Lovesac Co hits 2-1/2-year low on Q3 loss

Lovesac Co

07/12/2022 18:51

(Updates)
    ** Shares of furniture maker Lovesac Co  LOVE.O  fall as
much as 21.3% to $17.71
    ** Company' shares last down ~16%
    ** Lovesac posts Q3 loss of $0.55/shr vs profit of $0.17/shr
a year earlier
    ** "The much-discussed inflationary pressures across key
cost items continue to impact our overall cost base, with labor
as a notable example"  - CEO Shawn Nelson
    ** Q3 sales up 15.5% at $134.8 mln
    ** Brokerage Craig-Hallum lowers PT on company's shares to
$60 from $100
    ** Stock down ~76% YTD
 (Reporting by Khushi Singh and Granth Vanaik in Bengaluru)
 ((Khushi.Singh@thomsonreuters.com))