<p>Lovesac Co ((LOVE)) 举行了第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>为代理商介绍 TipRanks MCP</h3>
<ul>
<li>将机构级市场数据直接传递到 Claude、ChatGPT、Cursor 和其他兼容 MCP 的 AI 工具中。</li>
<li>旨在个人研究、投资组合监控和 AI 辅助投资工作流程。</li>
</ul>
<p>Lovesac 最新的财报电话会议描绘了一个复杂但谨慎乐观的局面，管理层承认关税、运输和通货膨胀带来的短期压力，同时强调了相对稳健的销售表现、数字增长和强劲的现金储备。高管们强调，当前的利润和收益压力是周期性的，使公司能够实现多个季度的运营改善和长期的盈利增长。</p>
<h2>收入保持稳定，超越家具同行</h2>
<p>Lovesac 报告净销售额为 1.382 亿美元，同比基本持平，略微下降 20 万美元，但仍然超越了整体下降 2.2% 的家具类别。高端家具细分市场下降 5%，这表明尽管行业整体需求减弱，Lovesac 仍然获得了相对市场份额。</p>
<h2>数字渠道实现稳健的电子商务增长</h2>
<p>互联网销售增长 7.1%，达到 3570 万美元，使电子商务渗透率较去年提高约 170 个基点。管理层还提到创纪录的网络客户满意度指标，进一步证明品牌的数字体验在消费者谨慎的情况下仍然引起共鸣。</p>
<h2>新平台和更大配置推动动能</h2>
<p>其他净销售额，包括 Snug 平台，同比增长 228.1%，大约 80% 的 Snug 客户是首次接触 Lovesac，近一半的 Snug 订单在线下单。更大配置显示出强劲的动能，而可调座椅的附加率保持在三分之一的配置附近，支持更高价值的销售增长。</p>
<h2>营销效率提升，品牌影响力扩大</h2>
<p>“Here for Life” 活动产生了令人印象深刻的 12 亿次曝光，付费搜索增长 33%，媒体归因收入预计增长约 13%。尽管广告支出下降 10.7% 至 1660 万美元，Lovesac 在广告支出回报率上实现了两位数的改善，表明营销效率提高。</p>
<h2>展厅扩张支持转化和回报</h2>
<p>展厅净销售额小幅上升 0.6%，达到 9710 万美元，展厅数量扩大至 281 个，转化率同比改善。管理层强调报价管道大约增长 12%，并报告展厅的一年净现金回报，表明实体网络仍然是一个盈利的增长引擎。</p>
<h2>资产负债表强劲，灵活的资本配置能力</h2>
<p>公司在季度末现金余额为 5700 万美元，承诺可用资金为 3500 万美元，信用额度没有借款，使 Lovesac 拥有充足的流动性。它回购了 240 万美元的股票，仍有约 5170 万美元的回购授权，留有继续回报股东的空间。</p>
<h2>近岸生产战略瞄准成本和供应链效益</h2>
<p>Lovesac 计划在今夏开始国内生产 Sactional 座椅，旨在降低成本波动并缩短交付时间。公司重新设计了可制造性产品，并更新了知识产权，同时保持反向兼容性，寻求更具韧性和灵活性的供应链。</p>
<h2>指引显示未来增长和利润恢复</h2>
<p>管理层的展望预计全年净销售额为 7 亿至 7.4 亿美元，调整后的 EBITDA 为 3500 万至 4600 万美元，毛利率在 56% 至 57% 之间。对于第二季度，公司预计净销售额为 1.57 亿至 1.66 亿美元，毛利率为 57.5% 至 58.5%，调整后的 EBITDA 预计在 400 万美元亏损至 200 万美元盈利之间，反映出逐步改善盈利能力的路径。</p>
<h2>运输和关税对毛利率造成压力</h2>
<p>毛利率下降 160 个基点至净销售额的 52.1%，主要受到约 380 个基点的入境运输和关税成本增加的影响。出境运输和仓储又增加了大约 110 个基点的压力，突显出物流通胀和贸易成本压缩了盈利能力。</p>
<h2>运营亏损反映高成本压力</h2>
<p>Lovesac 录得 1740 万美元的运营亏损，较去年 1500 万美元的亏损有所扩大，净亏损为 1110 万美元，或每股 0.76 美元。调整后的 EBITDA 亏损从 840 万美元扩大至 1050 万美元，突显出类别疲软、高运输费用和持续投资的综合影响。</p>
<h2>类别和渠道的下降抵消了增长平台</h2>
<p>Sactional 净销售额下降 1.4%，Sacs 收入同比下降 22.5%，而其他净销售额如快闪店、店中店和 Loved by Lovesac 下降 36.3% 至 550 万美元。下降主要是由于 Best Buy 商店的关闭和 Costco 快闪店数量减少，部分抵消了新产品平台的增长。</p>
<h2>较高的 SG&amp;A 比率显示运营杠杆挑战</h2>
<p>销售、一般和行政费用占净销售额的比例上升至 49.6%，较 48.5% 上升，反映出公司扩张时工资和间接费用的增加。广告支出在绝对金额上下降，但仍占净销售额的 12%，表明运营杠杆仍然是 Lovesac 追求更高盈利能力的关键关注领域。</p>
<h2>关税退款仍然是一个不确定因素</h2>
<p>公司已申请 2080 万美元的关税退款，但迄今仅收到 340 万美元，这一金额是指引中唯一反映的部分。管理层强调，进一步退款的时机和程度仍不确定，选择将任何额外潜在退款排除在财务预测之外。</p>
<h2>在疲弱情绪中，按票价大小的需求呈现混合状态</h2>
<p>管理层指出，交易金额低于 6000 美元的情况有所疲软，归因于创纪录的消费者信心低迷以及对更注重预算的购物者的压力。相比之下，6000 美元以上的购买以中双位数的速度增长，这促使公司调整开盘价格点，以更好地捕捉价值驱动的需求。</p>
<h2>服务扩展暂时延迟收入确认</h2>
<p>白手套交付的扩展导致订单安排比平时更远，这暂时造成了需求超过已确认收入的差距。管理层表示，这一时间问题可能会持续到第二季度，尽管基础订单活动仍然健康。</p>
<h2>通胀和运输波动嵌入成本结构</h2>
<p>更高的材料、能源和运输成本已纳入更新的商品成本和物流计划，显著导致了利润率压缩。公司正在努力减轻运输波动，但承认高企的进出口运输和能源成本仍然是近期的阻力。</p>
<h2>前瞻性指引强调增长、利润率和纪律</h2>
<p>Lovesac 的 2027 财年指引目标为净销售额 7 亿至 7.4 亿美元，调整后 EBITDA 为 3500 万至 4600 万美元，毛利率为 56% 至 57%，广告费用约占销售额的 12%，销售及管理费用占 40% 至 41%。公司预计净收入为 500 万至 1200 万美元，仅计入 360 万美元的关税退款，并预计库存将适度增加，同时预测第二季度净亏损为 300 万至 700 万美元，因为公司在需求波动的环境中进行投资。</p>
<p>Lovesac 的财报电话会议强调了公司在应对成本和需求波动的同时，仍在获得市场份额并扩展其平台和渠道覆盖。管理层对指引的严谨态度、资产负债表的强劲以及本土化战略可能吸引寻求韧性增长的投资者，但持续的利润率恢复之路在未来几个季度可能仍将是一个关键关注点。</p>

LOVE

<p>Lovesac 报告第一季度净销售额为 1.382 亿美元，同比持平，但表现优于家具行业。尽管数字销售和新平台如 Snug 推动了增长，但由于关税和运输成本压力，毛利率下降至 52.1%，导致运营亏损 1,740 万美元。管理层强调了强劲的现金储备、营销效率提升以及国内回流战略，以降低供应链风险。全年指导预计销售额为 7 亿至 7.4 亿美元，毛利率有望恢复</p>

<p>The Lovesac Co ((LOVE)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Lovesac Co ((LOVE)) 举行了第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Introducing TipRanks MCP for Agents</h3>
<div class="lb-trans"><h3>为代理商介绍 TipRanks MCP</h3>
</div><ul>
<li>Deliver institutional-grade market data directly into Claude, ChatGPT, Cursor, and other MCP-compatible AI tools.</li>
<li>Designed for personal research, portfolio monitoring, and AI-assisted investment workflows.</li>
</ul>
<div class="lb-trans"><ul>
<li>将机构级市场数据直接传递到 Claude、ChatGPT、Cursor 和其他兼容 MCP 的 AI 工具中。</li>
<li>旨在个人研究、投资组合监控和 AI 辅助投资工作流程。</li>
</ul>
</div><p>Lovesac’s latest earnings call painted a mixed but cautiously optimistic picture, as management acknowledged near-term pressures from tariffs, freight and inflation while highlighting solid relative sales performance, digital growth and strong cash reserves. Executives stressed that current margin and earnings headwinds are cyclical, positioning the company for multi-quarter operational improvements and longer-term profitable growth.</p>
<div class="lb-trans"><p>Lovesac 最新的财报电话会议描绘了一个复杂但谨慎乐观的局面，管理层承认关税、运输和通货膨胀带来的短期压力，同时强调了相对稳健的销售表现、数字增长和强劲的现金储备。高管们强调，当前的利润和收益压力是周期性的，使公司能够实现多个季度的运营改善和长期的盈利增长。</p>
</div><h2>Revenue Holds Steady While Outperforming Furniture Peers</h2>
<div class="lb-trans"><h2>收入保持稳定，超越家具同行</h2>
</div><p>Lovesac reported net sales of $138.2 million, essentially flat year-over-year with a modest $0.2 million decline, yet still outperforming a broader furniture category that fell 2.2%. The high-end furniture segment dropped 5%, underscoring that Lovesac gained relative share even as overall demand in the industry softened.</p>
<div class="lb-trans"><p>Lovesac 报告净销售额为 1.382 亿美元，同比基本持平，略微下降 20 万美元，但仍然超越了整体下降 2.2% 的家具类别。高端家具细分市场下降 5%，这表明尽管行业整体需求减弱，Lovesac 仍然获得了相对市场份额。</p>
</div><h2>Digital Channel Delivers Solid E-Commerce Growth</h2>
<div class="lb-trans"><h2>数字渠道实现稳健的电子商务增长</h2>
</div><p>Internet sales climbed 7.1% to $35.7 million, lifting e-commerce penetration by about 170 basis points compared with last year. Management also cited record web customer satisfaction metrics, reinforcing that the brand’s digital experience is resonating even as shoppers remain cautious.</p>
<div class="lb-trans"><p>互联网销售增长 7.1%，达到 3570 万美元，使电子商务渗透率较去年提高约 170 个基点。管理层还提到创纪录的网络客户满意度指标，进一步证明品牌的数字体验在消费者谨慎的情况下仍然引起共鸣。</p>
</div><h2>New Platforms and Larger Configurations Drive Momentum</h2>
<div class="lb-trans"><h2>新平台和更大配置推动动能</h2>
</div><p>Other net sales, including the Snug platform, surged 228.1% year-over-year with roughly 80% of Snug customers new to Lovesac and nearly half of Snug orders placed online. Larger configurations showed strong momentum, while the reclining seat attachment rate held near one in three configurations, supporting higher-value ticket growth.</p>
<div class="lb-trans"><p>其他净销售额，包括 Snug 平台，同比增长 228.1%，大约 80% 的 Snug 客户是首次接触 Lovesac，近一半的 Snug 订单在线下单。更大配置显示出强劲的动能，而可调座椅的附加率保持在三分之一的配置附近，支持更高价值的销售增长。</p>
</div><h2>Marketing Efficiency Rises as Brand Reach Expands</h2>
<div class="lb-trans"><h2>营销效率提升，品牌影响力扩大</h2>
</div><p>The “Here for Life” campaign generated an impressive 1.2 billion earned impressions, with paid search up 33% and media-attributed revenues estimated to be up around 13%. Lovesac delivered double-digit improvements in return on ad spend even as advertising dollars fell 10.7% to $16.6 million, signaling improved marketing efficiency.</p>
<div class="lb-trans"><p>“Here for Life” 活动产生了令人印象深刻的 12 亿次曝光，付费搜索增长 33%，媒体归因收入预计增长约 13%。尽管广告支出下降 10.7% 至 1660 万美元，Lovesac 在广告支出回报率上实现了两位数的改善，表明营销效率提高。</p>
</div><h2>Showroom Expansion Supports Conversion and Payback</h2>
<div class="lb-trans"><h2>展厅扩张支持转化和回报</h2>
</div><p>Showroom net sales edged up 0.6% to $97.1 million as the fleet expanded to 281 locations, and conversion rates improved year over year. Management highlighted a roughly 12% increase in the quote pipeline and reported one-year net cash paybacks for showrooms, suggesting the physical network remains a profitable growth engine.</p>
<div class="lb-trans"><p>展厅净销售额小幅上升 0.6%，达到 9710 万美元，展厅数量扩大至 281 个，转化率同比改善。管理层强调报价管道大约增长 12%，并报告展厅的一年净现金回报，表明实体网络仍然是一个盈利的增长引擎。</p>
</div><h2>Balance Sheet Strength Enables Flexible Capital Allocation</h2>
<div class="lb-trans"><h2>资产负债表强劲，灵活的资本配置能力</h2>
</div><p>The company ended the quarter with $57 million in cash, $35 million of committed availability and no borrowings on its credit facility, giving Lovesac ample liquidity. It repurchased $2.4 million of stock and still has approximately $51.7 million remaining under its authorization, leaving room for continued shareholder returns.</p>
<div class="lb-trans"><p>公司在季度末现金余额为 5700 万美元，承诺可用资金为 3500 万美元，信用额度没有借款，使 Lovesac 拥有充足的流动性。它回购了 240 万美元的股票，仍有约 5170 万美元的回购授权，留有继续回报股东的空间。</p>
</div><h2>Onshoring Strategy Targets Cost and Supply-Chain Benefits</h2>
<div class="lb-trans"><h2>近岸生产战略瞄准成本和供应链效益</h2>
</div><p>Lovesac remains on track to begin domestic manufacturing of Sactional seats this summer, aiming to reduce cost volatility and shorten fulfillment times. The company redesigned products for manufacturability and refreshed intellectual property while keeping reverse compatibility, seeking a more resilient and flexible supply chain.</p>
<div class="lb-trans"><p>Lovesac 计划在今夏开始国内生产 Sactional 座椅，旨在降低成本波动并缩短交付时间。公司重新设计了可制造性产品，并更新了知识产权，同时保持反向兼容性，寻求更具韧性和灵活性的供应链。</p>
</div><h2>Guidance Signals Growth and Margin Recovery Ahead</h2>
<div class="lb-trans"><h2>指引显示未来增长和利润恢复</h2>
</div><p>Management’s outlook calls for full-year net sales of $700 million to $740 million with adjusted EBITDA of $35 million to $46 million and gross margins between 56% and 57%. For the second quarter, the company expects net sales of $157 million to $166 million, gross margins of 57.5% to 58.5% and adjusted EBITDA ranging from a $4 million loss to a $2 million profit, reflecting a gradual path toward improved profitability.</p>
<div class="lb-trans"><p>管理层的展望预计全年净销售额为 7 亿至 7.4 亿美元，调整后的 EBITDA 为 3500 万至 4600 万美元，毛利率在 56% 至 57% 之间。对于第二季度，公司预计净销售额为 1.57 亿至 1.66 亿美元，毛利率为 57.5% 至 58.5%，调整后的 EBITDA 预计在 400 万美元亏损至 200 万美元盈利之间，反映出逐步改善盈利能力的路径。</p>
</div><h2>Transportation and Tariffs Weigh on Gross Margins</h2>
<div class="lb-trans"><h2>运输和关税对毛利率造成压力</h2>
</div><p>Gross margin slipped 160 basis points to 52.1% of net sales, primarily driven by inbound transportation and tariff cost increases of about 380 basis points. Outbound transportation and warehousing added another roughly 110 basis points of pressure, underscoring how logistics inflation and trade costs compressed profitability.</p>
<div class="lb-trans"><p>毛利率下降 160 个基点至净销售额的 52.1%，主要受到约 380 个基点的入境运输和关税成本增加的影响。出境运输和仓储又增加了大约 110 个基点的压力，突显出物流通胀和贸易成本压缩了盈利能力。</p>
</div><h2>Operating Losses Reflect Elevated Cost Pressures</h2>
<div class="lb-trans"><h2>运营亏损反映高成本压力</h2>
</div><p>Lovesac posted an operating loss of $17.4 million, wider than the $15 million loss a year earlier, with a net loss of $11.1 million or $0.76 per share. Adjusted EBITDA loss expanded to $10.5 million from $8.4 million, highlighting the combined impact of softer categories, higher transportation expenses and ongoing investments.</p>
<div class="lb-trans"><p>Lovesac 录得 1740 万美元的运营亏损，较去年 1500 万美元的亏损有所扩大，净亏损为 1110 万美元，或每股 0.76 美元。调整后的 EBITDA 亏损从 840 万美元扩大至 1050 万美元，突显出类别疲软、高运输费用和持续投资的综合影响。</p>
</div><h2>Category and Channel Declines Offset Growth Platforms</h2>
<div class="lb-trans"><h2>类别和渠道的下降抵消了增长平台</h2>
</div><p>Sactional net sales slipped 1.4% and Sacs revenue dropped 22.5% year-over-year, while other net sales such as pop-ups, shop-in-shops and Loved by Lovesac fell 36.3% to $5.5 million. The decline was driven largely by the closure of Best Buy shops and lower Costco pop-up counts, partially offsetting gains from newer product platforms.</p>
<div class="lb-trans"><p>Sactional 净销售额下降 1.4%，Sacs 收入同比下降 22.5%，而其他净销售额如快闪店、店中店和 Loved by Lovesac 下降 36.3% 至 550 万美元。下降主要是由于 Best Buy 商店的关闭和 Costco 快闪店数量减少，部分抵消了新产品平台的增长。</p>
</div><h2>Higher SG&amp;A Ratio Signals Operating Leverage Challenge</h2>
<div class="lb-trans"><h2>较高的 SG&amp;A 比率显示运营杠杆挑战</h2>
</div><p>Selling, general and administrative expenses rose to 49.6% of net sales from 48.5%, reflecting higher payroll and overhead as the company scales. Advertising declined in absolute dollars yet still accounted for 12% of net sales, indicating that operating leverage remains a key focus area as Lovesac targets higher profitability.</p>
<div class="lb-trans"><p>销售、一般和行政费用占净销售额的比例上升至 49.6%，较 48.5% 上升，反映出公司扩张时工资和间接费用的增加。广告支出在绝对金额上下降，但仍占净销售额的 12%，表明运营杠杆仍然是 Lovesac 追求更高盈利能力的关键关注领域。</p>
</div><h2>Tariff Refunds Remain a Wildcard</h2>
<div class="lb-trans"><h2>关税退款仍然是一个不确定因素</h2>
</div><p>The company has applied for $20.8 million in tariff refunds but has only received $3.4 million so far, and this amount is the only portion reflected in guidance. Management stressed that the timing and extent of further recoveries remain uncertain, opting to exclude any additional potential refunds from their financial forecasts.</p>
<div class="lb-trans"><p>公司已申请 2080 万美元的关税退款，但迄今仅收到 340 万美元，这一金额是指引中唯一反映的部分。管理层强调，进一步退款的时机和程度仍不确定，选择将任何额外潜在退款排除在财务预测之外。</p>
</div><h2>Mixed Demand by Ticket Size Amid Weak Sentiment</h2>
<div class="lb-trans"><h2>在疲弱情绪中，按票价大小的需求呈现混合状态</h2>
</div><p>Management flagged softness in transactions under $6,000, attributing it to record-low consumer sentiment and pressure on more budget-conscious shoppers. In contrast, purchases above $6,000 grew at a mid-double-digit pace, prompting the company to refine opening price points to better capture value-driven demand.</p>
<div class="lb-trans"><p>管理层指出，交易金额低于 6000 美元的情况有所疲软，归因于创纪录的消费者信心低迷以及对更注重预算的购物者的压力。相比之下，6000 美元以上的购买以中双位数的速度增长，这促使公司调整开盘价格点，以更好地捕捉价值驱动的需求。</p>
</div><h2>Service Expansion Temporarily Delays Revenue Recognition</h2>
<div class="lb-trans"><h2>服务扩展暂时延迟收入确认</h2>
</div><p>The expansion of white-glove delivery led to orders being scheduled further out than usual, which temporarily created a gap where demand outpaced recognized revenue. Management indicated this timing issue could continue into the second quarter, even though underlying order activity remained healthy.</p>
<div class="lb-trans"><p>白手套交付的扩展导致订单安排比平时更远，这暂时造成了需求超过已确认收入的差距。管理层表示，这一时间问题可能会持续到第二季度，尽管基础订单活动仍然健康。</p>
</div><h2>Inflation and Freight Volatility Embedded in Cost Structure</h2>
<div class="lb-trans"><h2>通胀和运输波动嵌入成本结构</h2>
</div><p>Higher material, energy and transportation costs have been built into updated cost-of-goods and logistics plans, contributing materially to margin compression. The company is working to mitigate freight volatility, but acknowledged that elevated inbound and outbound freight and energy costs remain a near-term headwind.</p>
<div class="lb-trans"><p>更高的材料、能源和运输成本已纳入更新的商品成本和物流计划，显著导致了利润率压缩。公司正在努力减轻运输波动，但承认高企的进出口运输和能源成本仍然是近期的阻力。</p>
</div><h2>Forward Guidance Emphasizes Growth, Margins and Discipline</h2>
<div class="lb-trans"><h2>前瞻性指引强调增长、利润率和纪律</h2>
</div><p>Lovesac’s fiscal 2027 guidance targets net sales of $700 million to $740 million, adjusted EBITDA of $35 million to $46 million and gross margins of 56% to 57%, with advertising around 12% of sales and SG&amp;A at 40% to 41%. The company anticipates net income of $5 million to $12 million, incorporates only $3.6 million of tariff refunds received and expects modest inventory increases while forecasting a Q2 net loss of $3 million to $7 million as it invests through a choppy demand environment.</p>
<div class="lb-trans"><p>Lovesac 的 2027 财年指引目标为净销售额 7 亿至 7.4 亿美元，调整后 EBITDA 为 3500 万至 4600 万美元，毛利率为 56% 至 57%，广告费用约占销售额的 12%，销售及管理费用占 40% 至 41%。公司预计净收入为 500 万至 1200 万美元，仅计入 360 万美元的关税退款，并预计库存将适度增加，同时预测第二季度净亏损为 300 万至 700 万美元，因为公司在需求波动的环境中进行投资。</p>
</div><p>Lovesac’s earnings call underscored a company navigating cost and demand turbulence yet still gaining category share and expanding its platform and channel reach. Management’s disciplined approach to guidance, balance-sheet strength and onshoring strategy may appeal to investors seeking resilient growth, but the path to sustained margin recovery will likely remain a key watchpoint over the coming quarters.</p>
<div class="lb-trans"><p>Lovesac 的财报电话会议强调了公司在应对成本和需求波动的同时，仍在获得市场份额并扩展其平台和渠道覆盖。管理层对指引的严谨态度、资产负债表的强劲以及本土化战略可能吸引寻求韧性增长的投资者，但持续的利润率恢复之路在未来几个季度可能仍将是一个关键关注点。</p>
</div>

Lovesac 在利润率压力与增长计划之间取得平衡