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Luvu Brands, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $5,756,000 from $6,126,000 in the same quarter the previous year. The decrease is attributed to lower sales in the Liberator and Avana product lines.
Gross profit for the quarter was $1,517,000, compared to $1,582,000 in the previous year, with the gross profit margin remaining at 26%.
Operating expenses increased to $1,639,000 from $1,614,000, representing 28% of net sales compared to 26% in the prior year.
The company reported an operating loss of $122,000 for the quarter, compared to a loss of $32,000 in the previous year.
Interest expense decreased to $89,000 from $96,000, primarily due to a reduction in notes payable.
Net loss for the quarter was $210,000, up from $126,000 in the previous year, largely due to decreased sales in key product categories.
Cash provided by operating activities was $132,000, while cash used in investing and financing activities was $1,000 and $91,000, respectively.
As of September 30, 2024, Luvu Brands had cash and cash equivalents totaling $1,067,862, compared to $1,132,317 in the previous year.
The filing also details various financial agreements, including unsecured notes payable and a line of credit with Advance Financial Corporation.
Luvu Brands does not anticipate any material legal proceedings that could affect its financial condition.
The company continues to focus on expanding its online third-party drop ship business to offset declines in certain product categories.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Luvu Brands Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.