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Sept. 9, 2021, 7:26 a.m. EDT

Lovesac earnings beat expectations with help from a Costco pop-up shop

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By Tonya Garcia

Lovesac Co. /zigman2/quotes/201449061/composite LOVE +2.05% shares soared 11.6% in Thursday premarket trading after the furniture company reported fiscal second-quarter earnings that far exceeded expectations. Net income totaled $8.4 million, or 52 cents per share, after a loss of $1.1 million, or 8 cents per share, last year. Sales of $102.4 million were up from $61.9 million last year. The FactSet consensus was for EPS of a penny and sales of $113.0 million. Sales got a boost from the reopening of pop-up shops and shop-in-shop locations after closures last year due to COVID-19, and the addition of an online pop-up shop on the Costco Wholesale Corp. /zigman2/quotes/201191698/composite COST +1.59% website. Stamford, Conn.-based Lovesac is known for its foam beanbag chairs called Sacs and modular couches called Sactionals. Shawn Nelson, the company's chief executive, said in a statement that the third quarter is "off to a strong start" and expressed confidence that its supply chain could manage the current "tight" environment. Lovesac shares have run up 17.1% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.30% has gained 20.2% for the period.

/zigman2/quotes/201449061/composite
US : U.S.: Nasdaq
$ 80.04
+1.61 +2.05%
Volume: 341,835
Oct. 21, 2021 4:00p
P/E Ratio
36.69
Dividend Yield
N/A
Market Cap
$1.19 billion
Rev. per Employee
$408,583
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/zigman2/quotes/201191698/composite
US : U.S.: Nasdaq
$ 477.23
+7.46 +1.59%
Volume: 1.40M
Oct. 21, 2021 4:00p
P/E Ratio
42.35
Dividend Yield
0.66%
Market Cap
$207.56 billion
Rev. per Employee
$680,309
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/zigman2/quotes/210599714/realtime
US : S&P US
4,549.78
+13.59 +0.30%
Volume: 1.88B
Oct. 21, 2021 4:20p
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