- Lovesac Co LOVE reported Revenue growth of 45% in Q2 FY23 year over year to $148.50 million, beating the consensus of $125.37 million.
- Comparable sales for the quarter increased 31.1% year over year.
- Gross profit rose 37.1% year over year to $80.9 million, with margin shrinking 310 basis points to 54.5%.
- Total operating expenses increased 42% year over year to $71 million. Operating margin shrank 210 basis points to 6.7% and operating income for the quarter was $9.9 million. Adjusted EBITDA of $14.1 million increased 13.6% year over year.
- Earnings per share of $0.45 fell 13.5% from $0.52 last year, beating the consensus of $0.41.
- Lovesac had $17.7 million in cash and equivalents as of July 31, 2022. Net cash used in operations for the second quarter totaled $(37.6) million.
- Price promotion: LOVE shares traded 5.75% higher premarket on the most recent check Thursday at $31.60.
- Photo via company
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