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Luvu Brands, Inc. (OTCQB: LUVU) is a company that designs, manufactures, and markets a diverse portfolio of consumer lifestyle brands globally. The company's brands include Liberator®, known for its sensual and intimate products; Avana®, offering inclined bed therapy products to relieve various medical conditions; and Jaxx®, providing casual fashion daybeds, sofas, and beanbags. Based in Atlanta, Georgia, Luvu Brands focuses on sustainability by using repurposed materials and vacuum compressing foam-based products to reduce their carbon footprint. With a vertically-integrated manufacturing facility and a commitment to creating innovative consumer brands, Luvu Brands is dedicated to bringing quality products to the market.
Luvu Brands reported a record Q1 net sales of $8.1 million for the fiscal quarter ending September 30, 2022, marking a 29.5% increase from the previous year. Gross profit rose to $2.0 million, a 31.6% increase, and net income was $0.5 million, or $0.01 per share. Operating expenses rose to $1.4 million, but decreased as a percentage of sales. Significant growth was driven by an 86% increase in sales of the Liberator brand, while sales for Jaxx and Avana declined. The company’s cash reserves improved to $1.3 million.
Luvu Brands, Inc. (OTCQB:LUVU) will announce its fiscal 2023 Q1 financial results on November 14, 2022. A conference call is scheduled for November 18, 2022, at 11:00 a.m. EST to discuss these results. Interested parties can register for the call online or participate via phone. Luvu Brands is focused on designing and manufacturing consumer lifestyle products, including brands such as Liberator, Avana, and Jaxx. The company emphasizes sustainability in its operations and is headquartered in Atlanta, GA.
Luvu Brands, Inc. (OTCQB:LUVU) reported preliminary net sales of approximately $8.1 million for Q1 fiscal 2023, marking a 30% increase from $6.2 million in Q1 fiscal 2022. CEO Louis Friedman highlighted the growth against a challenging operating environment. The increase also reflects an acceleration in revenue growth over one and two-year periods, with figures rising from 16% in 2021. However, the data is preliminary and not audited, with potential adjustments in the final figures.
Luvu Brands reported a record full-year net sales of $26.3 million for the fiscal year ending June 30, 2022, representing a 14% increase over the previous year. However, total gross profit decreased to $6.0 million from $6.3 million, lowering the gross margin to 23%. Operating expenses rose to $5.1 million, while net income dropped significantly to $0.6 million, or $0.01 per share. Adjusted EBITDA also saw a decline to $1.3 million from $3.2 million in fiscal 2021. The CEO highlighted the company’s resilience against supply chain issues.
Luvu Brands, Inc. (OTCQB:LUVU) reported preliminary unaudited net sales of $6.2 million for the three months ended June 30, 2022, a 6% increase from $5.8 million in the same period last year. For the fiscal year, net sales reached a record $26.4 million, representing a 14% growth from $23.1 million in the prior year. The company cautioned that these preliminary results are unaudited and could change. Future performance remains uncertain, as indicated by the presence of forward-looking statements discussing various risks and uncertainties.
Luvu Brands has announced a two-year exclusive distribution agreement making ORION the sole wholesale distributor of LIBERATOR products in the E.U., effective March 1, 2022. This partnership aims to enhance brand recognition and expand ORION's product offerings. The collaboration features six popular LIBERATOR products available for purchase through ORION's online catalog, with plans to introduce additional items. Both companies express optimism for a mutually beneficial relationship that caters to the demand for unique, non-mainstream products.
Luvu Brands reported a 9% increase in third-quarter net sales, reaching $6.8 million compared to $6.2 million in the prior year. Gross profit rose slightly to $1.8 million, though gross profit margin declined to 27% from 28%. Operating expenses increased by 7% to $1.3 million. The net income for the quarter was $452,000, or $0.01 per share, down from $469,000 in the prior year. The company anticipates fourth-quarter revenue to exceed $6 million, indicating a projected 15% year-over-year growth.
Luvu Brands, Inc. will announce its third quarter fiscal 2022 financial results on May 16, 2022. A conference call is scheduled for May 17, 2022 at 11:00 a.m. EST to discuss these results. Investors can participate by registering at the provided link. A Q&A session will follow the presentation for shareholders. A replay of the call will be available until August 15, 2022 on the Company's website. Luvu Brands, known for its consumer lifestyle products, operates a 140,000 square foot facility in Atlanta and focuses on sustainability.
Luvu Brands (OTCQB:LUVU) will announce its Q3 fiscal 2022 financial results on May 16, 2022. A conference call to discuss these results is scheduled for May 17, 2022, at 11:00 a.m. EST. Investors can participate by registering online, and a Q&A session will follow the presentation. The recorded replay of the call will be available until August 15, 2022. Luvu Brands specializes in designing and marketing lifestyle products that focus on sustainability and well-being through brands like Liberator, Avana, and Jaxx.
Luvu Brands, Inc. (OTCQB:LUVU) will release its financial results for the third quarter of fiscal 2022 on May 16, 2022. A conference call is scheduled for May 17, 2022, at 11:00 a.m. EST, to discuss these results, followed by a Q&A session. Investors can join the call through registration or by phone. The recorded replay will be available until August 15, 2022. Luvu Brands specializes in designing and marketing consumer lifestyle products, including the brands Liberator, Avana, and Jaxx, while focusing on sustainability and eco-friendly practices.
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