LOVE - Why Lovesac Stock Popped Today
2023-12-06 14:44:02 ET
Shares of Lovesac (NASDAQ: LOVE) are up 10.6% as of 2 p.m. ET Wednesday after the furniture retailer announced better-than-expected quarterly results.
For its fiscal third quarter ended Oct. 29, Lovesac's revenue grew 14.3% year over year to $154 million. On the bottom line, that translated to a generally accepted accounting principles ( GAAP ) net loss of $2.3 million, or $0.15 per share, narrowed from a loss of $0.48 per share in the same year-ago period. Analysts, on average, were expecting a wider net loss of $0.30 per share on slightly lower revenue of $153.8 million.
Lovesac's top line was driven by a combination of 18.9% growth in showroom net sales, which includes its kiosks and mobile concierges, and a 20.1% increase in internet channel sales. The company ended last quarter with 230 showrooms, up from 189 at the same point last year.
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Why Lovesac Stock Popped Today