BUZZ-Home furnishing firm Lovesac falls after annual forecast cuts, Q3 sales miss

Reuters

2024/12/12

** Shares of home furnishing firm Lovesac LOVE.O down ~20% at $30.19 premarket

** Company cuts annual forecasts after missing quarterly sales estimates owing to weaker demand

** Expects fiscal 2025 net sales in the range of $660 mln to $680 mln, compared with prior forecast of $700 mln to $735 mln

** LOVE also cuts annual forecast for diluted income per share to between 27 cents and 74 cents vs prior range of $1.01 to $1.26, owing to higher discounts

** Posts Q3 net sales of $149.9 mln vs analysts' estimates of 155.3 mln

** "Near-term headwinds for our category clearly persisted through the pre-election period," - CEO Shawn Nelson

** Up to last close, stock up about 47% YTD

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))

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