Lovesac Company Rises On Better Quarterly Results Than Estimates

(RTTNews) - Shares of furniture maker, The Lovesac Company (LOVE) are rising more than 8% on Thursday morning after reporting better-than-expected third-quarter results.

Net income in the third quarter was $2.75 million or $0.17 per share, higher than $2.48 million or $0.16 per share in the same quarter a year ago. On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.16 per share.

Net sales for the quarter in increased 56.1% year over year to $116.68 million, helped by sales growth in all channels, particularly in showroom sales and internet sales. The consensus estimate was for $112.19 million.

Lovesac stock currently at $70.01, has traded in the range of $32.09- $95.51 in the last one year.