Lovesac (LOVE) 10-Q Report – Financials & Innovations

By Bobby Samwell • Thursday, December 12 15:23 • Permanent Link

Lovesac Releases 10-Q Report: A Closer Look at the Numbers

Lovesac, the furniture company known for its innovative and adaptable products, has recently released its 10-Q report, offering a detailed look at its financial condition and operations. The company, founded in 1995 and based in Stamford, Connecticut, specializes in designing, manufacturing, and selling furniture, including its signature sactionals, sacs, and other related products.

The 10-Q report provides insight into the company's financial performance and key operational metrics. Lovesac's net sales for the thirteen weeks ended November 3, 2024, amounted to $147.3 million, with its Sactionals representing the majority at 91.4% of net sales. The Sactionals StealthTech Sound + Charge System, a unique innovation featuring immersive surround sound by Harman Kardon and wireless charging, contributed to the product line's success. Additionally, the Sacs product line, which offers oversized beanbag chairs filled with Durafoam, constituted 7.2% of net sales during the same period.

Lovesac's omni-channel platform, which includes showrooms, e-commerce, and other touchpoints such as pop-up shops and barter inventory transactions, played a significant role in driving sales. Showrooms accounted for 60.7% of total net sales, followed by e-commerce at 29.9%, and other touchpoints at 9.4% for the thirteen weeks ended November 3, 2024.

The report also sheds light on how Lovesac assesses its business performance. The company uses measures such as net sales, omni-channel comparable net sales, and new customer acquisitions to evaluate its financial and operating performance. Additionally, the report provides a breakdown of cost of merchandise sold, gross profit, and selling, general, and administrative expenses, offering investors and stakeholders a comprehensive understanding of the company's financial health.

Following these announcements, the company's shares moved -31.2%, and are now trading at a price of $25.93. For more information, read the company's full 10-Q submission here.

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