Exhibit 99.1

 

The Lovesac Company Announces Fourth Quarter and Fiscal 2020 Financial Results

 

Fiscal 2020 Net Sales Increased 40.7%

Fiscal 2020 Comparable Sales Increased 43.4%

 

STAMFORD, Conn., April 16, 2020 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”) today announced its financial results for the fourth quarter and fiscal year 2020, which ended February 2, 2020.

 

Shawn Nelson, Chief Executive Officer, stated, “We are pleased with our fourth quarter results, which were in line with our January update. Our pressing priority now, however, is vigilantly safeguarding the health and safety of our associates and customers during the rapidly-evolving COVID-19 pandemic. As previously announced, we extended our March 17th temporary showroom closures until further notice, have implemented work from home policies, and continue to enforce strict sanitization procedures across our operations.”

 

Mr. Nelson added, “While our showrooms remain closed, we are leveraging our distinct DTC competitive and online advantages that replicate Lovesac’s in-store experience, and, as a result, we have experienced a surge in e-commerce demand. We are adapting traditional, social and digital marketing strategies in real-time to support this opportunity. Preserving our financial health and flexibility is also a key priority, and we are aggressively managing all expenses, working capital and capital expenditures. These efforts, combined with our strong net cash balance, position us to weather this period and resume our full growth trajectory as soon as the situation permits.”

 

Key Measures for Fourth Quarter and Full Year Fiscal 2020 Ending Feb 2, 2020:

 

(Dollars in millions, except per share amounts)

 

   Quarter Ended February 2, 2020   Quarter Ended February 3, 2019   %
Inc (Dec)
   Year Ended February 2, 2020   Year Ended February 3, 2019   %
Inc (Dec)
 
Net Sales  $92.2   $64.2    43.6%  $233.4   $165.9    40.7%
Gross Profit1  $45.2   $35.5    27.2%  $116.7   $90.9    28.4%
Gross Margin1   49.0%   55.3%   (6.3%)   50.0%   54.8%   (4.8%)
Total Operating Expense  $39.8   $27.3    46.0%  $132.5   $97.9    35.3%
SG&A
  $27.8   $21.4    29.7%  $98.1   $76.4    28.4%
Advertising & Marketing  $10.5   $5.2    101.6%  $29.2   $18.4    59.0%
Total SG&A as % of Net Sales   30.2%   33.4%   (3.2%)   42.1%   46.1%   (4.0%)
Advertising & Marketing as % of Net Sales   11.4%   8.1%   3.3%   12.5%   11.1%   1.4%
Basic and Diluted EPS Income (Loss)  $0.37   $0.62    (40.3%)  ($1.07)  ($3.28)   67.4%
Adjusted Basic and Diluted EPS Income (Loss) 2   $0.37   $0.63    (41.3%)  ($1.04)  ($0.19)   (447.4%)
Adjusted EBITDA2  $8.0   $10.0    (19.8%)  $(3.7)  $3.4    (209.9%)
Cash Flow from (used in) Operations  $24.2   $7.2    236.1%  ($11.9)  ($7.0)   (70.0%)

 

1Estimated gross tariff impact for fiscal 2020 to Gross Profit and Gross Margin was $9.7 million and 417 bps, respectively. Estimated gross tariff impact for fiscal 2019 to Gross Profit and Gross Margin was $0.2 million and 10 bps, respectively.

 

2Please see “Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below for more information.

 

 

 

 

   Percent Increase, except showroom count 
   Quarter Ended February 2, 2020   Quarter Ended February 3, 2019   Year Ended February 2, 2020   Year Ended February 3, 2019 
Total Comparable Sales (3)(4)   49.1%   52.3%   43.4%   44.1%
Comparable Showroom Sales (4)   38.4%   43.7%   34.3%   35.5%
Comparable Internet Sales (4)   73.8%   76.9%   68.9%   75.1%
Ending Showroom Count   91    75    91    75 

 

3Total comparable sales include showroom and internet transactions through the point of sale.

 

4Comparable sales reflect transactions through the point of sale and not necessarily product that has shipped to the customer. Product that has shipped to the customer is what is included in Net Sales.

 

Highlights for the Fourth Quarter Ended February 2, 2020:

 

Net sales increase of 43.6% was driven by a 21.3% increase in showroom count over the same quarter in the prior year, a total comparable sales increase of 49.1%, and an increase of 53.1% in “Other” sales (which includes shop-in-shops and pop-up-shops).

 

The gross profit increase of 27.2% was primarily due to the increase in sales as well as a decrease in costs of sactional products driven by sourcing shifts, partially offset by the impact of tariffs. The 630 basis points decrease in gross margin versus the prior year was driven primarily by the impact of the 25% China tariffs and additional promotional activity, partially offset by the reduced costs of sactional products.

 

SG&A expense in the fourth quarter of fiscal 2020 did not include any one-time IPO, financing or offering charges while SG&A expense in the fourth quarter of fiscal 2019 included $70K of expenses related to the secondary offering relating to legal and professional fees. Excluding one-time items in both periods, SG&A expense increased 30.1% primarily due to expenses associated with the sales increases, infrastructure improvements, and stock compensation.

 

Advertising and marketing expense in the fourth quarter of fiscal 2020 increased approximately 102% over the prior year quarter principally due to increased media and direct-to-consumer program spend which contributed to the fourth quarter sales increase over prior year.

 

Operating income decreased to $5.3 million in the fourth quarter of fiscal 2020 from $8.2 million in the fourth quarter of fiscal 2019 for the reasons explained above. Operating margin decreased to 5.8% of net sales from 12.8% of net sales in the prior year period.

 

Net income was $5.4 million in the fourth quarter of fiscal 2020 compared to $8.4 million in the prior year period. Adjusted net income was $5.4 million in the fourth quarter of fiscal 2020, compared to $8.5 million in the fourth quarter of fiscal 2019 (see “GAAP and Non-GAAP Measures”).

 

Highlights for the Year Ended February 2, 2020:

 

Net sales increase of 40.7% was driven by a 21.3% increase in showroom count over the prior year, a total comparable sales increase of 43.4%, and an increase of 49.8% in “Other” sales (which includes shop-in-shops and pop-up-shops).

 

The gross profit increase of 28.4% was primarily due to the increase in sales along with a decrease in costs of sactional products related to sourcing shifts, partially offset by the impact of tariffs. The 480 basis points decrease in gross margin was driven primarily by the impact of the 25% China tariffs and additional promotional activity, partially offset by the reduced costs of sactional products.

 

SG&A expense includes $351K of expenses related to fees associated with the Company’s primary and secondary share offerings in fiscal 2020 and $4.1 million in fiscal 2019 related to various IPO and financing related expenses outlined in the Net Income (Loss) Reconciliation schedule below. Excluding these one-time items in both periods, SG&A expense increased 35.2% primarily due to increases in selling related expenses, employment costs, infrastructure improvements, and stock compensation.

 

2

 

 

Advertising and marketing expense in fiscal 2020 increased approximately 59% over the prior year principally due to increased media and direct-to-consumer program spend which contributed to the sales increase over the prior year.

 

Operating loss increased to ($15.8) million in fiscal 2020 from an operating loss of ($7.0) million in fiscal 2019 for the reasons stated above. Operating margin decreased to (6.8%) of net sales from (4.2%) of net sales in the prior year.

 

Net loss was ($15.2) million in fiscal 2020, compared to net loss of ($6.7) million in fiscal 2019. Adjusted net loss was ($14.9) million in fiscal 2020, compared to adjusted net loss of ($2.6) million in fiscal 2019 (see “GAAP and Non-GAAP Measures”).

 

Other Financial Highlights as of February 2, 2020:

 

The cash and cash equivalents balance as of February 2, 2020 was $48.5 million as compared to $49.1 million as of February 3, 2019. There was no debt outstanding on the Company’s line of credit as of February 2, 2020 compared to less than $40K as of February 3, 2019. The Company’s availability under the line of credit was $12.5 million as of February 2, 2020 and $11.5 million as of February 3, 2019.

 

Total inventory was $36.4 million as of February 2, 2020 as compared to $26.2 million as of February 3, 2019.

 

Conference Call Information:

 

A conference call to discuss the fourth quarter and fiscal 2020 financial results is scheduled for today, April 16, 2020, at 8:30 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 877-407-3982 (international callers please dial 201-493-6780) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at investor.lovesac.com.

 

A recorded replay of the conference call will be available within two hours of the conclusion of the call and can be accessed online at investor.lovesac.com for 90 days.

 

About The Lovesac Company

 

Based in Stamford, Connecticut, The Lovesac Company is a direct-to-consumer specialty furniture brand with 91 retail showrooms supporting its ecommerce delivery model. Lovesac’s name comes from its original Durafoam filled beanbags called Sacs. The Company derives a majority of its current sales from its proprietary platform called Sactionals, a washable, changeable, reconfigurable, and FedEx-shippable solution for large upholstered seating. Founder and CEO, Shawn Nelson’s, “Designed for Life” philosophy emphasizes sustainable products that are built to last a lifetime and designed to evolve with the customer’s needs, providing long-term utility and ultimately reducing the amount of furniture discarded into landfills.

 

Non-GAAP Information

 

This press release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission (the “SEC”): Adjusted Net Loss and Adjusted EBITDA. Adjusted Net Loss excludes the effect of one-time costs related to the Company’s IPO in June 2018 and fees associated with fundraising and reorganizing activities. We define Adjusted EBITDA as net loss less interest income, plus income tax expense, depreciation and amortization, management fees, deferred rent, equity-based compensation, net (gain) or loss on the disposal of property and equipment, one-time IPO-related expenses, and fees associated with fundraising and reorganizing activities. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures hereunder. The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company’s business and facilitate a more meaningful comparison of its actual results on a period-over-period basis. The Company has provided this information as a means to evaluate the results of its ongoing operations. Other companies in the Company’s industry may calculate these items differently than the Company does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP, such as net income/loss. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

 

3

 

 

Cautionary Statement Concerning Forward Looking Statements

 

Certain statements either contained in or incorporated by reference into this communication, other than purely historical information, including estimates, projections and statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are often, but not always, made through the use of words or phrases such as “may,” “believe,” “anticipate,” “could,” “should,” “intend,” “plan,” “will,” “aim(s),” “can,” “would,” “expect(s),” “estimate(s),” “project(s),” “forecast(s)”, “positioned,” “approximately,” “potential,” “goal,” “pro forma,” “strategy,” “outlook” and similar expressions. All statements, other than statements of historical facts, included in or incorporated by reference into this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. These statements are based on management’s current expectations and/or beliefs and assumptions that management considers reasonable, which assumptions may or may not prove correct. We may not actually achieve the plans, carry out the intentions or meet the expectations disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors. The preliminary financial results included in this press release represent the most current information available to management. The Company’s actual results when disclosed on the Company’s fourth quarter and fiscal year 2020 earnings conference call may differ from these preliminary results as a result of the completion of the Company’s financial closing procedures; final adjustments; completion of the audit by the Company’s independent registered accounting firm; and other developments that may arise between now and the disclosure of the final results. Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the risk of disruptions to current plans and operations, including the timing of openings of new showrooms that further shift expect growth to later periods, slower than expected growth during the fourth quarter and risks related to tariffs, the countermeasures and mitigation steps that we adopt in response to tariffs and other similar issues, as well as those risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on our investor relations website at investor.lovesac.com and on the SEC website at www.sec.gov. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. We disclaim any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made.

 

Investor Relations Contact:

 

Rachel Schacter, ICR

(203) 682-8200

InvestorRelations@lovesac.com

 

4

 

 

THE LOVESAC COMPANY

CONSOLIDATED BALANCE SHEETS

 

   As of
February 2,
2020
   As of
February 3,
2019
 
Assets        
         
Current Assets        
Cash and cash equivalents  $48,538,827   $49,070,952 
Trade accounts receivable   7,188,925    3,955,124 
Merchandise inventories   36,399,862    26,154,314 
Prepaid expenses and other current assets   8,790,122    5,933,872 
Total Current Assets   100,917,736    85,114,262 
Property and Equipment, Net   23,104,261    18,595,079 
           
Other Assets          
Goodwill   143,562    143,562 
Intangible assets, net   1,352,161    942,331 
Deferred financing costs, net   146,047    219,071 
Total Other Assets   1,641,770    1,304,964 
Total Assets  $125,663,767   $105,014,305 
           
Liabilities and Stockholders’ Equity          
Current Liabilities          
Accounts payable  $19,887,611   $16,836,816 
Accrued expenses   8,567,580    3,701,090 
Payroll payable   887,415    2,269,834 
Customer deposits   1,653,597    1,059,957 
Sales taxes payable   1,404,792    750,922 
Total Current Liabilities   32,400,995    24,618,619 
           
Deferred rent   3,108,245    1,594,179 
Line of credit   -    31,373 
Total Liabilities   35,509,240    26,244,171 
           
Stockholders’ Equity          
Preferred Stock $.00001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of February 2, 2020 and February 3, 2019.   -    - 
Common Stock $.00001 par value, 40,000,000 shares authorized, 14,472,523 shares issued and outstanding as of February 2, 2020 and 13,588,568 shares issued and outstanding as of February 3, 2019, respectively.   145    136 
Additional paid-in capital   168,317,210    141,727,807 
Accumulated deficit   (78,162,828)   (62,957,809)
Stockholders’ Equity   90,154,527    78,770,134 
Total Liabilities and Stockholders’ Equity  $125,663,767   $105,014,305 

 

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THE LOVESAC COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

 

  

Quarter ended

(unaudited)

   Fiscal year ended 
   February 2,   February 3,   February 2,   February 3, 
   2020   2019   2020   2019 
                 
Net sales  $92,175,369   $64,177,558   $233,377,379   $165,881,297 
Cost of merchandise sold   47,016,413    28,669,301    116,687,055    75,000,476 
Gross profit   45,158,956    35,508,257    116,690,324    90,880,821 
Operating expenses                    
Selling, general and administrative expenses   27,821,346    21,448,783    98,146,523    76,426,892 
Advertising and marketing   10,476,772    5,196,137    29,194,289    18,363,491 
Depreciation and amortization   1,508,990    620,742    5,158,062    3,133,751 
Total operating expenses   39,807,108    27,265,662    132,498,874    97,924,134 
                     
Operating income (loss)   5,351,847    8,242,595    (15,808,551)   (7,043,313)
Interest income, net   108,538    212,922    646,844    355,364 
Net income (loss) before taxes   5,460,385    8,455,517    (15,161,707)   (6,687,949)
Provision for income taxes   (44,318)   (16,407)   (43,312)   (16,407)
Net income (loss)  $5,416,067   $8,439,110   $(15,205,019)  $(6,704,356)
                     
Net income (loss) per common share:                    
Basic and diluted  $0.37   $0.62   $(1.07)  $(3.28)
                     
Weighted average number of common shares outstanding:                    
Basic and diluted   14,501,550    13,538,426    14,260,395    10,536,721 

 

6

 

 

THE LOVESAC COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

 

   Quarter ended
(unaudited)
   Fiscal year ended 
   February 2, 2020   February 3, 2019   February 2, 2020   February 3, 2019 
Numerator:                
Net income (loss) – Basic and diluted  $5,416,067   $8,439,110   $(15,205,019)  $(6,704,356)
Preferred dividends and deemed dividends   -    -    -    (27,832,354)
Net income (loss) attributable to common shares  $5,416,067   $8,439,110   $(15,205,019)  $(34,536,710)
Denominator:                    
Weighted average number of common shares for basic and diluted net loss per share   14,501,550    13,528,426    14,260,395    10,536,721 
Basic and diluted net income (loss) per common share  $0.37   $0.62   $(1.07)  $(3.28)

 

7

 

 

THE LOVESAC COMPANY

CONSOLIDATED STATEMENT OF CASH FLOW

 

   Fiscal year ended 
   February 2,   February 3, 
   2020   2019 
         
Cash Flows from Operating Activities        
Net loss  $(15,205,019)  $(6,704,356)
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization of property and equipment   4,893,220    2,935,202 
Amortization of other intangible assets   263,842    198,549 
Amortization of deferred financing fees   73,024    121,173 
Net (gain) loss on disposal of property and equipment   (166,865)   254,720 
Equity based compensation   5,245,588    3,310,018 
Deferred rent   1,514,066    530,707 
Changes in operating assets and liabilities:          
Accounts receivable   (3,233,801)   (1,149,938)
Merchandise inventories   (10,245,548)   (14,512,832)
Prepaid expenses and other current assets   (2,856,250)   129,074 
Accounts payable and accrued expenses   7,188,736    7,729,293 
Customer deposits   593,640    150,721 
Net Cash Used in Operating Activities   (11,935,367)   (7,007,669)
           
Cash Flows from Investing Activities          
Purchase of property and equipment   (9,535,537)   (10,747,712)
Payments for patents and trademarks   (673,672)   (614,510)
Proceeds from disposal of property and equipment   300,000    - 
Net Cash Used in Investing Activities   (9,909,209)   (11,362,222)
           
Cash Flows from Financing Activities          
Proceeds from the issuance of common shares, net   25,610,000    58,908,552 
Taxes paid for net share settlement of equity awards   (4,278,176)   (382,533)
Proceeds from the issuance of warrants, net   12,000    - 
(Paydowns of) proceeds from line of credit   (31,373)   30,968 
Payments of deferred financing costs   -    (292,095)
Net Cash Provided by Financing Activities   21,312,451    58,264,892 
Net Change in Cash and Cash Equivalents   (532,125)   39,895,001 
Cash and Cash Equivalents - Beginning   49,070,952    9,175,951 
           
Cash and Cash Equivalents - End  $48,538,827   $49,070,952 
Supplemental Cash Flow Disclosures          
           
Cash paid for taxes  $43,312   $18,246 
           
Cash paid for interest  $62,670   $61,436 

 

8

 

 

THE LOVESAC COMPANY

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited)

 

   Quarter ended   Fiscal year ended 
   February 2,   February 3,   February 2,   February 3, 
(dollars in thousands)  2020   2019   2020   2019 
Net income (loss)  $5,416   $8,439   $(15,205)  $(6,704)
Interest income, net   (109)   (213)   (647)   (355)
Taxes   44    16    43    16 
Depreciation and amortization   1,509    621    5,158    3,134 
EBITDA   6,861    8,863    (10,651)   (3,909)
Management fees (a)   194    185    633    1,177 
Deferred Rent (b)   (188)   148    716    531 
Equity-based compensation (c)   1,225    460    5,246    3,310 
Loss (gain) on disposal of property and equipment (d)   -    249    (167)   255 
Other non-recurring expenses (e) (f)   (95)   70    503    2,021 
Adjusted EBITDA  $7,997   $9,975   $(3,720)  $3,385 

 

(a)Represents management fees and expenses charged by our equity sponsors.

 

(b)Represents the difference between rent expense recorded and the amount paid by the Company. In accordance with generally accepted accounting principles, the Company records monthly rent expense equal to the total of the payments due over the lease term, divided by the number of months of the lease terms.

 

(c)Represents expenses associated with stock options and restricted stock units granted to our management and equity sponsors.

 

(d)Represents the loss (gain) on disposal of fixed assets.

 

(e)Other non-recurring expenses in the quarter ended Feburary 2, 2020 are made up of ($95) in an adjustment of executive recruitment fees. Other non-recurring expenses in the quarter ended February 3, 2019 are made up of $70 in secondary offering legal and professional fees.

 

(f)Other non-recurring expenses in fiscal 2020 are made up of: (1) $152 in recruitment fees to build executive management team and Board of Directors; (2) $268 in fees associated with our primary and secondary shares offerings and (3) $83 in financing fees associated with our secondary offering. Other expenses in fiscal 2019 are made up of: (1) $380 in fees and costs associated with our fundraising and reorganizing activities including the legal and professional services incurred in connection with such activities; (2) $508 in fees paid for investor relations and public relations relating to the IPO; (3) $140 in executive recruitment fees to build executive management team; (4) $261 in secondary offering legal fees; (5) $84 in travel and logistical costs associated with the offering; (6) $198 in accounting fees related to the offering; and (7) $450 in IPO bonuses paid to executives.

 

9

 

 

THE LOVESAC COMPANY

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(unaudited)

 

   Quarter ended   Fiscal year ended 
(dollars in thousands)  February 2,
2020
   February 3,
2019
   February 2,
2020
   February 3,
2019
 
Net income (loss) as reported  $5,416   $8,439   $(15,205)  $(6,704)
Adjustments:                    
Adjustments to selling, general and administrative expense:                    
Management fees relating to the IPO (a)   -    -    -    625 
Equity based compensation related to the IPO (b)   -    -    -    1,442 
Other non-recurring expenses (c)(d)   -    70    351    2,021 
Adjusted net income (loss)  $5,416   $8,509   $(14,854)  $(2,616)
Adjusted basic and diluted weighted average shares outstanding (e)   14,501,250    13,538,426    14,260,395    13,468,274 
Adjusted net income (loss) per common share  $0.37   $0.63   $(1.04)  $(0.19)

 

(a)Represents $625 paid in management fees to equity sponsors related to the IPO.

 

(b)Represents $700 in executive Restricted Stock awards vested as a result of the IPO and $742 IPO bonus paid to equity sponsor in common stock.

 

(c)Other non-recurring expenses in the quarter ended February 3, 2019 are made up of $70 in secondary offering legal and professional fees.

 

(d)Other non-recurring expenses in fiscal 2020 are made up of $351 fees associated with our primary and secondary shares offerings. Other non-recurring expenses in fiscal 2019 are made up of: (1) $380 in fees and costs associated with our fundraising and reorganizing activities including the legal and professional services incurred in connection with such activities; (2) $508 in fees paid for investor relations and public relations relating to the IPO; (3) $140 in executive recruitment fees to build executive management team; (4) $261 in secondary offering legal fees; (5) $84 in travel and logistical costs associated with the offering; (6) $198 in accounting fees related to the offering; and (7) $450 in IPO bonuses paid to executives.

 

(e)For the fiscal year ended February 3, 2019 amounts are adjusted and assume the IPO occurred at the beginning of the period.

 

 

10

 

 


The following information was filed by Lovesac Co (LOVE) on Thursday, April 16, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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