Lovesac rises as home furnishing firm sees Q2 sales above estimates

Lovesac Co

01/09/2023 14:22

** Shares of home furnishing company Lovesac  LOVE.O  up ~3%
at $23.57 premarket 
    ** LOVE projects Q2 sales above Wall Street estimates,
announces delay in filing quarterly report for Q2
    ** Sees net sales of about $154 mln, compared to analysts'
average estimate of $150.1 mln, as per Refinitiv data
    ** Expects gross margin to be ~59% in Q2; net loss to be in
the range of $0.5 mln to $1.5 mln, versus an estimated loss of
~$2 mln
    ** Co says delay in filing Form 10-Q due to continued work
on restatements of previously issued reports for fiscal year
2023 and Q1 fiscal 2024, due to accounting errors   
    ** Up to Thursday's close, stock had risen ~4% YTD

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))