The Lovesac Company Reports Preliminary Second Quarter Fiscal Year 2024 Results

Company Continues to Work Expeditiously to Complete Previously Announced Financial Restatements and File Fiscal 2023 Form 10-K and First Quarter Fiscal 2024 Form 10-Q

Postpones Release of Final Second Quarter Fiscal 2024 Results

STAMFORD, Conn., Aug. 31, 2023 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”), the home furnishing brand best known for its Sactionals, The World's Most Adaptable Couch, today provided a business update as it works to complete its previously announced financial restatements and file its amended Form 10-K for the fiscal year ended January 29, 2023 and amended Form 10-Q for the fiscal quarter ended April 30, 2023. The Company also announced that it expects a delay in filing its Quarterly Report on Form 10-Q for the fiscal quarter ended July 30, 2023 in light of the continued work on the restatements.

In the interim, the Company is pleased to provide certain preliminary unaudited and unreviewed financial results for the second quarter fiscal 2024 ended July 30, 2023, which exceed the guidance ranges provided with first quarter fiscal 2024 results on June 7, 2023:

• Net sales are expected to be approximately $154 million
• Gross margin is expected to be approximately 59%
• Net loss is expected to be in the range of $0.5 million to $1.5 million
  

The select preliminary second quarter fiscal 2024 results included above in this press release are based upon preliminary financial results. These preliminary financial results are based upon information available to management as of the date of this press release. The Company’s actual results may differ from these results due to final adjustments and developments that may arise or information that may become available between now and the time the Company’s financial results for second quarter fiscal 2024 are finalized and included in the Company’s Form 10-Q. These preliminary results may be subject to further adjustment as a result of the restatements of historical results. The Company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to the preliminary financial results, nor has it expressed any opinion or any other form of assurance on such results.