The Lovesac Company (NASDAQ: LOVE) reported its stock price falling at the opening bell Wednesday, as the home furnishing brand best known for its Sactionals, The World's Most Adaptable Couch, today announced financial results for the first quarter of fiscal 2024, which ended April 30, 2023.
Sales for the quarter totaled $141.2 million, compared to $129.4 million in the prior-year quarter. Gross profit came in at $70.7 million, compared to $66.1 million in the prior-year quarter.
Operating loss was $5.9 million in the first quarter of fiscal 2024 compared to operating income of $2.6 million in the first quarter of fiscal 2023. Operating margin was a loss of 4.2% of net sales in the first quarter of fiscal 2024 compared to a gain of 2.0% of net sales in the first quarter of fiscal 2023.
Net loss was $4.2 million in the first quarter of fiscal 2024 or $0.28 loss per diluted share compared to a net income of $1.9 million or $0.12 per diluted share in the first quarter of fiscal 2023.
CEO Shawn Nelson stated, “We are very pleased with our first quarter performance, highlights of which included 9% and 15% increases in total sales and comparable sales, respectively, despite dampened consumer spending and higher interest rates. Lovesac’s relative outperformance reflects success executing our highly differentiated, customer-centric business model, the loyalty commanded by our Designed For Life product platforms, and our stellar operational platform.”
LOVE shares ditched $1.65, or 6.2%, to $22.98.
