• Lovesac Co (NASDAQ:LOVE) reported third-quarter FY22 sales growth of 56.1% year-on-year, to $116.68 million, beating the analyst consensus of $112.19 million. Comparable sales increased 47.1% versus last year.
• The gross profit rose 41.9% Y/Y to $58.6 million, with the margin contracting 510 basis points to 50.2%.
• The operating expenses climbed 43.5% Y/Y to $55.6 million. The operating margin was 2.5%, and operating income for the quarter was $3 million.
• EPS of $0.17 versus $0.16 last year topped the consensus of $(0.40).
• Lovesac held $47.9 million in cash and equivalents as of October 31, 2021.
• Adjusted EBITDA of $5.8 million declined 2.3% Y/Y.
• "We generated strong top-line growth against the backdrop of macro supply chain disruption that reveals some of the many advantages of our unique business model with a concentrated sku count and redundant manufacturing spread across multiple geographies, delivering customers' orders within days," said CEO Shawn Nelson.
• Price Action: LOVE shares are trading higher by 3.81% at $67.01 on the last check Wednesday.