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Stock impact report

Lovesac's stock surges after Q2 results beat expectations, as manufacturing keeps moving out of China [MarketWatch]

Lovesac Co (LOVE)  More Company Research Source: MarketWatch
Last lovesac co earnings: 9/11 07:00 am Check Earnings Report
PDF Lovesac's stock surges after Q2 results beat expectations, as manufacturing keeps moving out of China Shares of Lovesac Co. LOVE, +5.62% shot up 8.6% in premarket trading Wednesday, after the beanbag and specialty furniture retailer reported a narrower-than-expected fiscal second-quarter loss and revenue that rose above forecasts. Separately, the company said it has reduced its manufacturing in China to 44% of its total this month from 75%, which puts it on track to be completely out of China if necessary by the end of 2020. For the quarter to Aug. 4, the net loss narrowed to $4.8 million, or 33 cents a share, from $7.0 million, or $3.71 a share, in the year-ago period. Excluding non-recurring items, the adjusted loss per share was 31 cents, compared with the FactSet loss consensus of 51 cents. Sales grew 45% to $48.15 million, above the FactSet consensus of $47.8 million. Gross profit margin decreased to 50.4% of sales from 53.6%, primarily because of of the 10% China tariffs, whi [Read more]
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