- Lovesac (NASDAQ:LOVE) disclosed in an SEC filing Wednesday that it identified errors related to last mile freight expenses.
- The company said it believes that previously reported operating income and net income were overstated by approximately $1.5 million to $2.5 million and $1 million to $2 million, respectively, for fiscal year 2023.
- When aggregating the error with other estimated required correcting entries, operating income and net income were overstated by about $2 million to $3 million and $1.5 million to $2.5 million, respectively, for the fiscal year ended January 29, 2023, the company said.
- The company said that financial statements for fiscal year 2023 included in the Annual Report on Form 10-K, management’s report on internal control over financial reporting, and other related reports should no longer be relied upon.
- The company expects to file a Form 10-K/A that will include restated financial statements for the 2023 fiscal year end and the relevant interim periods.
- SEC filing.
- Shares -6.1% at $22.32 after hours
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