Lovesac Shares Rise 20% On Earnings, Revenue Beat -Breaking
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© Reuters. Sam Boughedda
Investing.com — Shares of fFirm for urniture The Lovesac Company After reporting earnings earnings prior to the bell, which beat analysts expectations, (NASDAQ:) rose 20% and reached $78
On revenue of $116.68 millions, the company reported earnings per share at 17 cents. According to analysts polled, Investing.comOn revenue of $112.19 millions, a 41c per share loss was expected.
Lovesac CEO Shawn Nelson was happy with Lovesac’s quarter. He told investors that they had experienced “strong, sustainable, and profitable growth across all channels, including a 70% increase in showroom sales and nearly 40% rise for online sales.”
He added: “We generated strong top-line growth against the backdrop of macro supply chain disruption that reveals some of the many advantages of our unique business model with a concentrated sku count and redundant manufacturing spread across multiple geographies, delivering customers’ orders within days.”
Lovesac attributed its 56.1% increase in net sales to higher sales volumes and less promotional discounts, which led to an increase of showroom sales of 67.8%.
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