Home furnishing firm Lovesac falls after annual forecast cuts, Q3 sales miss

Lovesac Co

12/12/2024 12:57

** Shares of home furnishing firm Lovesac  LOVE.O  down ~20%
at $30.19 premarket
    ** Company cuts annual forecasts after missing quarterly
sales estimates owing to weaker demand
    ** Expects fiscal 2025 net sales in the range of $660 mln to
$680 mln, compared with prior forecast of $700 mln to $735 mln
    ** LOVE also cuts annual forecast for diluted income per
share to between 27 cents and 74 cents vs prior range of $1.01
to $1.26, owing to higher discounts
    ** Posts Q3 net sales of $149.9 mln vs analysts' estimates
of 155.3 mln
    ** "Near-term headwinds for our category clearly persisted
through the pre-election period," - CEO Shawn Nelson
    ** Up to last close, stock up about 47% YTD

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))