The LoveSac Company (NASDAQ:LOVE) reported earnings for the fiscal first quarter of 2021, which sent LOVE stock higher on Tuesday. That’s thanks to its diluted loss per share of 58 cents, which was better than Wall Street’s estimate for a loss of 67 cents per share. Its revenue of $54.4 million also exceeded analysts’ estimates of $47.18 million.
Now, let’s look at some additional highlights from The LoveSac Company’s most recent earnings report.
- Diluted per-share losses mark a 13.4% improvement over the 67 cent loss from the same time last year.
- Revenue for the quarter is up 32.6% from $41 million during the fiscal first quarter of 2020.
- Its operating loss of $8.4 million is an 8% improvement year-over-year from $9.1 million.
- The LiveSac Company earnings report also indicated net losses coming in at $8.3 million.
- That’s an 8.7% narrower net loss than the $9.1 million loss reported during the same period of the year prior.
Shawn Nelson, CEO of The LoveSac Company, said this about the earnings.
“Amid the global dislocation caused by the COVID-19 pandemic, Lovesac’s first quarter results affirm the resilience and compassion of our team, the benefit of our diversified channel mix, and the fundamental appeal of the Lovesac brand. These positive attributes contributed to the quarter’s strong results with nearly 33% total company sales growth, including a 255% increase in our e-commerce sales.”
The LoveSac Company doesn’t discuss guidance in the current earnings report. That makes sense with markets being unpredictable due to the novel coronavirus. Plenty of other companies are withholding their outlook at this time.
LOVE stock was up 8% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.