STAMFORD, Conn. — The Lovesac Company, the home furnishing brand best known for its Sactionals, offered a preliminary look at its earnings for the second quarter of fiscal 2024, while announcing it would delay filing its quarterly report in light of the continued work on restatements.
For the quarter ended July 30, the company expects net sales to be approximately $154 million and a net loss in the range of $500,000 to $1.5 million. Gross margin is expected to be approximately 59%.
The preliminary numbers exceed the guidance ranges provided along with its first quarter fiscal 2024 results.
On Aug. 16, Lovesac said it needed to restate its financial statements for fiscal 2023 and the first quarter of fiscal 2024 due to errors in accounting for a last-mile journal entry and the methodology used by the Company to calculate the accrual of its last mile freight expenses.
See also: Bucking economic headwinds, Lovesac posts total sales, comp sales gains for Q1