IN JUNE THEY HAD GOOD EARN-
Lovesac reports Q1 EPS 13c, consensus (58c) 06/09 LOVE Reports Q1 revenue $82.92M, consensus $75.06M. The net sales increase of 52.5% was driven by an increase in showroom sales of 170.4%, an increase in our "Other" channel which include pop-up-shops and shop-in-shops sales of 41.4%, offset by a decrease in internet sales of 16.3%. The cash and cash equivalents balance as of May 2, 2021 was $65.7M as compared to $45.5M as of May 3, 2020. Shawn Nelson, CEO, stated, "Our strong first quarter performance affirms the confluence of two highly-favorable dynamics in Lovesac's evolution. The first is that we are providing a great customer experience, backed by product innovation, investments in digital, and expanded showrooms and other distribution channels. Impactful and high-return marketing and merchandising strategies further complement these efforts. The second is that the pandemic tailwinds continue within the home furnishings category itself and our teams are executing across the board to strengthen the Lovesac brand and value proposition in this environment. The results are clear and include record first quarter results highlighted by sales growth of 52.5%, a comparable sales increase of 48.8% and positive Adjusted EBITDA1 of $5.3M."
