Lovesac Co. (LOVE), a direct-to-consumer specialty furniture brand, on Thursday reported net income for the second quarter of $8.45 million or $0.52 per share, compared to a net loss of $1.11 million or $0.08 per share in the prior-year quarter.
Net sales for the quarter surged 65.4 percent to $102.44 million from $61.95 million in the same quarter last year, driven by higher sales volume, lower promotional discounting and comparable sales growth of 39.5 percent.
On average, six analysts polled by Thomson Reuters expected the company to report loss of $0.08 per share on revenues of $90.97 million for the quarter. Analysts' estimates typically exclude special items.
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