LOVE - Why Lovesac Stock Fell Today
Shares of furniture company The Lovesac Company (NASDAQ: LOVE) fell on Thursday after it reported financial results for the second quarter of its fiscal 2023. As of 1 p.m. ET, Lovesac stock was down 11%.
The drop for Lovesac stock is a little surprising considering Q2 results exceeded internal guidance and external expectations. Management had guided for year-over-year net sales growth of 25% to 30%, but in reality it grew Q2 net sales by 45% to $148.5 million.
Lovesac also reported Q2 earnings per share (EPS) of $0.45. This was down from EPS of $0.52 in the same quarter last year. However, this was partly due to changes in taxes, not something with the business. Moreover, the company surpassed analyst expectations on both the top and bottom lines, which makes today's 11% drop a little unusual.
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Why Lovesac Stock Fell Today