- Lovesac Co 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.
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