LOVESAC Reports Fourth Quarter and Fiscal Year Results

March 28, 2023  by HFBusiness Staff in Business Strategy, Industry   

Shawn Nelson, Chief Executive Officer, stated, “Amid considerable macroeconomic and consumer headwinds, Lovesac delivered very strong Q4 and Full Year 2023 results that drove tangible value for our shareholders, customers, associates and business partners.”

“Highlights in this regard include above 30% increase in total annual net sales to $651.5 million, total Comp Sales growth of 21.9% and an 8.7% increase in adjusted EBITDA to $60.4 million.”

“Three unique and highly beneficial assets continue to drive this outperformance: our omnichannel business model that engages and motivates customers, our Designed for Life proprietary products that inspire passion and loyalty, and our efficient and profitable operating platform.”

“As we scale, these key differentiators should continue to drive accretive growth with exciting possibilities for Lovesac’s future.”

Mr. Nelson continued, “Looking ahead to fiscal 2024, we will continue to surgically invest in growth initiatives and focus on strong execution to drive continued profitable growth.”

The Company currently expects the following for the full year of fiscal 2024:

• Net sales in the range of $700 million to $740 million.
• Adjusted EBITDA⁴ in the range of $55.0 million to $66.0 million.
• Net income in the range of $30.0 million to $36.0 million.
• Diluted income per common share in the range of $1.83 to $2.24 on approximately 16.4 million estimated diluted weighted average shares outstanding.
• Fiscal 2024 will contain an additional “53rd week” in the fourth quarter versus 52 weeks in fiscal 2023.

A recorded replay of the conference call will be available within two hours of the conclusion of the call and can be accessed online at investor.lovesac.com for 90 days.