Lovesac (LOVE) Q2 2024 Earnings Call Transcript Summary
Lovesac Co.(LOVE) recently held their Q2 2024 earnings call, and here are the key takeaways:
Bullish Points:
1. Total net sales were $154.5 million, up 4% versus the prior year period.
2. Total comparable sales growth of 7.2% for the quarter.
3. Net sales grew 51% on a two-year basis.
4. Adjusted EBITDA was $5.3 million.
5. Launched Angled Side product, which has been well-received by customers.
6. Opened 18 showrooms and 3 Best Buy shop-in shops.
7. Sales from Costco partnership up 15% in Q2.
8. E-commerce channel performance up 12.8% from last year.
9. Customer satisfaction scores continue to improve.
10. Efficient marketing and strong customer lifetime value to customer acquisition cost ratio.
Bearish Points:
1. Gross margin expansion offset by investments in growth.
2. Deleverage in marketing and advertising.
3. Challenging macro environment expected to continue.
4. Anticipate more competitive promotional environment during holiday season.
5. Operating loss for the quarter was $1 million.
6. Net loss for the quarter was $0.6 million or negative $0.04 per diluted share.
7. SG&A expense as a percent of net sales increased by 840 basis points.
8. Non-recurring incremental expenses associated with restatement of prior period financial statements.
9. Uncertain macro backdrop.
10. Weak demand for big ticket items and furniture.
For more information about Lovesac Co.(LOVE)'s earnings call, you can read the relevant news: Lovesac (LOVE) Q2 2024 Earnings Call Transcript
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
