The Lovesac Company
|Company Name||The Lovesac Company|
On August 16, 2023, Lovesac disclosed that it identified “certain errors with the methodology used by the Company to calculate the accrual of its last mile freight expenses applicable to the Company’s financial statements for the fiscal year ended January 29, 2023 and the thirteen weeks ended April 30, 2023.” The Company further disclosed that “as a result of the identified errors related to last mile freight expenses, the Company believes that previously reported operating income and net income were overstated by approximately $1.5 million to $2.5 million and $1.0 million to $2.0 million, respectively, for fiscal year 2023.” As a result, Lovesac disclosed that that it needed to restate certain previously-issued financial statements.
On this news, the Company’s share price fell approximately 8% during after-hours trading on August 16, 2023, thereby injuring investors.
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