The Lovesac Company (NASDAQ:LOVE) announced net loss for the second quarter of $ 6.97 million or $ 3.71 per share. The company generated net sales of $ 33.25 million for the same period. While earnings per share loss widen by 69 percent from the year-ago quarter, revenue advanced 60 percent.
On an adjusted basis, The Lovesac Company revealed adjusted net loss of 27 cents a share for the second quarter. This missed analysts estimate by $ 0.02 a share while net sales exceeded street analysts expectation by $ 3 million.
Street analysts are looking for loss of $ 0.25 per share on net sales of $ 30.48 million for the second quarter. Analysts estimates are from Thomson Reuters, excludes one time gain or loss.
The comparable sales, which includes showroom and Internet sales, increased 41.0%. Comparable showroom sales increased 34.2% and Internet sales increased 71.3%.
Shawn Nelson, Chief Executive Officer, stated, We are very pleased to have delivered a strong second quarter with over 60% sales growth. Our performance in the second quarter speaks to the strength of our differentiated and disruptive direct-to-consumer business model that leverages both Internet and traditional media combined with small, highly productive showrooms along with shop-in-shop showrooms to drive a robust digital sales model.