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The Lovesac Company (LOVE-0.83%) has submitted its 10-Q filing for the quarterly period ended November 3, 2024.
The filing reports net sales of $149.9 million for the quarter, a decrease from $154.0 million in the same period the previous year. The decrease is attributed to an 8.3% decline in omni-channel comparable net sales, partially offset by new showroom openings.
Gross profit for the quarter was $87.6 million, with a gross margin of 58.5%, up from 57.4% in the previous year. This improvement was primarily driven by reduced inbound transportation costs.
Selling, general, and administrative expenses increased to $71.7 million from $67.6 million, mainly due to higher payroll and equity-based compensation costs.
Advertising and marketing expenses decreased to $19.9 million from $21.1 million, representing a slight decline in marketing spend.
The company reported an operating loss of $7.7 million for the quarter, compared to a loss of $3.6 million in the previous year.
Net loss for the quarter was $4.9 million, compared to a net loss of $2.3 million in the same period the previous year.
Cash used in operating activities was $5.0 million for the thirty-nine weeks ended November 3, 2024, compared to cash provided by operating activities of $20.1 million in the prior year period.
The Lovesac Company had $61.7 million in cash and cash equivalents as of November 3, 2024, with no outstanding borrowings under its $40.0 million revolving line of credit.
The company announced a $40.0 million share repurchase program, with $36.6 million remaining available for future repurchases as of the end of the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The Lovesac Company quarterly 10-Q report dated December 12, 2024. To report an error, please email earnings@qz.com.