Lovesac Co. Files 10-Q for Period Ending May 5, 2024

TL;DR

Lovesac's Q1 2024 10-Q is in. Check financials for the latest.

AI Summary

Lovesac Co. filed its 10-Q for the period ending May 5, 2024, reporting its financial performance. The company's fiscal year ends on February 2, 2025. Key financial data and balance sheet information as of May 5, 2024, and February 4, 2024, are detailed within the filing.

Why It Matters

This filing provides investors with an update on Lovesac's financial health and operational performance, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures, but the retail furniture sector can be sensitive to economic downturns.

Key Players & Entities

• Lovesac Co. (company) — Filer of the 10-Q
• May 5, 2024 (date) — End of reporting period
• February 2, 2025 (date) — End of fiscal year
• February 4, 2024 (date) — Previous balance sheet date

FAQ

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 par value per share LOVE The Nasdaq Sto

Filing Documents

• love-20240505.htm (10-Q) — 577KB
• q1fy25ex-311.htm (EX-31.1) — 11KB
• q1fy25ex-312.htm (EX-31.2) — 12KB
• q1fy25ex-321.htm (EX-32.1) — 4KB
• q1fy25ex-322.htm (EX-32.2) — 5KB
• 0001628280-24-028040.txt ( ) — 3588KB
• love-20240505.xsd (EX-101.SCH) — 24KB
• love-20240505_cal.xml (EX-101.CAL) — 42KB
• love-20240505_def.xml (EX-101.DEF) — 95KB
• love-20240505_lab.xml (EX-101.LAB) — 422KB
• love-20240505_pre.xml (EX-101.PRE) — 262KB
• love-20240505_htm.xml (XML) — 284KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Balance Sheets as of May 5, 2024 and February 4, 2024 (unaudited) 1 Condensed Statements of Operations for the thirteen weeks ended May 5, 2024 and April 30, 2023 (unaudited) 2 Condensed Statements of Changes in Stockholders' Equity for the thirteen weeks ended May 5, 2024 and April 30, 2023 (unaudited) 3 Condensed Statements of Cash Flows for the thirteen weeks ended May 5, 2024 and April 30, 2023 (unaudited) 4

Notes to Financial Statements (unaudited)

Notes to Financial Statements (unaudited) 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 21

OTHER INFORMATION

Part II. OTHER INFORMATION 22 Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 23 i Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q, including in Part I – Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, and elsewhere, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other legal authority, which statements may involve substantial risk and uncertainties. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, and our objectives for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. You should not place undue reliance on forward looking statements. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur at all or on a specified timeframe. The cautionary statements set forth in this Quarterly Report on Form 10-Q identify important factors which you should consider in evaluating our forward-looking statements. These factors include, among other things: business disruptions or other consequences of economic instability, political instability, civil unrest, armed hostilities and global conflict, natural and man-made disasters, pandemics or other public health crises, or other catastrophic events; the impact of changes or declines in consumer spending and inflation on our business, sales, results of operations and financial condition; our ability to manage and sustain our

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. THE LOVESAC COMPANY CONDENSED BALANCE SHEETS (unaudited) (amounts in thousands, except share and per share amounts) May 5, 2024 February 4, 2024 Assets Current Assets Cash and cash equivalents $ 72,362 $ 87,036 Trade accounts receivable, net 7,176 13,463 Merchandise inventories, net 94,713 98,440 Prepaid expenses 14,589 11,664 Other current assets 1,951 3,845 Total Current Assets 190,791 214,448 Property and equipment, net 77,001 70,807 Operating lease right-of-use assets 162,461 155,856 Goodwill 144 144 Intangible assets, net 1,454 1,457 Deferred tax asset 14,988 10,803 Other assets 30,350 28,665 Total Assets $ 477,189 $ 482,180 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 28,107 $ 28,821 Accrued expenses 36,397 38,622 Payroll payable 6,042 6,998 Customer deposits 12,094 8,257 Current operating lease liabilities 18,460 17,628 Sales taxes payable 4,426 6,030 Total Current Liabilities 105,526 106,356 Operating lease liabilities, long-term 165,879 157,876 Income tax payable, long-term 452 452 Line of credit — — Total Liabilities 271,857 264,684 Commitments and Contingencies (see Note 6) Stockholders' Equity Preferred Stock $ 0.00001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of May 5, 2024 and February 4, 2024. — — Common Stock $ 0.00001 par value, 40,000,000 shares authorized, 15,525,689 shares issued and outstanding as of May 5, 2024 and 15,489,364 shares issued and outstanding as of February 4, 2024. — — Additional paid-in capital 183,891 183,095 Accumulated earnings 21,441 34,401 Stockholders' Equity 205,332 217,496 Total Liabilities and Stockholders' Equity $ 477,189 $ 482,180 The accompanying notes are an integral part of these condensed financial statements. 1 Table of Contents THE LOVESAC COMPANY CONDENSED STATEMENTS OF OPERATIONS (unaudited) Thirteen weeks ended (amounts in thousands, except per share data and

View Full Filing

View this 10-Q filing on SEC EDGAR