Brief: Lovesac Saw Some Errors With Methodology Used To Calculate Accrual Of Last Mile Freight Expenses Applicable To Some Prior Financial Statements

Lovesac Co

16/08/2023 23:21

Aug 16 (Reuters) - Lovesac Co  LOVE.O :
    * LOVESAC CO -  SAW SOME ERRORS WITH METHODOLOGY USED TO
CALCULATE
ACCRUAL OF LAST MILE FREIGHT EXPENSES APPLICABLE TO SOME PRIOR
FINANCIAL STATEMENTS
    * LOVESAC CO -  ERRORS IDENTIFIED APPLICABLE TO FINANCIAL
STATEMENTS FOR FISCAL YEAR ENDED JAN 29, 2023 AND 13 WEEKS ENDED
APRIL 30, 2023
    * LOVESAC CO -  FINANCIAL STATEMENTS FOR FY 2023 INCLUDED IN
ANNUAL REPORT ON FORM 10-K FOR FY ENDED JAN 29, 2023 SHOULD NO
LONGER BE RELIED UPON
    * LOVESAC CO - MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING FOR FISCAL YEAR ENDED JANUARY 29, 2023
SHOULD NO LONGER BE RELIED UPON
    * LOVESAC CO -  CONDENSED FINANCIAL STATEMENTS INCLUDED IN
QTRLY
REPORT ON FORM 10-Q FOR THIRTEEN WEEKS ENDED APRIL 30 SHOULD NO
LONGER BE RELIED UPON
    * LOVESAC CO - NO ASSURANCE THAT ONGOING REVIEW WILL NOT
RESULT IN
FURTHER ADJUSTMENTS TO CO'S FINANCIAL STATEMENTS
    * LOVESAC CO -  EXPECTS CURRENT EVALUATION WILL LIKELY
RESULT IN
ONE OR MORE MATERIAL WEAKNESSES IN CO'S INTERNAL CONTROL OVER
FINANCIAL REPORTING


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