The Lovesac Co LOVE is trading higher Tuesday after the company reported strong financial results.
Lovesac said fourth-quarter revenue increased 51.3% year-over-year to $196.2 million, which beat the $174.33 million estimate. The company reported quarterly earnings of $2.03 per share, which was up from earnings of $1.37 per share year-over-year.
"Lovesac’s continued strong financial performance in the face of a myriad of macro and industry shifts affirms the power of our unique business model and products," said Shawn Nelson, CEO of The Lovesac Co.
Lovesac said it will continue to drive growth by making smart investments in product extensions and technology, deploying the company's omni-channel sales model and implementing supply chain and operating efficiencies.
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LOVE 52-Week Range: $35.07 - $95.51
The stock was up 16.4% at $54.89 at time of publication.
Photo: Skitterphoto from Pixabay.
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