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 story : Lovesac earnings beat expectations with help from a Costco pop-up shop #FinanceUSA #StockMarketNEWS Lovesac Co. shares soared 11.6% in Thursday premarket trading after the furniture company reported

@stockMarketNEWS 16 Days ago

Posted in: #FinanceUSA #StockMarketNEWS

Lovesac earnings beat expectations with help from a Costco pop-up shop #FinanceUSA #StockMarketNEWS
Lovesac Co. shares soared 11.6% in Thursday premarket trading after the furniture company reported fiscal second-quarter earnings that far exceeded expectations. Net income totaled .4 million, or 52 cents per share, after a loss of .1 million, or 8 cents per share, last year. Sales of 2.4 million were up from .9 million last year. The FactSet consensus was for EPS of a penny and sales of 3.0 million. Sales got a boost from the reopening of pop-up shops and shop-in-shop locations after closures last year due to COVID-19, and the addition of an online pop-up shop on the Costco Wholesale Corp. website. Stamford, Conn.-based Lovesac is known for its foam beanbag chairs called Sacs and modular couches called Sactionals. Shawn Nelson, the company's chief executive, said in a statement that the third quarter is "off to a strong start" and expressed confidence that its supply chain could manage the current "tight" environment. Lovesac shares have run up 17.1% for the year to date while the S&P 500 index has gained 20.2% for the period.


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