The Lovesac Company (LOVE) Wednesday announced first-quarter net income of $2.1 million or $0.13 per share compared with net loss of $8.3 million or $0.58 per share in the same quarter a year ago. Analysts polled by Thomson Reuters expected the company to report loss of $0.58 per share. Analysts' estimates typically exclude special items.
sales for the quarter jumped 52.5% to $82.9 million from $54.4 million last year, driven by nearly 200% growth in comparable showroom sales. The consensus estimate stood at $75.06 million.
The company said its pop-up-shops and shop-in-shops sales increased 41.4% in the quarter.
"As we look to the remainder of the year, we recognize the environment remains dynamic and we will continue to execute our vision and strategy with discipline as we focus on continuing to drive long-term value for all our stakeholders," said Shawn Nelson, Chief Executive Officer.
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