Home furnishing firm Lovesac falls after reporting error in financial statements

Lovesac Co

16/08/2023 22:27

** Shares of home furnishing firm Lovesac Company  LOVE.O 
fall 3.66% to $22.89 in extended trading
    ** Company has identified via internal investigation certain
errors with the methodology used to calculate accrual of its
last mile freight expenses applicable to financial statements
for the fiscal year ended Jan. 29, 2023 and 13 weeks ended April
2023
    ** Says net income was overstated by about $1.5 mln-$2.5 mln
for the fiscal year
    ** Net income may have been overstated by less than $0.5 mln
for 13 weeks ended April 30
    ** YTD, shares up 7.95%

 (Reporting by Ananta Agarwal in Bengaluru)
 ((Ananta.Agarwal@thomsonreuters.com))