Up Almost 30% in April