<p>Lovesac Co ((LOVE)) 舉行了第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
<h3>為代理商介紹 TipRanks MCP</h3>
<ul>
<li>將機構級市場數據直接傳遞到 Claude、ChatGPT、Cursor 和其他兼容 MCP 的 AI 工具中。</li>
<li>旨在個人研究、投資組合監控和 AI 輔助投資工作流程。</li>
</ul>
<p>Lovesac 最新的財報電話會議描繪了一個複雜但謹慎樂觀的局面，管理層承認關税、運輸和通貨膨脹帶來的短期壓力，同時強調了相對穩健的銷售表現、數字增長和強勁的現金儲備。高管們強調，當前的利潤和收益壓力是週期性的，使公司能夠實現多個季度的運營改善和長期的盈利增長。</p>
<h2>收入保持穩定，超越傢俱同行</h2>
<p>Lovesac 報告淨銷售額為 1.382 億美元，同比基本持平，略微下降 20 萬美元，但仍然超越了整體下降 2.2% 的傢俱類別。高端傢俱細分市場下降 5%，這表明儘管行業整體需求減弱，Lovesac 仍然獲得了相對市場份額。</p>
<h2>數字渠道實現穩健的電子商務增長</h2>
<p>互聯網銷售增長 7.1%，達到 3570 萬美元，使電子商務滲透率較去年提高約 170 個基點。管理層還提到創紀錄的網絡客户滿意度指標，進一步證明品牌的數字體驗在消費者謹慎的情況下仍然引起共鳴。</p>
<h2>新平台和更大配置推動動能</h2>
<p>其他淨銷售額，包括 Snug 平台，同比增長 228.1%，大約 80% 的 Snug 客户是首次接觸 Lovesac，近一半的 Snug 訂單在線下單。更大配置顯示出強勁的動能，而可調座椅的附加率保持在三分之一的配置附近，支持更高價值的銷售增長。</p>
<h2>營銷效率提升，品牌影響力擴大</h2>
<p>“Here for Life” 活動產生了令人印象深刻的 12 億次曝光，付費搜索增長 33%，媒體歸因收入預計增長約 13%。儘管廣告支出下降 10.7% 至 1660 萬美元，Lovesac 在廣告支出回報率上實現了兩位數的改善，表明營銷效率提高。</p>
<h2>展廳擴張支持轉化和回報</h2>
<p>展廳淨銷售額小幅上升 0.6%，達到 9710 萬美元，展廳數量擴大至 281 個，轉化率同比改善。管理層強調報價管道大約增長 12%，並報告展廳的一年淨現金回報，表明實體網絡仍然是一個盈利的增長引擎。</p>
<h2>資產負債表強勁，靈活的資本配置能力</h2>
<p>公司在季度末現金餘額為 5700 萬美元，承諾可用資金為 3500 萬美元，信用額度沒有借款，使 Lovesac 擁有充足的流動性。它回購了 240 萬美元的股票，仍有約 5170 萬美元的回購授權，留有繼續回報股東的空間。</p>
<h2>近岸生產戰略瞄準成本和供應鏈效益</h2>
<p>Lovesac 計劃在今夏開始國內生產 Sactional 座椅，旨在降低成本波動並縮短交付時間。公司重新設計了可製造性產品，並更新了知識產權，同時保持反向兼容性，尋求更具韌性和靈活性的供應鏈。</p>
<h2>指引顯示未來增長和利潤恢復</h2>
<p>管理層的展望預計全年淨銷售額為 7 億至 7.4 億美元，調整後的 EBITDA 為 3500 萬至 4600 萬美元，毛利率在 56% 至 57% 之間。對於第二季度，公司預計淨銷售額為 1.57 億至 1.66 億美元，毛利率為 57.5% 至 58.5%，調整後的 EBITDA 預計在 400 萬美元虧損至 200 萬美元盈利之間，反映出逐步改善盈利能力的路徑。</p>
<h2>運輸和關税對毛利率造成壓力</h2>
<p>毛利率下降 160 個基點至淨銷售額的 52.1%，主要受到約 380 個基點的入境運輸和關税成本增加的影響。出境運輸和倉儲又增加了大約 110 個基點的壓力，突顯出物流通脹和貿易成本壓縮了盈利能力。</p>
<h2>運營虧損反映高成本壓力</h2>
<p>Lovesac 錄得 1740 萬美元的運營虧損，較去年 1500 萬美元的虧損有所擴大，淨虧損為 1110 萬美元，或每股 0.76 美元。調整後的 EBITDA 虧損從 840 萬美元擴大至 1050 萬美元，突顯出類別疲軟、高運輸費用和持續投資的綜合影響。</p>
<h2>類別和渠道的下降抵消了增長平台</h2>
<p>Sactional 淨銷售額下降 1.4%，Sacs 收入同比下降 22.5%，而其他淨銷售額如快閃店、店中店和 Loved by Lovesac 下降 36.3% 至 550 萬美元。下降主要是由於 Best Buy 商店的關閉和 Costco 快閃店數量減少，部分抵消了新產品平台的增長。</p>
<h2>較高的 SG&amp;A 比率顯示運營槓桿挑戰</h2>
<p>銷售、一般和行政費用佔淨銷售額的比例上升至 49.6%，較 48.5% 上升，反映出公司擴張時工資和間接費用的增加。廣告支出在絕對金額上下降，但仍佔淨銷售額的 12%，表明運營槓桿仍然是 Lovesac 追求更高盈利能力的關鍵關注領域。</p>
<h2>關税退款仍然是一個不確定因素</h2>
<p>公司已申請 2080 萬美元的關税退款，但迄今僅收到 340 萬美元，這一金額是指引中唯一反映的部分。管理層強調，進一步退款的時機和程度仍不確定，選擇將任何額外潛在退款排除在財務預測之外。</p>
<h2>在疲弱情緒中，按票價大小的需求呈現混合狀態</h2>
<p>管理層指出，交易金額低於 6000 美元的情況有所疲軟，歸因於創紀錄的消費者信心低迷以及對更注重預算的購物者的壓力。相比之下，6000 美元以上的購買以中雙位數的速度增長，這促使公司調整開盤價格點，以更好地捕捉價值驅動的需求。</p>
<h2>服務擴展暫時延遲收入確認</h2>
<p>白手套交付的擴展導致訂單安排比平時更遠，這暫時造成了需求超過已確認收入的差距。管理層表示，這一時間問題可能會持續到第二季度，儘管基礎訂單活動仍然健康。</p>
<h2>通脹和運輸波動嵌入成本結構</h2>
<p>更高的材料、能源和運輸成本已納入更新的商品成本和物流計劃，顯著導致了利潤率壓縮。公司正在努力減輕運輸波動，但承認高企的進出口運輸和能源成本仍然是近期的阻力。</p>
<h2>前瞻性指引強調增長、利潤率和紀律</h2>
<p>Lovesac 的 2027 財年指引目標為淨銷售額 7 億至 7.4 億美元，調整後 EBITDA 為 3500 萬至 4600 萬美元，毛利率為 56% 至 57%，廣告費用約佔銷售額的 12%，銷售及管理費用佔 40% 至 41%。公司預計淨收入為 500 萬至 1200 萬美元，僅計入 360 萬美元的關税退款，並預計庫存將適度增加，同時預測第二季度淨虧損為 300 萬至 700 萬美元，因為公司在需求波動的環境中進行投資。</p>
<p>Lovesac 的財報電話會議強調了公司在應對成本和需求波動的同時，仍在獲得市場份額並擴展其平台和渠道覆蓋。管理層對指引的嚴謹態度、資產負債表的強勁以及本土化戰略可能吸引尋求韌性增長的投資者，但持續的利潤率恢復之路在未來幾個季度可能仍將是一個關鍵關注點。</p>

LOVE

<p>Lovesac 報告第一季度淨銷售額為 1.382 億美元，同比持平，但表現優於傢俱行業。儘管數字銷售和新平台如 Snug 推動了增長，但由於關税和運輸成本壓力，毛利率下降至 52.1%，導致運營虧損 1,740 萬美元。管理層強調了強勁的現金儲備、營銷效率提升以及國內回流戰略，以降低供應鏈風險。全年指導預計銷售額為 7 億至 7.4 億美元，毛利率有望恢復</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)) 舉行了第一季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
</div><h3>Introducing TipRanks MCP for Agents</h3>
<div class="lb-trans"><h3>為代理商介紹 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>將機構級市場數據直接傳遞到 Claude、ChatGPT、Cursor 和其他兼容 MCP 的 AI 工具中。</li>
<li>旨在個人研究、投資組合監控和 AI 輔助投資工作流程。</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 最新的財報電話會議描繪了一個複雜但謹慎樂觀的局面，管理層承認關税、運輸和通貨膨脹帶來的短期壓力，同時強調了相對穩健的銷售表現、數字增長和強勁的現金儲備。高管們強調，當前的利潤和收益壓力是週期性的，使公司能夠實現多個季度的運營改善和長期的盈利增長。</p>
</div><h2>Revenue Holds Steady While Outperforming Furniture Peers</h2>
<div class="lb-trans"><h2>收入保持穩定，超越傢俱同行</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 報告淨銷售額為 1.382 億美元，同比基本持平，略微下降 20 萬美元，但仍然超越了整體下降 2.2% 的傢俱類別。高端傢俱細分市場下降 5%，這表明儘管行業整體需求減弱，Lovesac 仍然獲得了相對市場份額。</p>
</div><h2>Digital Channel Delivers Solid E-Commerce Growth</h2>
<div class="lb-trans"><h2>數字渠道實現穩健的電子商務增長</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>互聯網銷售增長 7.1%，達到 3570 萬美元，使電子商務滲透率較去年提高約 170 個基點。管理層還提到創紀錄的網絡客户滿意度指標，進一步證明品牌的數字體驗在消費者謹慎的情況下仍然引起共鳴。</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動動能</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>其他淨銷售額，包括 Snug 平台，同比增長 228.1%，大約 80% 的 Snug 客户是首次接觸 Lovesac，近一半的 Snug 訂單在線下單。更大配置顯示出強勁的動能，而可調座椅的附加率保持在三分之一的配置附近，支持更高價值的銷售增長。</p>
</div><h2>Marketing Efficiency Rises as Brand Reach Expands</h2>
<div class="lb-trans"><h2>營銷效率提升，品牌影響力擴大</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” 活動產生了令人印象深刻的 12 億次曝光，付費搜索增長 33%，媒體歸因收入預計增長約 13%。儘管廣告支出下降 10.7% 至 1660 萬美元，Lovesac 在廣告支出回報率上實現了兩位數的改善，表明營銷效率提高。</p>
</div><h2>Showroom Expansion Supports Conversion and Payback</h2>
<div class="lb-trans"><h2>展廳擴張支持轉化和回報</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>展廳淨銷售額小幅上升 0.6%，達到 9710 萬美元，展廳數量擴大至 281 個，轉化率同比改善。管理層強調報價管道大約增長 12%，並報告展廳的一年淨現金回報，表明實體網絡仍然是一個盈利的增長引擎。</p>
</div><h2>Balance Sheet Strength Enables Flexible Capital Allocation</h2>
<div class="lb-trans"><h2>資產負債表強勁，靈活的資本配置能力</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>公司在季度末現金餘額為 5700 萬美元，承諾可用資金為 3500 萬美元，信用額度沒有借款，使 Lovesac 擁有充足的流動性。它回購了 240 萬美元的股票，仍有約 5170 萬美元的回購授權，留有繼續回報股東的空間。</p>
</div><h2>Onshoring Strategy Targets Cost and Supply-Chain Benefits</h2>
<div class="lb-trans"><h2>近岸生產戰略瞄準成本和供應鏈效益</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 計劃在今夏開始國內生產 Sactional 座椅，旨在降低成本波動並縮短交付時間。公司重新設計了可製造性產品，並更新了知識產權，同時保持反向兼容性，尋求更具韌性和靈活性的供應鏈。</p>
</div><h2>Guidance Signals Growth and Margin Recovery Ahead</h2>
<div class="lb-trans"><h2>指引顯示未來增長和利潤恢復</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>管理層的展望預計全年淨銷售額為 7 億至 7.4 億美元，調整後的 EBITDA 為 3500 萬至 4600 萬美元，毛利率在 56% 至 57% 之間。對於第二季度，公司預計淨銷售額為 1.57 億至 1.66 億美元，毛利率為 57.5% 至 58.5%，調整後的 EBITDA 預計在 400 萬美元虧損至 200 萬美元盈利之間，反映出逐步改善盈利能力的路徑。</p>
</div><h2>Transportation and Tariffs Weigh on Gross Margins</h2>
<div class="lb-trans"><h2>運輸和關税對毛利率造成壓力</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 個基點至淨銷售額的 52.1%，主要受到約 380 個基點的入境運輸和關税成本增加的影響。出境運輸和倉儲又增加了大約 110 個基點的壓力，突顯出物流通脹和貿易成本壓縮了盈利能力。</p>
</div><h2>Operating Losses Reflect Elevated Cost Pressures</h2>
<div class="lb-trans"><h2>運營虧損反映高成本壓力</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 錄得 1740 萬美元的運營虧損，較去年 1500 萬美元的虧損有所擴大，淨虧損為 1110 萬美元，或每股 0.76 美元。調整後的 EBITDA 虧損從 840 萬美元擴大至 1050 萬美元，突顯出類別疲軟、高運輸費用和持續投資的綜合影響。</p>
</div><h2>Category and Channel Declines Offset Growth Platforms</h2>
<div class="lb-trans"><h2>類別和渠道的下降抵消了增長平台</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 淨銷售額下降 1.4%，Sacs 收入同比下降 22.5%，而其他淨銷售額如快閃店、店中店和 Loved by Lovesac 下降 36.3% 至 550 萬美元。下降主要是由於 Best Buy 商店的關閉和 Costco 快閃店數量減少，部分抵消了新產品平台的增長。</p>
</div><h2>Higher SG&amp;A Ratio Signals Operating Leverage Challenge</h2>
<div class="lb-trans"><h2>較高的 SG&amp;A 比率顯示運營槓桿挑戰</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>銷售、一般和行政費用佔淨銷售額的比例上升至 49.6%，較 48.5% 上升，反映出公司擴張時工資和間接費用的增加。廣告支出在絕對金額上下降，但仍佔淨銷售額的 12%，表明運營槓桿仍然是 Lovesac 追求更高盈利能力的關鍵關注領域。</p>
</div><h2>Tariff Refunds Remain a Wildcard</h2>
<div class="lb-trans"><h2>關税退款仍然是一個不確定因素</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>公司已申請 2080 萬美元的關税退款，但迄今僅收到 340 萬美元，這一金額是指引中唯一反映的部分。管理層強調，進一步退款的時機和程度仍不確定，選擇將任何額外潛在退款排除在財務預測之外。</p>
</div><h2>Mixed Demand by Ticket Size Amid Weak Sentiment</h2>
<div class="lb-trans"><h2>在疲弱情緒中，按票價大小的需求呈現混合狀態</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>管理層指出，交易金額低於 6000 美元的情況有所疲軟，歸因於創紀錄的消費者信心低迷以及對更注重預算的購物者的壓力。相比之下，6000 美元以上的購買以中雙位數的速度增長，這促使公司調整開盤價格點，以更好地捕捉價值驅動的需求。</p>
</div><h2>Service Expansion Temporarily Delays Revenue Recognition</h2>
<div class="lb-trans"><h2>服務擴展暫時延遲收入確認</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>白手套交付的擴展導致訂單安排比平時更遠，這暫時造成了需求超過已確認收入的差距。管理層表示，這一時間問題可能會持續到第二季度，儘管基礎訂單活動仍然健康。</p>
</div><h2>Inflation and Freight Volatility Embedded in Cost Structure</h2>
<div class="lb-trans"><h2>通脹和運輸波動嵌入成本結構</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、能源和運輸成本已納入更新的商品成本和物流計劃，顯著導致了利潤率壓縮。公司正在努力減輕運輸波動，但承認高企的進出口運輸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>前瞻性指引強調增長、利潤率和紀律</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 財年指引目標為淨銷售額 7 億至 7.4 億美元，調整後 EBITDA 為 3500 萬至 4600 萬美元，毛利率為 56% 至 57%，廣告費用約佔銷售額的 12%，銷售及管理費用佔 40% 至 41%。公司預計淨收入為 500 萬至 1200 萬美元，僅計入 360 萬美元的關税退款，並預計庫存將適度增加，同時預測第二季度淨虧損為 300 萬至 700 萬美元，因為公司在需求波動的環境中進行投資。</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 的財報電話會議強調了公司在應對成本和需求波動的同時，仍在獲得市場份額並擴展其平台和渠道覆蓋。管理層對指引的嚴謹態度、資產負債表的強勁以及本土化戰略可能吸引尋求韌性增長的投資者，但持續的利潤率恢復之路在未來幾個季度可能仍將是一個關鍵關注點。</p>
</div>

Lovesac 在利潤率壓力與增長計劃之間取得平衡