Lovesac Shares Gain On Q2 Earnings Beat

Lovesac Co LOVE reported second-quarter FY23 sales growth of 45% year-on-year to $148.50 million, beating the consensus of $125.37 million.
Comparable sales for the quarter grew 31.1% versus last year.
Gross profit rose 37.1% Y/Y to $80.9 million, with the margin contracting 310 basis points to 54.5%.
Total operating expenses climbed 42% Y/Y to $71 million. The operating margin contracted 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% Y/Y.
EPS of $0.45 fell 13.5% from $0.52 last year, topping the consensus of $0.41.
Lovesac held $17.7 million in cash and equivalents as of July 31, 2022. Net cash used in operating activities for Q2 totaled $(37.6) million.
Price Action: LOVE shares traded higher by 5.75% at $31.60 in premarket on the last check Thursday.
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