Lovesac Co. (LOVE), a direct-to-consumer specialty furniture brand, on Wednesday reported net loss for the second quarter that narrowed to $1.11 million or $0.08 per share, from $4.77 million or $0.33 per share in the previous-year quarter.
Net sales for the quarter grew 28.7 percent to $61.9 million from $48.1 million in the year-ago period, driven by an increase in internet sales of 387.2 percent.
On average, analysts polled by Thomson Reuters expect the company to report loss of $0.48 per share for the quarter on revenues of $52.35 million. Analysts' estimates typically exclude special items.
The company noted that a 325 percent increase in internet sales was partially offset by a 58.9 percent decrease in showroom sales due to the impact of showroom closures related to COVID-19, and a 59.3 percent decrease in "Other" sales, which includes shop-in-shops and pop-up shops, related to the impact of COVID-19. Comparable sales grew about 72 percent.
Looking ahead, Lovesac expects adjusted EBITDA loss of $10 million to $11 million in the third quarter.
For fiscal 2021, the company said it is well-positioned to drive positive adjusted EBITDA, coming entirely in the fourth quarter as the third quarter will be pressured by expense shifts and significant marketing increases that are in large part due to COVID-19-driven deferrals from the second quarter.
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