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LOVE

Lovesac

$19.50

2.05 (11.75%)

07:05
09/11/19
09/11
07:05
09/11/19
07:05

Lovesac reports Q2 adjusted EPS (31c), consensus (50c)

Reports Q2 revenue $48.1M, consensus $47.7M. Comparable sales, which includes showroom and Internet sales, increased 40.7% compared to a 41.0% increase in the prior year period. Comparable showroom sales increased 31.8% and Internet sales increased 71.5%. CEO Shawn Nelson stated, "We reported a strong second quarter with revenue growth of close to 45%, as the entire team is executing our strategies to expand the Lovesac brand and deliver on our near and longer term goals. We are further strengthening our multi-channel model with the addition of productive new showrooms, the expansion of our pop up shop business at Costco and the announcement of a brand new shop in shop pilot with Macy's that is expected to launch late in the third quarter, as well as increasingly effective advertising and marketing strategies. Given our first half performance and our plans for the remainder of the year, we are reiterating our full year outlook for 40% to 45% revenue growth and positive Adjusted EBITDA. Importantly, this outlook includes the net impact from all announced Lists 1 through 4 tariffs to date that our teams continue to successfully mitigate through various means, with only minor price increases. We have reduced our manufacturing in China from 75% of our total manufacturing at the beginning of the year to 44% as of this month. We believe this puts us on a path to being completely out of China, if necessary, well before the end of next year. I would like to thank all of our teams as well as our vendor partners for their hard work and collaboration that have enabled this outcome."

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LOVE Lovesac
$19.50

2.05 (11.75%)

08/08/19
OPCO
08/08/19
INITIATION
Target $30
OPCO
Outperform
Lovesac initiated with an Outperform at Oppenheimer
Oppenheimer analyst Brian Nagel initiated Lovesac with an Outperform rating and $30 price target.
08/09/19
OPCO
08/09/19
INITIATION
Target $30
OPCO
Outperform
Lovesac initiated with an Outperform at Oppenheimer
Oppenheimer analyst Brian Nagel initiated Lovesac with an Outperform rating and $30 price target. In a research note to investors, Nagel says that while still in the early stages of process and brand development, Lovesac is endeavoring to disrupt the large and somewhat tired home-furnishings marketplace, with both a unique product offering and tech-driven distribution infrastructure. While Nagel says that tariff-related headwinds could impact results and weigh upon the shares near-term, he thinks the market is meaningfully underappreciating Lovesac's longer-term sales and profit potential.
08/09/19
08/09/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Lovesac (LOVE) initiated with an Outperform at Oppenheimer. 2. Monro (MNRO) initiated with a Market Perform at BMO Capital. 3. CECO Environmental (CECE) resumed with a Buy at Needham. 4. Afya (AFYA) initiated with an Overweight at JPMorgan. 5. Anterix (ATEX) initiated with an Outperform at Evercore ISI. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/04/19
ROTH
09/04/19
NO CHANGE
Target $37
ROTH
Buy
Lovesac price target lowered to $37 from $47 at Roth Capital
Roth Capital analyst Dave King lowered his price target for Lovesac (LOVE) to $37 from $47, while reiterating a Buy rating on the shares. The analyst expects Q2 results to exceed expectations helped by the continuation of high-ROI national TV ads, upside from the company's expanding Costco (COST) relationship, and limited increases in CAC.

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