Q4 2024 Lovesac Co Earnings Call Transcript
Key Points
- The Lovesac Co (LOVE) crossed $700 million in revenue for the fiscal year, reflecting high single-digit growth and tripled revenues from four years ago.
- Despite industry headwinds, The Lovesac Co (LOVE) delivered material gross profit dollar expansion, with gross margins up into the high 50s.
- The Lovesac Co (LOVE) ended the year with $87 million in cash and zero borrowings on its credit facility, indicating a very healthy balance sheet.
- The Lovesac Co (LOVE) saw solid fourth-quarter performance with year-over-year growth in revenues, gross profits, and net income.
- The Lovesac Co (LOVE) continues to take market share every year and has a large addressable market of over $46 billion.
- Net income was down versus last year on a reported basis, excluding non-recurring expenses related to the restatement previously discussed.
- The Lovesac Co (LOVE) fell just shy of its guidance for net sales due to a mid-quarter low.
- The category The Lovesac Co (LOVE) operates in was down mid-teens for the year and approximately flat over the past four years.
- For fiscal 2025, The Lovesac Co (LOVE) is estimating another year of category declines, including a full-year decline of approximately 10%.
- The Lovesac Co (LOVE) is basing its outlook on a conservative macro backdrop, estimating a challenging environment ahead.
Greetings, and welcome to the Lovesac fourth quarter fiscal 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
I will now turn the call over to your host, Caitlin Churchill, Investor Relations for Lovesac. Thank you. You may begin.
Thank you. Good morning, everyone. With me on the call is Shawn Nelson, Chief Executive Officer; Mary Fox, President and Chief Operating Officer; and Keith Siegner, Chief Financial Officer.
Before we get started, I would like to remind you that some of the information discussed will include forward-looking statements regarding future events and our future financial performance. These include statements about our future expectations, financial projections, and our plans and prospects.
Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the company's filings with the SEC, which includes today's press release.
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