LOVE - Why Lovesac Stock Jumped 12% in Early Trading Today
Shares of Lovesac (NASDAQ: LOVE) , a furniture retailer with a specialty in beanbag chairs and modular sofas, rose roughly 12% in the first 90 minutes of trading on Wednesday. It isn't hard to figure out why investors were so pleased: Lovesac reported third-quarter earnings before the bell.
The retailer's fiscal third-quarter 2022 sales came in at $116.7 million, up a massive 56.1% from the $74.7 million it earned a year ago. On the surface, that might not be so exciting, given the pandemic headwinds in the 2020 calendar year. However, Lovesac's year-ago third-quarter sales, despite coronavirus headwinds, were up 43.5% from the $52.1 million tally in the third quarter of fiscal 2020, which was not impacted by the pandemic.
In other words, the company's strong growth has continued right through the pandemic. That was helped along by a notable increase in store count, which sat at 84 at the end of the third quarter in fiscal 2020, 107 in fiscal 2021, and now 135 in fiscal 2022. The company has also been benefiting from strong online sales.
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Why Lovesac Stock Jumped 12% in Early Trading Today