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- Lovesac Co (NASDAQ:LOVE) reported first-quarter FY23 sales growth of 56% year-on-year to $129.4 million, beating the consensus of $115.02 million. Comparable sales grew 42.2%.
- The gross profit rose 43.5% Y/Y to $66.1 million, with the margin contracting 450 basis points to 51.1%.
- The operating expenses climbed 44.8% Y/Y to $63.5 million. The operating margin contracted 70 basis points to 2%, and operating income for the quarter was $2.6 million. Adjusted EBITDA of $6.4 million increased 19.5% Y/Y.
- EPS of $0.12 fell 7.7% from $0.13 last year, topping the consensus of $(0.21).
- Lovesac held $64.4 million in cash and equivalents as of May 1, 2022. Net cash used in operating activities for Q1 totaled $(21.8) million.
- Price Action: LOVE shares traded lower by 15.7% at $32.02 in premarket on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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