The Lovesac Company Announces Second Quarter Conference Call Date
October 30 2023 - 8:30AM
The Lovesac Company (Nasdaq: LOVE) today announced that its second
quarter financial results will be released before market open on
Friday, November 3, 2023. The Company will host a conference call
at 8:30 a.m. Eastern Time to discuss the financial results.
Investors and analysts interested in
participating in the call are invited to dial 877-407-3982
(international callers please dial 201-493-6780) approximately 10
minutes prior to the start of the call. A live audio webcast of the
conference call will be available online at
investor.lovesac.com.
A recorded replay of the conference call will be
available within two hours of the conclusion of the call and can be
accessed online at investor.lovesac.com for 90 days.
In conjunction with today’s announcement, The
Company also provided certain preliminary unaudited and unreviewed
sales results for the third quarter of fiscal 2024 ended October
29, 2023.
- Net sales are expected to be in the
range of approximately $150 million to $152 million, which is up
11% to 13% from third quarter fiscal 2023.
The select preliminary third quarter fiscal 2024
results included above in this press release are based upon
preliminary financial results. These preliminary financial results
are based upon information available to management as of the date
of this press release. The Company’s actual results may differ from
these results due to final adjustments and developments that may
arise or information that may become available between now and the
time the Company’s financial results for third quarter fiscal 2024
are finalized and included in the Company’s Form 10-Q. These
preliminary results may be subject to further adjustment as a
result of the restatements of historical results. The Company’s
independent registered public accounting firm has not audited,
reviewed, or performed any procedures with respect to the
preliminary financial results, nor has it expressed any opinion or
any other form of assurance on such results.
Keith Siegner, Executive Vice President and
Chief Financial Officer, stated, “I want to thank everyone for
their patience as we have diligently worked through our financial
restatement. We hold ourselves to very high standards of integrity,
and the accuracy and reliability of our financial statements is
paramount. We are pleased to be in a position to issue this date
announcement and are preparing to file our amended financial
statements in the coming days.”
Mr. Siegner continued, “We are also pleased to
provide a preliminary sales view for the third quarter that
delivered a strong performance, with continued market share gains
that drove double-digit net sales growth. We look forward to
discussing our business and performance on our earnings call later
this week.”
About The Lovesac Company
Based in Stamford, Connecticut, The Lovesac Company (NASDAQ:
LOVE) is a technology driven company that designs, manufactures and
sells unique, high-quality furniture derived through its
proprietary Designed for Life approach which results in products
that are built to last a lifetime and designed to evolve as
customers' lives do. The current product offering is comprised of
modular couches called Sactionals, premium foam beanbag chairs
called Sacs, and the Sactionals StealthTech™ Sound + Charge System.
As a recipient of Repreve's 6th Annual Champions of Sustainability,
responsible production and innovation are at the center of the
brand's design philosophy with products protected by a robust
portfolio of utility patents. Products are marketed and sold
primarily online directly at www.lovesac.com, supported by
direct-to-consumer touch points in the form of owned showrooms, as
well as through shop-in-shops and pop-up-shops with third party
retailers. LOVESAC, DESIGNED FOR LIFE, SACTIONALS, and SACS are
trademarks of The Lovesac Company and are Registered in the U.S.
Patent and Trademark Office.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other legal authority. Forward-looking statements can be
identified by words such as “may,” “believe,” “anticipate,”
“could,” “should,” “intend,” “plan,” “will,” “aim(s),” “can,”
“would,” “expect(s),” “estimate(s),” “project(s),” “forecast(s)”,
“positioned,” “approximately,” “potential,” “goal,” “pro forma,”
“strategy,” “outlook” or the negative of these words or other
similar terms or expressions that concern our expectations,
strategy, plans, or intentions. All statements, other than
statements of historical facts, included in this press release
including all statements regarding strategy, future operations,
future financial position or projections, the significance and
scope of the restatements; the preliminary results for the third
fiscal quarter 2024; the quantitative effects of the restatements;
the timing of completion of the restatements and SEC filings; the
impact of these matters on the Company’s performance and outlook;
and any anticipated conclusions of the Company or the Company’s
management. These statements are based on management’s current
expectations, beliefs and assumptions concerning the future of our
business, anticipated events and trends, the economy and other
future conditions. We may not actually achieve the plans, carry out
the intentions or meet the expectations disclosed in the
forward-looking statements and you should not rely on these
forward-looking statements. Actual results and performance could
differ materially from those projected in the forward-looking
statements as a result of many factors. Among the key factors that
could cause actual results to differ materially from those
expressed or implied in the forward-looking statements include:
changes in the effects of the restatements on the prior financial
statements or financial results risks related to the timely and
correct completion of the restatement and related filings; the risk
that the completion and filing of the 2023 Form 10-K/A and First
Quarter 2024 Form 10-Q/A will take longer than expected and will
not be completed timely; identification of errors in our financial
reporting in the future that require us to restate previously
issued financial statements, which may subject us to unanticipated
costs or regulatory penalties and could cause investors to lose
confidence in the accuracy and completeness of our financial
statements; the risk that additional information may become known
prior to the expected filing with the SEC of the periodic reports
described herein or that other subsequent events may occur that
would require the Company to make additional adjustments to its
financial statements or delay the filing of the corrected or future
periodic reports with the SEC; risks related to higher than
expected charges after completing the restatement process; risks
related to our ability to implement and maintain effective internal
control over financial reporting in the future, which may adversely
affect the accuracy and timeliness of our financial reporting;
risks related to changes in key personnel and any changes in our
ability to retain key personnel; the inherent limitations in
internal control over financial reporting; the scope of the
restatement and the controls and procedures deficiencies; plans to
remediate the deficiencies, including the material weakness, with
respect to the Company’s internal control over financial reporting
and disclosure controls and procedures; the impact of these matters
on the Company’s performance and outlook; expectations concerning
the Company’s performance and financial outlook, as well as those
risks and uncertainties disclosed under the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in our most recent Form 10-K
and in our Form 10-Qs filed with the Securities and Exchange
Commission, and similar disclosures in subsequent reports filed
with the SEC, which are available on our investor relations website
at investor.lovesac.com and on the SEC website at www.sec.gov. Any
forward-looking statement made by us in this press release speaks
only as of the date on which we make it. We disclaim any intent or
obligation to update these forward-looking statements to reflect
events or circumstances that exist after the date on which they
were made.
Investor Relations Contacts:Rachel Schacter,
ICR(203) 682-8200InvestorRelations@lovesac.com
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