The Lovesac Company has reported a smaller-than-expected third-quarter loss, sending its shares higher in Wednesday pre-market trading.
The Stamford, Connecticut-based home furnishing brand, known for its beanbag chairs, delivered a 14.3% rise in net sales to $154 million for the quarter ended October 29, 2023.
It attributed the improvement to growth within its Showroom and Internet channels, up 19% and 20% respectively.
Its net loss per share narrowed to $0.15 from $0.48, beating the consensus estimate for a $0.31 loss by analysts following the stock.
“Our disruptive Designed For Life platform, commitment to product innovation, compelling marketing, and highly productive omnichannel footprint continue to distinguish our unique brand and engender customer love and loyalty,” CEO Shawn Nelson commented in a statement.
The company has guided for fourth-quarter sales of $260 million to $270 million and diluted income per share of $1.77 to $2.02.
“We are very pleased with the start to the holiday season, successfully navigating the challenged category backdrop with continued healthy market share gains thus far,” Nelson added.
Ahead of the opening bell, Lovesac’s shares were up 8.2% at $22.75.
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