Shares of the furniture retailer, The Lovesac Company (NASDAQ: LOVE) gained in pre-market trading at the time of writing on Wednesday even as the retailer swung to a loss in Q1 of $0.28 per share as compared to earnings of $0.12 in the same period last year but still, this loss was narrower than analysts’ expectations of a loss of $0.41 per share.
The company posted net sales of $141.2 million in Q1, up by 9.1% year-over-year, and exceeded consensus estimates of $133.73 million. Lovesac’s total comparable sales went up by 15.1% in Q1.
In the second quarter, the retailer has projected sales in the range of $149 million to $151 million while diluted loss is likely to be between $0.12 and $0.16 per share. In FY24, LOVE anticipates revenues in the range of $700 million to $740 million while diluted earnings are forecasted to be between $1.83 and $2.24 per share.
The company also announced a management change as Donna Dellomo, Lovesac’s EVP and CFO will retire and plans to transition to a Senior Strategic Advisory role. The company has appointed Keith Siegner as the new EVP and CFO effective June 30, 2023.
Analysts are bullish about LOVE stock with a Strong Buy consensus rating based on unanimous four Buys.
