The Lovesac Company (LOVE) 10-Q/A30 Nov 232024 Q1 Quarterly report (amended)Financial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Apr. 30, 2023	May 31, 2023
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2023
Document Transition Report	false
Entity File Number	001-38555
Entity Registrant Name	THE LOVESAC COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0514958
Entity Address, Address Line One	Two Landmark Square
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06901
City Area Code	888
Local Phone Number	636-1223
Title of 12(b) Security	Common Stock, $0.00001 par value per share
Trading Symbol	LOVE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,216,988
Amendment Flag	true
Entity Central Index Key	0001701758
Current Fiscal Year End Date	--02-04
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Description	EXPLANATORY NOTE The Lovesac Company (“Lovesac”, the “Company”, “we”, “our” and similar terms) is filing this Amendment No. 2 on Form 10-Q/A (“Amendment No. 2”) to amend the Company’s Quarterly Form 10-Q for the period ended April 30, 2023 (the “Original 10-Q”), originally filed with the Securities and Exchange Commission (“SEC”) on June 9, 2023, as amended by Amendment No. 1 on Form 10-Q/A (“Amendment No. 1”) filed on November 2, 2023, solely to include certain footnote disclosures to our unaudited quarterly condensed financial statements as of and for the period ended April 30, 2023 (the “Restated Financial Statements”) that were included in the unaudited financial statements in the Original 10-Q, but were inadvertently omitted from the Restated Financial Statements included in Part I, Item 1 of Amendment No. 1. The restatement is further described in Amendment No. 1 and in Note 2. Restatement and Other Corrections of Previously Issued Financial Statements to the Restated Financial Statements in Part I. Item 1 contained herein.In accordance with applicable SEC rules, this Amendment No. 2 includes new certifications specified in Rule 13a-14 under the Exchange Act from our Chief Executive Officer and Chief Financial Officer dated as of the date of this filing. Except as described above, no other amendments are being made to the Original 10-Q, as amended by Amendment No. 1. This Amendment No. 2 does not reflect events occurring after the filing of the Original 10-Q, as amended by Amendment No. 1, or modify or update the disclosure contained therein in any way other than as required to reflect the amendments discussed above.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 29, 2023
Current Assets
Cash and cash equivalents	$ 45,125	$ 43,533
Trade accounts receivable	18,447	9,103
Merchandise inventories, net	104,458	119,627
Prepaid expenses and other current assets	13,432	15,452
Total Current Assets	181,462	187,715
Property and equipment, net	59,219	52,904
Operating lease right-of-use assets	143,609	135,411
Other Assets
Goodwill	144	144
Intangible assets, net	1,445	1,411
Deferred tax asset	9,959	8,677
Other assets	25,371	22,364
Total Other Assets	36,919	32,596
Total Assets	421,209	408,626
Current Liabilities
Accounts payable	30,097	24,576
Accrued expenses	16,265	25,417
Payroll payable	6,582	6,783
Customer deposits	15,372	6,760
Current operating lease liabilities	16,933	13,075
Sales taxes payable	3,878	5,430
Total Current Liabilities	89,127	82,041
Operating Lease Liabilities, long-term	142,826	133,491
Line of Credit	0	0
Total Liabilities	231,953	215,532
Commitments and Contingencies (see Note 7)
Stockholders’ Equity
Preferred Stock $0.00001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of April 30, 2023 and January 29, 2023.	0	0
Common Stock $.00001 par value, 40,000,000 shares authorized, 15,217,120 shares issued and outstanding as of April 30, 2023 and 15,195,698 shares issued and outstanding as of January 29, 2023.	0	0
Additional paid-in capital	182,831	182,554
Accumulated earnings	6,425	10,540
Stockholders’ Equity	189,256	193,094
Total Liabilities and Stockholders’ Equity	$ 421,209	$ 408,626

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Apr. 30, 2023	Jan. 29, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	15,217,120	15,195,698
Common stock, shares outstanding (in shares)	15,217,120	15,195,698

Condensed Statements of Operati

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Operations - USD ($) $ in Thousands	Apr. 30, 2023	May 01, 2022
Income Statement [Abstract]
Net sales	$ 141,193	$ 129,380
Cost of merchandise sold	70,618	63,406
Gross profit	70,575	65,974
Operating expenses
Selling, general and administration expenses	56,546	44,918
Advertising and marketing	16,913	15,901
Depreciation and amortization	2,822	2,661
Total operating expenses	76,281	63,480
Operating (loss) income	(5,706)	2,494
Interest income (expense), net	341	(35)
Net (loss) income before taxes	(5,365)	2,459
Benefit from (provision for) income taxes	1,250	(673)
Net (loss) income	$ (4,115)	$ 1,786
Net (loss) income per common share:
Basic (in dollars per share)	$ (0.27)	$ 0.12
Diluted (in dollars per share)	$ (0.27)	$ 0.11
Weighted average number of common shares outstanding:
Basic (in shares)	15,230,763	15,155,378
Diluted (in shares)	15,230,763	16,173,339

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common	Additional Paid-in Capital	Accumulated (Deficit) Earnings
Beginning balance (in shares) at Jan. 30, 2022		15,123,338
Beginning balance at Jan. 30, 2022	$ 157,814	$ 0	$ 173,762	$ (15,948)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	1,786			1,786
Equity based compensation	1,163		1,163
Vested restricted stock units (in shares)		1,704
Exercise of warrants (in shares)		0
Taxes paid for net share settlement of equity awards	(47)		(47)
Ending balance (in shares) at May. 01, 2022		15,125,042
Ending balance at May. 01, 2022	160,716	$ 0	174,878	(14,162)
Beginning balance (in shares) at Jan. 29, 2023		15,195,698
Beginning balance at Jan. 29, 2023	193,094	$ 0	182,554	10,540
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(4,115)			(4,115)
Equity based compensation	747		747
Vested restricted stock units (in shares)		21,422
Taxes paid for net share settlement of equity awards	(470)		(470)
Ending balance (in shares) at Apr. 30, 2023		15,217,120
Ending balance at Apr. 30, 2023	$ 189,256	$ 0	$ 182,831	$ 6,425

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statement of Cash Flows - USD ($) $ in Thousands	Apr. 30, 2023	May 01, 2022
Cash Flows from Operating Activities
Net (loss) income	$ (4,115)	$ 1,786
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization of property and equipment	2,697	2,575
Amortization of other intangible assets	125	86
Amortization of deferred financing fees	42	29
Equity based compensation	747	1,163
Non-cash operating lease cost	5,315	4,184
Deferred income taxes	(1,282)	492
Changes in operating assets and liabilities:
Trade accounts receivable	(9,344)	2,134
Merchandise inventories	15,169	(14,515)
Prepaid expenses and other current assets	4,221	813
Other assets	(3,007)	(26)
Accounts payable and accrued expenses	(10,378)	(11,768)
Operating lease liabilities	(2,511)	(4,571)
Customer deposits	8,612	(5,709)
Net Cash Provided by (Used in) Operating Activities	6,291	(23,327)
Cash Flows from Investing Activities
Purchase of property and equipment	(4,177)	(4,450)
Payments for patents and trademarks	0	(27)
Net Cash Used in Investing Activities	(4,177)	(4,477)
Cash Flows from Financing Activities
Payment of deferred financing costs	(52)	(161)
Taxes paid for net share settlement of equity awards	(470)	(47)
Net Cash Used in Financing Activities	(522)	(208)
Net Change in Cash and Cash Equivalents	1,592	(28,012)
Cash and Cash Equivalents - Beginning	43,533	92,392
Cash and Cash Equivalents - Ending	45,125	64,380
Supplemental Cash Flow Disclosures
Cash paid for taxes	0	905
Cash paid for interest	30	33
Non-cash investing activities:
Asset acquisitions not yet paid for at period end	$ 4,994	$ 1,541

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Apr. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies The balance sheet of The Lovesac Company (the “Company”, “we”, “us” or “our”) as of January 29, 2023, which has been derived from our audited financial statements as of and for the 52-week year ended January 29, 2023, and the accompanying interim unaudited condensed financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. Certain information and note disclosures normally included in annual financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), have been condensed or omitted pursuant to those rules and regulations. The financial information presented herein, which is not necessarily indicative of results to be expected for the full current fiscal year, reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the interim unaudited condensed financial statements. Such adjustments are of a normal, recurring nature. These condensed financial statements should be read in conjunction with the Company’s financial statements filed in its Annual Report on Form 10-K/A for the fiscal year ended January 29, 2023. Due to the seasonality of the Company’s business, with the majority of our activity occurring in the fourth quarter of each fiscal year, the results of operations for the thirteen weeks ended April 30, 2023 and May 1, 2022 are not necessarily indicative of results to be expected for the full fiscal year. Nature of Operations We are a technology driven company that designs, manufactures and sells unique, high quality furniture derived through its proprietary "Designed for Life" approach which results in products that are built to last a lifetime and designed to evolve as our customers’ lives do. The Company markets and sells its products through modern and efficient showrooms and, increasingly, through online net sales directly at www.lovesac.com, supported by direct-to-consumer touch-feel points in the form of our own showrooms, which include our newly created mobile concierge and kiosks, as well as through shop-in-shops and online pop-up-shops with third party retailers. As of April 30, 2023, the Company operated 211 showrooms including kiosks and mobile concierges located throughout the United States. The Company was formed as a Delaware corporation on January 3, 2017, in connection with a corporate reorganization with SAC Acquisition LLC, a Delaware limited liability company, the predecessor entity to the Company. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. The Company evaluates its estimates and judgements on an ongoing basis based on historical experience, expectations of future events and various other factors we believe to be reasonable under the circumstances and revise them when necessary in the period the change is determined. Actual results may differ from the original or revised estimates. Recent Accounting Pronouncements The Company has considered all recent accounting pronouncements issued by the Financial Accounting Standards Board and they were considered to be not applicable or the adoption of such pronouncements will not have a material impact on the financial statements. Employee Benefit Plan In February 2017, the Company established The Lovesac Company 401(k) Plan (the “401(k) Plan”) with Elective Deferrals beginning May 1, 2017. The 401(k) Plan calls for Elective Deferral Contributions, Safe Harbor Matching Contributions and Profit-Sharing Contributions. All associates of the Company will be eligible to participate in the 401(k) Plan as of the day of the month which is coincident with or next follows the date on which they attain age 21 and complete one month of service. Participants will be able to contribute up to 100% of their eligible compensation to the 401(k) Plan subject to limitations with the IRS. The Company's contributions to the 401(k) Plan were $0.5 million and $0.4 million for the thirteen weeks ended April 30, 2023 and May 1, 2022, respectively.

Restatement of Previously Issue

Restatement of Previously Issued Financial Statements	3 Months Ended
Restatement of Previously Issued Financial Statements	Apr. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Financial Statements	Note 2. Restatement and Other Corrections of Previously Issued Condensed Financial Statements The Audit Committee of the Board of Directors of Lovesac completed an independent investigation in August 2023 whereby the Company concluded $2.2 million of last mile shipping expenses relating to the fiscal year ended January 29, 2023 were improperly capitalized during the quarter ended April 30, 2023. Through this investigation, the Company also determined that the methodology used to estimate an accrual of last mile freight expenses at each period end was not accurate because the calculation did not use the correct number of shipments that were accepted by the shipper for delivery, but not yet invoiced to the Company. Management prepared a quantitative and qualitative analysis of these errors, along with certain other immaterial accounting errors, in accordance with the U.S. SEC Staff's Accounting Bulletin Nos. 99 and 108, Materiality, and concluded the aggregate impact of all the errors are material to the Company's previously reported interim, year-to-date, and annual financial statements as of and for the year ended January 29, 2023 and the Company’s previously reported interim financial statements as of and for the three-month period ended April 30, 2023. As a result, the accompanying financial statements as of April 30, 2023, and for the three months ended April 30, 2023 and May 1, 2022, and related notes hereto, have been restated to correct these errors. A summary of the impacts of the adjustments on the previously reported financial statements are included below: For the Thirteen Weeks Ended April 30, 2023 May 1, 2022 (in thousands) As Previously Reported As Restated As Previously Reported As Restated Net sales $ 141,193 $ 141,193 $ 129,380 $ 129,380 Gross profit 70,704 70,575 66,108 65,974 Operating (loss) income (5,869) (5,706) 2,645 2,494 Net (loss) income $ (4,230) $ (4,115) $ 1,895 $ 1,786 As of April 30, 2023 January 29, 2023 (in thousands) As Previously Reported As Restated As Previously Reported As Restated Total current assets $ 187,697 $ 181,462 $ 194,041 $ 187,715 Total non-current assets 240,339 239,747 224,013 220,911 Total assets $ 428,036 $ 421,209 $ 418,054 $ 408,626 Total current liabilities 96,922 89,127 88,839 82,041 Total non-current liabilities 141,868 142,826 135,955 133,491 Total liabilities 238,790 231,953 224,794 215,532 Total equity 189,246 189,256 193,260 193,094 A description of the errors and their impacts on the previously issued financial statements are included below. Description of Misstatement Adjustments (a) Last Mile Freight The Company recorded adjustments to correct misstatements identified from the internal investigation related to last mile freight expenses. The result of the investigation concluded an inappropriately recorded journal entry increased inventory by $2.2 million related to shipping expense pertaining to fiscal 2023, and also concluded the methodology used to estimate last mile freight accrual was incorrect. The correction of these items represent the net impact of the findings from the investigation as noted above. (b) Leases The Company recorded adjustments to correct certain misstatements related to its operating leases. In the fiscal year 2022, the Company recorded an incorrect entry that resulted in the double-counting of rent expense associated with operating leases, with a corresponding impact on prepaid rent and lease liabilities as of January 30, 2022. In addition, the Company reversed the out of period correction of an incorrect entry pertaining to incremental borrowing rate that had been corrected for in the Annual Report on Form 10-K/A for the fiscal year ended January 29, 2023. This entry had an impact on prepaid rent, right-of-use assets, and the current and long-term portion of operating lease liabilities, as of and during the fiscal year ended January 29, 2023. The Company also recorded the effects of an embedded lease entered into during the quarter that was previously identified and considered immaterial. (c) Buyer’s Remorse The Company recorded an adjustment to correct certain canceled sales orders related to buyer’s remorse, which related to fiscal 2023 and was incorrectly reflected as an increase to Selling, General and Administrative Expense for the thirteen weeks ended April 30, 2023. The Company defines buyer's remorse as a customer who cancels an order within a short window of time after making a purchase. (d) Supplier Rebates During the quarter ended July 31, 2022, the Company received rebates from certain of its suppliers which was incorrectly recorded to cost of goods sold for the entire amount of the rebate received instead of deferring a portion of the rebate to inventory and recognizing the rebate in cost of goods sold as the related inventory was sold. We corrected these misstatements to defer the up-front consideration from suppliers when the retention or receipt of that consideration was to recognize the consideration as a reduction of cost of goods sold over the sell through rate of the inventory. (e) Balance Sheet Reclassifications The Company recorded adjustments to correct the classification of certain balance sheet reclassifications between short and long-term assets. These adjustments primarily related to the classification of prepaid expenses and other current assets and the classification of other assets (long-term). In addition, the Company recorded adjustments to correct the classification of tenant improvement allowances which resulted in a reclassification between prepaid expenses and other current assets and short-term lease liabilities. (f) Income Taxes The Company recorded adjustments to recognize the net impact on current and deferred income taxes associated with all the misstatements described herein. The adjustments to income taxes were recorded in the period corresponding with the respective misstatements. The correction of this error resulted in a decrease in benefit from income taxes for less than $0.1 million for the period ended April 30, 2023. (g) Inventory and Cost of Goods Sold The Company recorded adjustments to correct for a misstatement of an accrual related to a duplicate recording of a vendor invoice for freight charges. The Company recorded another adjustment to correct for the misstatement of inventory related to partial returned goods. (h) Equity Based Compensation Expense The Company recorded an adjustment to recognize equity based compensation expense in the period ended April 30, 2023 related to a one-time performance and retention long-term incentive award granted to our Chief Executive Officer in March 2023. Description of Restatement Table s Below, we have presented a reconciliation from the as previously reported to the restated values for our condensed financial statements for the quarterly period ended April 30, 2023. The values as previously reported were derived from our Quarterly Report on Form 10-Q for the quarterly period ended April 30, 2023 filed on June 9, 2023. THE LOVESAC COMPANY CONDENSED BALANCE SHEET (unaudited) April 30, 2023 As Previously Reported Corrections Reference As Restated Assets Current Assets Merchandise inventories, net 106,819 (2,361) (a)(g) 104,458 Prepaid expenses and other current assets 17,306 (3,874) (a)(b)(e)(f) 13,432 Total Current Assets 187,697 (6,235) 181,462 Operating lease right-of-use assets 142,463 1,146 (b) 143,609 Other Assets Deferred tax asset 10,750 (791) (f) 9,959 Other assets 26,318 (947) (e) 25,371 Total Other Assets 38,657 (1,738) 36,919 Total Assets $ 428,036 $ (6,827) $ 421,209 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 32,165 $ (2,068) (b) $ 30,097 Accrued expenses 16,765 (500) (a)(f) 16,265 Current operating lease liabilities 22,160 (5,227) (b)(e) 16,933 Total Current Liabilities 96,922 (7,795) 89,127 Operating Lease Liability, long-term 141,868 958 (b) 142,826 Total Liabilities 238,790 (6,837) 231,953 Stockholders’ Equity Additional paid-in capital 182,770 61 (h) 182,831 Accumulated earnings (deficit) 6,476 (51) (a)(b)(f)(g)(h) 6,425 Stockholders' Equity 189,246 10 189,256 Total Liabilities and Stockholders' Equity $ 428,036 $ (6,827) $ 421,209 The description of each error is described above. The impact of each error for the corresponding period in the above table is described below: (a) Last Mile Freight - The correction of these misstatements resulted in a decrease to merchandise inventories, net of $2.2 million, an increase to prepaid expenses and other current assets of $0.6 million, a decrease to accrued expenses of less than $0.1 million, and a decrease to accumulated earnings of $1.6 million at April 30, 2023. (b) Leases - The correction of these misstatements resulted in an increase to prepaid expenses and other current assets of less than $0.1 million, an increase to operating lease right-of-use assets $2.1 million, an increase to current operating lease liabilities operating lease liability, long-term (e) Balance Sheet Reclassifications - The correction of these misstatements resulted in a decrease to prepaid expenses and other current assets of $4.5 million, a decrease to current operating lease liabilities (f) Income Taxes - The tax impact of all misstatements resulted in a decrease to prepaid expenses and other current assets of less than $0.1 million, a decrease to deferred tax asset of $0.8 million, a decrease to accrued expenses of $0.5 million, and a decrease to accumulated earnings of $0.3 million at April 30, 2023. (g) Inventory and Cost of Goods Sold - The correction of these misstatements resulted in a decrease to merchandise inventories, net of $0.1 million and a decrease to accumulated earnings of $0.1 million at April 30, 2023. (h) Equity Based Compensation Expense - The correction of these misstatements resulted in an increase to additional paid-in capital of $0.1 million and decrease in accumulated earnings of $0.1 million at April 30, 2023. THE LOVESAC COMPANY CONDENSED STATEMENT OF OPERATIONS (unaudited) For the Thirteen Weeks Ended April 30, 2023 As Previously Reported Corrections Reference As Restated Cost of merchandise sold 70,489 129 (a)(g) 70,618 Gross profit 70,704 (129) 70,575 Operating expenses Selling, general and administration expenses 56,838 (292) (b)(c)(h) 56,546 Total operating expenses 76,573 (292) 76,281 Operating (loss) income (5,869) 163 (5,706) Net (loss) income before taxes (5,528) 163 (5,365) Benefit from (provision for) income taxes 1,298 (48) (f) 1,250 Net (loss) income $ (4,230) $ 115 $ (4,115) Net (loss) income per common share: Basic $ (0.28) $ 0.01 $ (0.27) Diluted $ (0.28) $ 0.01 $ (0.27) The description of each error is described above. The impact of each error for the corresponding period in the above table is described below: (a) Last Mile Freight - The correction of these misstatements resulted in an increase to cost of merchandise sold of $0.3 million for the thirteen weeks ended April 30, 2023. (b) Leases - The correction of these misstatements resulted in an increase to selling, general and administrative expenses of less than $0.1 million for the thirteen weeks ended April 30, 2023. (c) Buyer’s Remorse - The correction of these misstatements resulted in a decrease to selling, general and administrative expenses of $0.4 million for the thirteen weeks ended April 30, 2023. (f) Income Taxes - The tax impact of all misstatements resulted in a decrease to benefit from income taxes of less than $0.1 million for the thirteen weeks ended April 30, 2023. (g) Inventory and Cost of Goods Sold - The correction of these misstatements resulted in a decrease to cost of merchandise sold of $0.2 million for the thirteen weeks ended April 30, 2023. (h) Equity Based Compensation Expense - The correction of these misstatements resulted in an increase to selling, general and administrative expenses of $0.1 million for the thirteen weeks ended April 30, 2023. THE LOVESAC COMPANY CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE THIRTEEN WEEKS ENDED APRIL 30, 2023 (unaudited) Common (amounts in thousands, except share amounts) Restatement Reference Shares Amount Additional paid-in capital Accumulated earnings (deficit) Total Shareholders' Equity As Previously Reported Balance - January 29, 2023 15,195,698 $ — $ 182,554 $ 10,706 $ 193,260 Net loss — — — (4,230) (4,230) Equity-based compensation — — 686 — 686 Balance - April 30, 2023 15,217,120 $ — $ 182,770 $ 6,476 $ 189,246 Restatement Impacts Balance - January 29, 2023 (a)(b)(c)(f)(g) — $ — $ — $ (166) $ (166) Net income (a)(b)(c)(f)(g)(h) — — — 115 115 Equity-based compensation (h) — — 61 — 61 Balance - April 30, 2023 — $ — $ 61 $ (51) $ 10 As Restated Balance - January 29, 2023 15,195,698 $ — $ 182,554 $ 10,540 $ 193,094 Net loss — — — (4,115) (4,115) Equity-based compensation — — 747 — 747 Balance - April 30, 2023 15,217,120 $ — $ 182,831 $ 6,425 $ 189,256 See descriptions of the net (loss) income impacts in the statement of operations for the thirteen weeks ended April 30, 2023 section above. THE LOVESAC COMPANY CONDENSED STATEMENT OF CASH FLOWS (unaudited) For the Thirteen Weeks Ended April 30, 2023 As Previously Reported Corrections Reference As Restated Cash Flows from Operating Activities Net (loss) income $ (4,230) $ 115 (a)(b)(c)(f)(g)(h) $ (4,115) Adjustments to reconcile net (loss) income to cash provided by operating activities: Equity based compensation 686 61 (h) 747 Non-cash operating lease cost 5,308 7 (b) 5,315 Deferred income taxes (1,330) 48 (f) (1,282) Change in operating assets and liabilities: Trade accounts receivable (8,978) (366) (c) (9,344) Merchandise inventories 13,143 2,026 (a)(g) 15,169 Prepaid expenses and other current assets 5,971 (1,750) (a)(b)(e)(f) 4,221 Other assets (4,455) 1,448 (e) (3,007) Accounts payable and accrued expenses (5,785) (4,593) (a)(b)(f) (10,378) Operating lease liabilities (5,515) 3,004 (b)(e) (2,511) Net cash provided by operating activities 6,291 — 6,291 Cash Flows from Investing Activities Net cash used in investing activities (4,177) — (4,177) Cash Flows from Financing Activities Net cash used in financing activities (522) — (522) Net change in cash and cash equivalents 1,592 — 1,592 Cash and cash equivalents - Beginning 43,533 43,533 Cash and cash equivalents - Ending $ 45,125 $ — $ 45,125 See descriptions of the net (loss) income impacts in the statement of operations for the thirteen weeks ended April 30, 2023 section above. No other misstatements impacted the classifications between net operating, net investing, or net financing cash flow activities for the thirteen weeks ended April 30, 2023.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Apr. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company’s revenue consists substantially of product net sales. The Company reports product net sales net of discounts and recognizes them at the point in time when control transfers to the customer, which generally occurs upon our delivery to a third-party carrier. Shipping and handling charges billed to customers are included in revenue. The Company recognizes shipping and handling expense as fulfillment activities (rather than a promised good or service) when the activities are performed. Accordingly, the Company records the expenses for shipping and handling activities at the same time the Company recognizes revenue. Shipping and handling costs incurred are included in cost of merchandise sold and include inbound freight and tariff costs relative to inventory sold, warehousing, and last mile shipping to our customers. During the thirteen weeks ended April 30, 2023 and May 1, 2022, shipping and handling costs were $37.9 million and $35.0 million, respectively. Estimated refunds for returns and allowances are recorded using our historical return patterns, adjusting for any changes in returns policies. The Company records estimated refunds for net sales returns on a monthly basis as a reduction of net sales and cost of sales on the condensed statements of operations and an increase in inventory and customers returns liability on the condensed balance sheets. There was a returns allowance recorded on the condensed balance sheet in the amount of $2.1 million as of April 30, 2023 and $4.5 million as of January 29, 2023, which was included in accrued expenses and $0.5 million as of April 30, 2023 and $1.0 million as of January 29, 2023, associated with sales returns included in merchandise inventories. In some cases, deposits are received before the Company transfers control, resulting in contract liabilities. These contract liabilities are reported as customer deposits on the Company’s condensed balance sheet. As of April 30, 2023 and January 29, 2023, the Company recorded under customer deposit liabilities the amount of $15.4 million and $6.8 million respectively. During the thirteen weeks ended April 30, 2023 and May 1, 2022, the Company recognized approximately $6.8 million and $13.3 million, respectively, related to our customer deposits. The Company offers its products through an inventory lean omni-channel platform that provides a seamless and meaningful experience to its customers in showrooms, which includes mobile concierge and kiosks, and through the internet. The Other channel predominantly represents net sales through the use of online pop-up-shops and shop-in-shops that are staffed with associates trained to demonstrate and sell our product. The following represents net sales disaggregated by channel: Thirteen weeks ended (amounts in thousands) April 30, May 1, Showrooms $ 83,574 $ 81,254 Internet 40,225 31,255 Other 17,394 16,871 $ 141,193 $ 129,380 The Company has no foreign operations and its net sales to foreign countries was less than .01% of total net sales in both fiscal 2024 and 2023. The Company had no customers that comprise more than 10% of total net sales for the thirteen weeks ended April 30, 2023 and May 1, 2022. See Note 10 for sales disaggregated by product . Barter Arrangements The Company has a bartering arrangement with a third-party vendor. The Company repurposes returned open-box inventory in exchange for media credits, which are being used to support our advertising initiatives to create brand awareness and drive net sales growth. Barter transactions with commercial substance are recorded at a transaction price based on the estimated fair value of the non-cash consideration of the media credits to be received and the revenue is recognized when control of inventory is transferred, which is when the inventory is picked up in our warehouse. Fair value is estimated using various considerations, including the cost of similar media advertising if transacted directly, the expected sales price of product given up in exchange for the media credits, and the expected usage of media credits prior to expiration based on a marketing spend forecast. The Company recognizes an asset for media credits which is subsequently evaluated for impairment at each reporting period for any changes in circumstances. As the barter credits are expected to be utilized at various dates through their expiration dates, the Company will classify the amount expected to be utilized in the next fiscal year as current, which is included in Prepaid and Other Current Assets, with the remaining balance included as part of Other Assets on the balance sheet.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded an income tax benefit of $1.3 million and income tax expense of $0.7 million for the thirteen weeks ended April 30, 2023 and May 1, 2022, respectively. The effective tax rate was 23.3% for the thirteen weeks ended April 30, 2023 as compared to 27.4% for the thirteen weeks ended May 1, 2022. The effective tax rate for the thirteen weeks ended April 30, 2023 and May 1, 2022 varies from the 21% federal statutory tax rate primarily due to state taxes. The Company does not anticipate any material adjustments relating to unrecognized tax benefits within the next twelve months; however, the ultimate outcome of tax matters is uncertain and unforeseen results can occur. The Company had no material interest or penalties during the thirteen weeks ended April 30, 2023 and May 1, 2022, respectively, and does not anticipate any such items during the next twelve months. The Company's policy is to record interest and penalties directly related to uncertain tax positions as income tax expense in the condensed statements of operations.

Leases

Leases	3 Months Ended
Leases	Apr. 30, 2023
Leases [Abstract]
Leases	Leases Components of lease expense were as follows (in thousands): Thirteen weeks ended April 30, 2023 May 01, 2022 Operating lease expense $ 7,004 $ 5,334 Variable lease expense 2,056 2,214 Short term lease expense 240 179 Total lease expense $ 9,300 $ 7,727 Variable lease expense includes index-based changes in rent, maintenance, real estate taxes, insurance and other variable charges. The Company’s weighted average lease terms and weighted average discount rates are as follows: Thirteen weeks ended April 30, 2023 May 01, 2022 (As Restated) Weighted average remaining lease term (in years) Operating Leases 7.5 7.2 Weighted average discount rate Operating Leases 4.43 % 3.97 % We did not recognize any impairment charges associated with showroom-level right-of-use assets during the thirteen weeks ended April 30, 2023 or May 1, 2022. Future minimum lease payments under non-cancelable leases as of April 30, 2023 were as follows (in thousands): (amounts in thousands) (As Restated) 2024 $ 16,445 2025 28,909 2026 26,501 2027 24,170 2028 21,869 Thereafter 73,477 Total undiscounted future minimum lease payments 191,371 Less: imputed interest (31,612) Total present value of lease obligations 159,759 Less: current operating lease liability (16,933) Operating lease liability- long term $ 142,826 Supplemental Cash Flow information and non-cash activity related to our operating leases is as follows (in thousands): Thirteen weeks ended (amounts in thousands) April 30, 2023 May 01, 2022 (As Restated) Operating cash flow information: Amounts paid on operating lease liabilities $ 6,945 $ 4,062 Non-cash activities Right-of-use assets obtained in exchange for lease obligations $ 16,118 $ 12,513

Basic and Diluted Net (Loss) In

Basic and Diluted Net (Loss) Income Per Common Share	3 Months Ended
Basic and Diluted Net (Loss) Income Per Common Share	Apr. 30, 2023
Earnings Per Share [Abstract]
Basic and Diluted Net (Loss) Income Per Common Share	Basic and Diluted Net (Loss) Income Per Common Share Basic net (loss) income per common share is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number of common shares outstanding and common stock equivalents outstanding during the period. Diluted net income per common share includes, in periods in which they are dilutive, the effect of those potentially dilutive securities where the average market price of the common stock exceeds the exercise prices for the respective periods. In periods of loss, there are no potentially dilutive common shares to add to the weighted average number of common shares outstanding. For the thirteen weeks ended April 30, 2023, the effects of 1,283,449 shares of common stock related to restricted stock units, 495,366 shares of common stock underlying stock options, and warrants to purchase 281,750 shares of common stock were excluded from the diluted net loss per share calculation because the effect of including these potentially dilutive shares was antidilutive. For the thirteen weeks ended May 1, 2022, the effects of 767,023 shares of common stock related to restricted stock units, 495,366 shares of common stock underlying stock options, and warrants to purchase 281,750 shares of common stock were included in the diluted share calculation.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Apr. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is involved in various legal proceedings in the ordinary course of business. Management cannot presently predict the outcome of these matters, although management believes, based in part on the advice of counsel, that the ultimate resolution of these matters will not have a materially adverse effect on the Company’s condensed financial position, results of operations or cash flows. The Company has voluntarily self-reported to the SEC information concerning the internal investigation of the accounting matters described in the Explanatory Note and in Note 2. Restatement and Other Corrections of Previously Issued Condensed Financial Statements . As a result of self-reporting, the Company is the subject of an ongoing, non-public investigation by the SEC. The Company is cooperating fully with the SEC in its investigation and continues to respond to requests in connection with this matter. The investigation could result in the SEC seeking various penalties and relief including, without limitation, civil injunctive relief and/or civil monetary penalties or administrative relief. The nature of the relief or remedies the SEC may seek with respect to the Company, if any, cannot be predicted at this time.

Financing Arrangements

Financing Arrangements	3 Months Ended
Financing Arrangements	Apr. 30, 2023
Line of Credit Facility [Abstract]
Financing Arrangements	Financing Arrangements The Company has a line of credit with Wells Fargo Bank, National Association (“Wells”). On March 25, 2022, the line of credit with Wells was amended and increased from $25 million to allow the Company to borrow up to $40.0 million, subject to borrowing base and availability restrictions, and will mature in March 2024. Borrowings are limited to 90% of eligible credit card receivables plus 85% of eligible wholesale receivables plus 85% of the net recovery percentage for the eligible inventory multiplied by the value of such eligible inventory of the Company for the period from December 16 of each year until October 14 of the immediately following year, with a seasonal increase to 90% of the net recovery percentage for the period from October 15 of each year until December 15 of such year, seasonal advance rate, minus applicable reserves established by Wells. The amended agreement contains a financial covenant that requires us to maintain undrawn availability under the credit facility of at least 10% of the lesser of (i) the aggregate commitments in the amount of $40.0 million and (ii) the amounts available under the credit facility based on eligible accounts receivable and inventory. On March 24, 2023, the Company amended the credit agreement to extend the maturity date to September 2024. All other terms of the credit agreement remain unchanged. As of April 30, 2023 and January 29, 2023, the Company’s borrowing availability under the line of credit with Wells was $36.0 million. As of April 30, 2023 and January 29, 2023, there were no borrowings outstanding on this line of credit.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Apr. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock Warrants On June 29, 2018, the Company issued 281,750 warrants with a five-year term to Roth Capital Partners, LLC as part of the underwriting agreement in connection with the Company's IPO. The warrants remain outstanding as of April 30, 2023. Warrants may be exercised on a cashless basis, where the holders receive fewer shares of common stock in lieu of a cash payment to the Company. There were no warrants issued, exercised, or expired and canceled for the thirteen weeks ended April 30, 2023 and May 1, 2022. As of April 30, 2023, 281,750 warrants remain outstanding with an average exercise price of $19.20 and a weighted average remaining contractual life of 0.16 years. As of May 1, 2022, 281,750 warrants remain outstanding with an average exercise price of $19.20 and a weighted average remaining contractual life of 1.16 years. Equity Incentive Plan The Company adopted the Amended and Restated 2017 Equity Incentive Plan (the “2017 Equity Plan”) which provides for awards in the form of stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based awards and other stock-based awards. All awards shall be granted within 10 years from the effective date of the 2017 Equity Plan. In fiscal 2024, the 2017 Equity Plan was amended and restated to increase the shares of our common stock authorized and reserved for issuance by 225,000 shares, which increased the number of shares of common stock reserved for issuance under the 2017 Equity Plan to 2,879,889 shares of common stock as of April 30, 2023. Stock Options In June 2019, the Company granted 495,366 non-statutory stock options to certain officers of the Company with an option price of $38.10 per share. 100% of the stock options are subject to vesting on the third anniversary of the date of grant if the officers are still employed by the Company and the average closing price of the Company’s common stock for the prior 40 consecutive trading days has been at least $75 by the third anniversary of the grant. Both the employment and the market condition must be satisfied no later than June 5, 2024 or the options will terminate. These options were valued using a Monte Carlo simulation model to account for the path dependent market conditions that stipulate when and whether or not the options shall vest. The 495,366 stock options were modified in fiscal 2022 to extend the term of the options through June 5, 2024. This resulted in additional compensation of approximately $0.9 million of which, $0.3 million was recorded upon modification with the remaining expense to be recognized over the remaining expected term. The market condition was met on June 5, 2021, which was the date on which the average closing price of the Company’s common stock had been at least $75 for 40 consecutive trading days. The options vested and became exercisable on June 5, 2022 as the officers were still employed on that date. There were no stock options issued, exercised, or expired and canceled for the thirteen weeks ended April 30, 2023 and May 1, 2022. As of April 30, 2023, 495,366 stock options remain outstanding with a weighted average exercise price of $38.10, a weighted average remaining contractual life of 1.10 years, and no intrinsic value. As of May 1, 2022, 495,366 stock options remain outstanding with a weighted average exercise price of $38.10, a weighted average remaining contractual life of 2.1 years and intrinsic value of $8.05. Restricted Stock Units A summary of the status of our unvested restricted stock units as of April 30, 2023 and May 1, 2022, and changes during the thirteen weeks then ended, is presented below: Number of shares Weighted average grant date fair value Unvested at January 29, 2023 640,256 $ 34.50 Granted 693,989 26.97 Forfeited (12,888) 35.17 Vested (37,908) 46.22 Unvested at April 30, 2023 1,283,449 $ 30.07 Number of shares Weighted average grant date fair value Unvested at January 30, 2022 533,333 $ 28.41 Granted 256,329 46.11 Forfeited (20,159) 22.88 Vested (2,480) 16.57 Unvested at May 1, 2022 767,023 $ 34.31 Equity based compensation expense was approximately $0.7 million and $1.2 million for the thirteen weeks ended April 30, 2023 and May 1, 2022, respectively. The total unrecognized equity-based compensation cost related to unvested stock option and restricted unit awards was approximately $11.3 million as of April 30, 2023 and will be recognized in operations over a weighted average period of 4.1 years.

Segment Information

Segment Information	3 Months Ended
Segment Information	Apr. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Segments are reflective of how the chief operating decision maker ("CODM") reviews operating results for the purpose of allocating resources and assessing performance. The CODM group of the Company are the Chief Executive Officer and the President and Chief Operating Officer. The Company's operating segments are the sales channels, which share similar economic and other qualitative characteristics, and are aggregated together as one reportable segment. The Company’s sales by product which are considered one segment are as follows: Thirteen weeks ended (amounts in thousands) April 30, May 1, Sactionals $ 127,903 $ 115,002 Sacs 10,737 11,927 Other 2,553 2,451 $ 141,193 $ 129,380

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. The Company evaluates its estimates and judgements on an ongoing basis based on historical experience, expectations of future events and various other factors we believe to be reasonable under the circumstances and revise them when necessary in the period the change is determined. Actual results may differ from the original or revised estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
Employee Benefit Plan	Employee Benefit Plan

Restatement of Previously Iss_2

Restatement of Previously Issued Financial Statements (Tables)	3 Months Ended
	Apr. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Schedule of Restatement of Previously Issued Financial Statements	A summary of the impacts of the adjustments on the previously reported financial statements are included below: For the Thirteen Weeks Ended April 30, 2023 May 1, 2022 (in thousands) As Previously Reported As Restated As Previously Reported As Restated Net sales $ 141,193 $ 141,193 $ 129,380 $ 129,380 Gross profit 70,704 70,575 66,108 65,974 Operating (loss) income (5,869) (5,706) 2,645 2,494 Net (loss) income $ (4,230) $ (4,115) $ 1,895 $ 1,786 As of April 30, 2023 January 29, 2023 (in thousands) As Previously Reported As Restated As Previously Reported As Restated Total current assets $ 187,697 $ 181,462 $ 194,041 $ 187,715 Total non-current assets 240,339 239,747 224,013 220,911 Total assets $ 428,036 $ 421,209 $ 418,054 $ 408,626 Total current liabilities 96,922 89,127 88,839 82,041 Total non-current liabilities 141,868 142,826 135,955 133,491 Total liabilities 238,790 231,953 224,794 215,532 Total equity 189,246 189,256 193,260 193,094 THE LOVESAC COMPANY CONDENSED BALANCE SHEET (unaudited) April 30, 2023 As Previously Reported Corrections Reference As Restated Assets Current Assets Merchandise inventories, net 106,819 (2,361) (a)(g) 104,458 Prepaid expenses and other current assets 17,306 (3,874) (a)(b)(e)(f) 13,432 Total Current Assets 187,697 (6,235) 181,462 Operating lease right-of-use assets 142,463 1,146 (b) 143,609 Other Assets Deferred tax asset 10,750 (791) (f) 9,959 Other assets 26,318 (947) (e) 25,371 Total Other Assets 38,657 (1,738) 36,919 Total Assets $ 428,036 $ (6,827) $ 421,209 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 32,165 $ (2,068) (b) $ 30,097 Accrued expenses 16,765 (500) (a)(f) 16,265 Current operating lease liabilities 22,160 (5,227) (b)(e) 16,933 Total Current Liabilities 96,922 (7,795) 89,127 Operating Lease Liability, long-term 141,868 958 (b) 142,826 Total Liabilities 238,790 (6,837) 231,953 Stockholders’ Equity Additional paid-in capital 182,770 61 (h) 182,831 Accumulated earnings (deficit) 6,476 (51) (a)(b)(f)(g)(h) 6,425 Stockholders' Equity 189,246 10 189,256 Total Liabilities and Stockholders' Equity $ 428,036 $ (6,827) $ 421,209 The description of each error is described above. The impact of each error for the corresponding period in the above table is described below: (a) Last Mile Freight - The correction of these misstatements resulted in a decrease to merchandise inventories, net of $2.2 million, an increase to prepaid expenses and other current assets of $0.6 million, a decrease to accrued expenses of less than $0.1 million, and a decrease to accumulated earnings of $1.6 million at April 30, 2023. (b) Leases - The correction of these misstatements resulted in an increase to prepaid expenses and other current assets of less than $0.1 million, an increase to operating lease right-of-use assets $2.1 million, an increase to current operating lease liabilities operating lease liability, long-term (e) Balance Sheet Reclassifications - The correction of these misstatements resulted in a decrease to prepaid expenses and other current assets of $4.5 million, a decrease to current operating lease liabilities (f) Income Taxes - The tax impact of all misstatements resulted in a decrease to prepaid expenses and other current assets of less than $0.1 million, a decrease to deferred tax asset of $0.8 million, a decrease to accrued expenses of $0.5 million, and a decrease to accumulated earnings of $0.3 million at April 30, 2023. (g) Inventory and Cost of Goods Sold - The correction of these misstatements resulted in a decrease to merchandise inventories, net of $0.1 million and a decrease to accumulated earnings of $0.1 million at April 30, 2023. (h) Equity Based Compensation Expense - The correction of these misstatements resulted in an increase to additional paid-in capital of $0.1 million and decrease in accumulated earnings of $0.1 million at April 30, 2023. THE LOVESAC COMPANY CONDENSED STATEMENT OF OPERATIONS (unaudited) For the Thirteen Weeks Ended April 30, 2023 As Previously Reported Corrections Reference As Restated Cost of merchandise sold 70,489 129 (a)(g) 70,618 Gross profit 70,704 (129) 70,575 Operating expenses Selling, general and administration expenses 56,838 (292) (b)(c)(h) 56,546 Total operating expenses 76,573 (292) 76,281 Operating (loss) income (5,869) 163 (5,706) Net (loss) income before taxes (5,528) 163 (5,365) Benefit from (provision for) income taxes 1,298 (48) (f) 1,250 Net (loss) income $ (4,230) $ 115 $ (4,115) Net (loss) income per common share: Basic $ (0.28) $ 0.01 $ (0.27) Diluted $ (0.28) $ 0.01 $ (0.27) The description of each error is described above. The impact of each error for the corresponding period in the above table is described below: (a) Last Mile Freight - The correction of these misstatements resulted in an increase to cost of merchandise sold of $0.3 million for the thirteen weeks ended April 30, 2023. (b) Leases - The correction of these misstatements resulted in an increase to selling, general and administrative expenses of less than $0.1 million for the thirteen weeks ended April 30, 2023. (c) Buyer’s Remorse - The correction of these misstatements resulted in a decrease to selling, general and administrative expenses of $0.4 million for the thirteen weeks ended April 30, 2023. (f) Income Taxes - The tax impact of all misstatements resulted in a decrease to benefit from income taxes of less than $0.1 million for the thirteen weeks ended April 30, 2023. (g) Inventory and Cost of Goods Sold - The correction of these misstatements resulted in a decrease to cost of merchandise sold of $0.2 million for the thirteen weeks ended April 30, 2023. (h) Equity Based Compensation Expense - The correction of these misstatements resulted in an increase to selling, general and administrative expenses of $0.1 million for the thirteen weeks ended April 30, 2023. THE LOVESAC COMPANY CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE THIRTEEN WEEKS ENDED APRIL 30, 2023 (unaudited) Common (amounts in thousands, except share amounts) Restatement Reference Shares Amount Additional paid-in capital Accumulated earnings (deficit) Total Shareholders' Equity As Previously Reported Balance - January 29, 2023 15,195,698 $ — $ 182,554 $ 10,706 $ 193,260 Net loss — — — (4,230) (4,230) Equity-based compensation — — 686 — 686 Balance - April 30, 2023 15,217,120 $ — $ 182,770 $ 6,476 $ 189,246 Restatement Impacts Balance - January 29, 2023 (a)(b)(c)(f)(g) — $ — $ — $ (166) $ (166) Net income (a)(b)(c)(f)(g)(h) — — — 115 115 Equity-based compensation (h) — — 61 — 61 Balance - April 30, 2023 — $ — $ 61 $ (51) $ 10 As Restated Balance - January 29, 2023 15,195,698 $ — $ 182,554 $ 10,540 $ 193,094 Net loss — — — (4,115) (4,115) Equity-based compensation — — 747 — 747 Balance - April 30, 2023 15,217,120 $ — $ 182,831 $ 6,425 $ 189,256 See descriptions of the net (loss) income impacts in the statement of operations for the thirteen weeks ended April 30, 2023 section above. THE LOVESAC COMPANY CONDENSED STATEMENT OF CASH FLOWS (unaudited) For the Thirteen Weeks Ended April 30, 2023 As Previously Reported Corrections Reference As Restated Cash Flows from Operating Activities Net (loss) income $ (4,230) $ 115 (a)(b)(c)(f)(g)(h) $ (4,115) Adjustments to reconcile net (loss) income to cash provided by operating activities: Equity based compensation 686 61 (h) 747 Non-cash operating lease cost 5,308 7 (b) 5,315 Deferred income taxes (1,330) 48 (f) (1,282) Change in operating assets and liabilities: Trade accounts receivable (8,978) (366) (c) (9,344) Merchandise inventories 13,143 2,026 (a)(g) 15,169 Prepaid expenses and other current assets 5,971 (1,750) (a)(b)(e)(f) 4,221 Other assets (4,455) 1,448 (e) (3,007) Accounts payable and accrued expenses (5,785) (4,593) (a)(b)(f) (10,378) Operating lease liabilities (5,515) 3,004 (b)(e) (2,511) Net cash provided by operating activities 6,291 — 6,291 Cash Flows from Investing Activities Net cash used in investing activities (4,177) — (4,177) Cash Flows from Financing Activities Net cash used in financing activities (522) — (522) Net change in cash and cash equivalents 1,592 — 1,592 Cash and cash equivalents - Beginning 43,533 43,533 Cash and cash equivalents - Ending $ 45,125 $ — $ 45,125 See descriptions of the net (loss) income impacts in the statement of operations for the thirteen weeks ended April 30, 2023 section above.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Apr. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of sales disaggregated by channel	The following represents net sales disaggregated by channel: Thirteen weeks ended (amounts in thousands) April 30, May 1, Showrooms $ 83,574 $ 81,254 Internet 40,225 31,255 Other 17,394 16,871 $ 141,193 $ 129,380

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Apr. 30, 2023
Leases [Abstract]
Schedule of components of lease expense	Components of lease expense were as follows (in thousands): Thirteen weeks ended April 30, 2023 May 01, 2022 Operating lease expense $ 7,004 $ 5,334 Variable lease expense 2,056 2,214 Short term lease expense 240 179 Total lease expense $ 9,300 $ 7,727
Schedule of lease terms and rates	The Company’s weighted average lease terms and weighted average discount rates are as follows: Thirteen weeks ended April 30, 2023 May 01, 2022 (As Restated) Weighted average remaining lease term (in years) Operating Leases 7.5 7.2 Weighted average discount rate Operating Leases 4.43 % 3.97 %
Schedule to reconcile undiscounted future minimum lease payments	Future minimum lease payments under non-cancelable leases as of April 30, 2023 were as follows (in thousands): (amounts in thousands) (As Restated) 2024 $ 16,445 2025 28,909 2026 26,501 2027 24,170 2028 21,869 Thereafter 73,477 Total undiscounted future minimum lease payments 191,371 Less: imputed interest (31,612) Total present value of lease obligations 159,759 Less: current operating lease liability (16,933) Operating lease liability- long term $ 142,826
Schedule of supplemental cash flow information and non-cash activity related to operating leases	Supplemental Cash Flow information and non-cash activity related to our operating leases is as follows (in thousands): Thirteen weeks ended (amounts in thousands) April 30, 2023 May 01, 2022 (As Restated) Operating cash flow information: Amounts paid on operating lease liabilities $ 6,945 $ 4,062 Non-cash activities Right-of-use assets obtained in exchange for lease obligations $ 16,118 $ 12,513

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Apr. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of unvested restricted stock	A summary of the status of our unvested restricted stock units as of April 30, 2023 and May 1, 2022, and changes during the thirteen weeks then ended, is presented below: Number of shares Weighted average grant date fair value Unvested at January 29, 2023 640,256 $ 34.50 Granted 693,989 26.97 Forfeited (12,888) 35.17 Vested (37,908) 46.22 Unvested at April 30, 2023 1,283,449 $ 30.07 Number of shares Weighted average grant date fair value Unvested at January 30, 2022 533,333 $ 28.41 Granted 256,329 46.11 Forfeited (20,159) 22.88 Vested (2,480) 16.57 Unvested at May 1, 2022 767,023 $ 34.31

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Apr. 30, 2023
Segment Reporting [Abstract]
Schedule of operating segments	The Company’s sales by product which are considered one segment are as follows: Thirteen weeks ended (amounts in thousands) April 30, May 1, Sactionals $ 127,903 $ 115,002 Sacs 10,737 11,927 Other 2,553 2,451 $ 141,193 $ 129,380

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Apr. 30, 2023 USD ($) showroom	May 01, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of stores \| showroom	211
Contributions plan, percentage	100%
Employer contribution plan, cost \| $	$ 0.5	$ 0.4

Restatement of Previously Iss_3

Restatement of Previously Issued Financial Statements - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Apr. 30, 2023	May 01, 2022	Jan. 29, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold	$ 70,618,000	$ 63,406,000
Deferred tax asset	9,959,000		$ 8,677,000
Revision Of Prior Period Reclassification Adjustment Member
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold	129,000
Deferred tax asset	(791,000)
Shipping and Handling
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold	37,900,000	$ 35,000,000
Shipping and Handling \| Revision Of Prior Period Reclassification Adjustment Member
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold			$ 2,200,000
Deferred tax asset	$ 100,000

Restatement of Previously Iss_4

Restatement of Previously Issued Financial Statements - Schedule of Impacts on Previously Issued Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	May 01, 2022	Jan. 29, 2023	Jan. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	$ 141,193	$ 129,380
Gross profit	70,575	65,974
Operating (loss) income	(5,706)	2,494
Net (loss) income	(4,115)	1,786
Total Current Assets	181,462		$ 187,715
Total non-current assets	239,747		220,911
Total assets	421,209		408,626
Total Current Liabilities	89,127		82,041
Total non-current liabilities	142,826		133,491
Total liabilities	231,953		215,532
Total equity	189,256	160,716	193,094	$ 157,814
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	141,193	129,380
Gross profit	70,704	66,108
Operating (loss) income	(5,869)	2,645
Net (loss) income	(4,230)	$ 1,895
Total Current Assets	187,697		194,041
Total non-current assets	240,339		224,013
Total assets	428,036		418,054
Total Current Liabilities	96,922		88,839
Total non-current liabilities	141,868		135,955
Total liabilities	238,790		224,794
Total equity	$ 189,246		$ 193,260

Restatement of Previously Iss_5

Restatement of Previously Issued Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 29, 2023	May 01, 2022	Jan. 30, 2022
Current Assets
Merchandise inventories, net	$ 104,458	$ 119,627
Prepaid expenses and other current assets	13,432	15,452
Total Current Assets	181,462	187,715
Operating lease right-of-use assets	143,609	135,411
Other Assets
Deferred tax asset	9,959	8,677
Other assets	25,371	22,364
Total Other Assets	36,919	32,596
Total assets	421,209	408,626
Current Liabilities
Accounts payable	30,097	24,576
Accrued expenses	16,265	25,417
Current operating lease liabilities	16,933	13,075
Total Current Liabilities	89,127	82,041
Operating Lease Liabilities, long-term	142,826	133,491
Total liabilities	231,953	215,532
Stockholders’ Equity
Additional paid-in capital	182,831	182,554
Accumulated earnings	6,425	10,540
Stockholders' Equity	189,256	193,094	$ 160,716	$ 157,814
Total Liabilities and Stockholders' Equity	$ 421,209	408,626
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease right-of-use assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current operating lease liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating Lease Liabilities, long-term
Previously Reported
Current Assets
Merchandise inventories, net	$ 106,819
Prepaid expenses and other current assets	17,306
Total Current Assets	187,697	194,041
Operating lease right-of-use assets	142,463
Other Assets
Deferred tax asset	10,750
Other assets	26,318
Total Other Assets	38,657
Total assets	428,036	418,054
Current Liabilities
Accounts payable	32,165
Accrued expenses	16,765
Current operating lease liabilities	22,160
Total Current Liabilities	96,922	88,839
Operating Lease Liabilities, long-term	141,868
Total liabilities	238,790	224,794
Stockholders’ Equity
Additional paid-in capital	182,770
Accumulated earnings	6,476
Stockholders' Equity	189,246	193,260
Total Liabilities and Stockholders' Equity	428,036
Revision Of Prior Period Reclassification Adjustment Member
Current Assets
Merchandise inventories, net	(2,361)
Prepaid expenses and other current assets	(3,874)
Total Current Assets	(6,235)
Operating lease right-of-use assets	1,146
Other Assets
Deferred tax asset	(791)
Other assets	(947)
Total Other Assets	(1,738)
Total assets	(6,827)
Current Liabilities
Accounts payable	(2,068)
Accrued expenses	(500)
Current operating lease liabilities	(5,227)
Total Current Liabilities	(7,795)
Operating Lease Liabilities, long-term	958
Total liabilities	(6,837)
Stockholders’ Equity
Additional paid-in capital	61
Accumulated earnings	(51)
Stockholders' Equity	10	$ (166)
Total Liabilities and Stockholders' Equity	(6,827)
Revision Of Prior Period Reclassification Adjustment Member \| Deferred Income Tax Asset, Net
Current Assets
Prepaid expenses and other current assets	100
Other Assets
Deferred tax asset	800
Current Liabilities
Accrued expenses	500
Stockholders’ Equity
Accumulated earnings	300
Revision Of Prior Period Reclassification Adjustment Member \| Prepaid Expenses and Other Current Assets
Current Assets
Merchandise inventories, net	100
Revision Of Prior Period Reclassification Adjustment Member \| Accumulated (Deficit) Earnings
Stockholders’ Equity
Accumulated earnings	100
Revision Of Prior Period Reclassification Adjustment Member \| Additional Paid-in Capital
Stockholders’ Equity
Additional paid-in capital	100
Revision Of Prior Period Reclassification Adjustment Member \| Shipping and Handling
Other Assets
Deferred tax asset	100
Revision Of Prior Period Reclassification Adjustment Member \| Shipping and Handling \| Retail Related Inventory, Merchandise
Current Assets
Merchandise inventories, net	2,200
Prepaid expenses and other current assets	600
Current Liabilities
Accrued expenses	100
Stockholders’ Equity
Accumulated earnings	1,600
Revision of Prior Period, Error Correction, Adjustment, Leases
Current Assets
Operating lease right-of-use assets	1,100
Current Liabilities
Current operating lease liabilities	200
Operating Lease Liabilities, long-term	1,000
Revision of Prior Period, Error Correction, Adjustment, Leases \| Operating Lease, Right Of Use Asset
Current Assets
Prepaid expenses and other current assets	100
Stockholders’ Equity
Accumulated earnings	2,100
Revision of Prior Period, Error Correction, Adjustment, Leases \| Accounts Payable
Current Liabilities
Accounts payable	2,100
Revision of Prior Period, Error Correction, Adjustment, Balance Sheet Reclassification
Current Liabilities
Current operating lease liabilities	5,500
Revision of Prior Period, Error Correction, Adjustment, Balance Sheet Reclassification \| Other Assets
Current Assets
Prepaid expenses and other current assets	4,500
Other Assets
Other assets	$ 1,000

Restatement of Previously Iss_6

Restatement of Previously Issued Financial Statements - Statement of Operations (Details) - USD ($)	3 Months Ended		12 Months Ended
	Apr. 30, 2023	May 01, 2022	Jan. 29, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold	$ 70,618,000	$ 63,406,000
Gross profit	70,575,000	65,974,000
Selling, general and administration expenses	56,546,000	44,918,000
Total operating expenses	76,281,000	63,480,000
Operating (loss) income	(5,706,000)	2,494,000
Net (loss) income before taxes	(5,365,000)	2,459,000
Benefit from (provision for) income taxes	1,250,000	(673,000)
Net (loss) income	$ (4,115,000)	$ 1,786,000
Basic (in dollars per share)	$ (0.27)	$ 0.12
Diluted (in dollars per share)	$ (0.27)	$ 0.11
Shipping and Handling
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold	$ 37,900,000	$ 35,000,000
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold	70,489,000
Gross profit	70,704,000	66,108,000
Selling, general and administration expenses	56,838,000
Total operating expenses	76,573,000
Operating (loss) income	(5,869,000)	2,645,000
Net (loss) income before taxes	(5,528,000)
Benefit from (provision for) income taxes	1,298,000
Net (loss) income	$ (4,230,000)	$ 1,895,000
Basic (in dollars per share)	$ (0.28)
Diluted (in dollars per share)	$ (0.28)
Revision Of Prior Period Reclassification Adjustment Member
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold	$ 129,000
Gross profit	(129,000)
Selling, general and administration expenses	(292,000)
Total operating expenses	(292,000)
Operating (loss) income	163,000
Net (loss) income before taxes	163,000
Benefit from (provision for) income taxes	(48,000)
Net (loss) income	$ 115,000
Basic (in dollars per share)	$ 0.01
Diluted (in dollars per share)	$ 0.01
Revision Of Prior Period Reclassification Adjustment Member \| Shipping and Handling
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold			$ 2,200,000
Revision Of Prior Period Reclassification Adjustment Member \| Cost of Goods and Services Sold
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold	$ (200,000)
Revision Of Prior Period Reclassification Adjustment Member \| Cost of Goods and Services Sold \| Shipping and Handling
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold	300,000
Revision Of Prior Period Reclassification Adjustment Member \| Selling, General and Administrative Expenses
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Selling, general and administration expenses	100,000
Revision Of Prior Period Reclassification Adjustment Member \| Selling, General and Administrative Expenses \| Buyers Remorse
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Selling, general and administration expenses	(400,000)
Revision Of Prior Period Reclassification Adjustment Member \| Income Tax Expense (Benefit)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Benefit from (provision for) income taxes	$ 100,000

Restatement of Previously Iss_7

Restatement of Previously Issued Financial Statements - Statement of Changes in Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	May 01, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	$ 193,094	$ 157,814
Net (loss) income	(4,115)	1,786
Equity based compensation	747	1,163
Ending balance	$ 189,256	$ 160,716
Common
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance (in shares)	15,195,698	15,123,338
Beginning balance	$ 0	$ 0
Ending balance	$ 0	$ 0
Ending balance (in shares)	15,217,120	15,125,042
Additional Paid-in Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	$ 182,554	$ 173,762
Equity based compensation	747	1,163
Ending balance	182,831	174,878
Accumulated (Deficit) Earnings
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	10,540	(15,948)
Net (loss) income	(4,115)	1,786
Ending balance	6,425	(14,162)
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	193,260
Net (loss) income	(4,230)	$ 1,895
Equity based compensation	686
Ending balance	$ 189,246
Previously Reported \| Common
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance (in shares)	15,195,698
Beginning balance	$ 0
Ending balance	$ 0
Ending balance (in shares)	15,217,120
Previously Reported \| Additional Paid-in Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	$ 182,554
Equity based compensation	686
Ending balance	182,770
Previously Reported \| Accumulated (Deficit) Earnings
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	10,706
Net (loss) income	(4,230)
Ending balance	6,476
Revision Of Prior Period Reclassification Adjustment Member
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	(166)
Net (loss) income	115
Equity based compensation	61
Ending balance	$ 10
Revision Of Prior Period Reclassification Adjustment Member \| Common
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance (in shares)	0
Beginning balance	$ 0
Ending balance	$ 0
Ending balance (in shares)	0
Revision Of Prior Period Reclassification Adjustment Member \| Additional Paid-in Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	$ 0
Equity based compensation	61
Ending balance	61
Revision Of Prior Period Reclassification Adjustment Member \| Accumulated (Deficit) Earnings
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Beginning balance	(166)
Net (loss) income	115
Ending balance	$ (51)

Restatement of Previously Iss_8

Restatement of Previously Issued Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	May 01, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net (loss) income	$ (4,115)	$ 1,786
Equity based compensation	747	1,163
Non-cash operating lease cost	5,315	4,184
Deferred income taxes	(1,282)	492
Trade accounts receivable	(9,344)	2,134
Merchandise inventories	15,169	(14,515)
Prepaid expenses and other current assets	4,221	813
Other assets	(3,007)	(26)
Accounts payable and accrued expenses	(10,378)	(11,768)
Operating lease liabilities	(2,511)	(4,571)
Net Cash Provided by (Used in) Operating Activities	6,291	(23,327)
Net Cash Used in Investing Activities	(4,177)	(4,477)
Net Cash Used in Financing Activities	(522)	(208)
Net Change in Cash and Cash Equivalents	1,592	(28,012)
Cash and Cash Equivalents - Beginning	43,533	92,392
Cash and Cash Equivalents - Ending	45,125	64,380
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net (loss) income	(4,230)	$ 1,895
Equity based compensation	686
Non-cash operating lease cost	5,308
Deferred income taxes	(1,330)
Trade accounts receivable	(8,978)
Merchandise inventories	13,143
Prepaid expenses and other current assets	5,971
Other assets	(4,455)
Accounts payable and accrued expenses	(5,785)
Operating lease liabilities	(5,515)
Net Cash Provided by (Used in) Operating Activities	6,291
Net Cash Used in Investing Activities	(4,177)
Net Cash Used in Financing Activities	(522)
Net Change in Cash and Cash Equivalents	1,592
Cash and Cash Equivalents - Beginning	43,533
Cash and Cash Equivalents - Ending	45,125
Revision Of Prior Period Reclassification Adjustment Member
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net (loss) income	115
Equity based compensation	61
Non-cash operating lease cost	7
Deferred income taxes	48
Trade accounts receivable	(366)
Merchandise inventories	2,026
Prepaid expenses and other current assets	(1,750)
Other assets	1,448
Accounts payable and accrued expenses	(4,593)
Operating lease liabilities	3,004
Net Cash Provided by (Used in) Operating Activities	0
Net Cash Used in Investing Activities	0
Net Cash Used in Financing Activities	0
Net Change in Cash and Cash Equivalents	0
Cash and Cash Equivalents - Ending	$ 0

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Apr. 30, 2023	May 01, 2022	Jan. 29, 2023
Disaggregation of Revenue [Line Items]
Cost of merchandise sold	$ 70,618	$ 63,406
Returns allowance	2,100		$ 4,500
Accrued expenses	500		1,000
Customer deposit liabilities	15,400		6,800
Recognized related to customer deposits	6,800	13,300
Inventory exchanged for media credits	4,100	$ 2,600
Unused media credits	$ 28,500		$ 25,200
Foreign Countries \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration of sales (less than)	0.01%	0.01%
Shipping and Handling
Disaggregation of Revenue [Line Items]
Cost of merchandise sold	$ 37,900	$ 35,000

Revenue Recognition - Schedule

Revenue Recognition - Schedule of sales disaggregated by channel (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	May 01, 2022
Disaggregation of Revenue [Line Items]
Sales	$ 141,193	$ 129,380
Showrooms [Member]
Disaggregation of Revenue [Line Items]
Sales	83,574	81,254
Internet [Member]
Disaggregation of Revenue [Line Items]
Sales	40,225	31,255
Other [Member]
Disaggregation of Revenue [Line Items]
Sales	$ 17,394	$ 16,871

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Apr. 30, 2023	May 01, 2022
Income Tax Disclosure [Abstract]
Benefit from (provision for) income taxes	$ (1,250,000)	$ 673,000
Effective income tax rate, percent	23.30%	27.40%
Penalties and interest expense	$ 0	$ 0

Leases - Schedule of components

Leases - Schedule of components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	May 01, 2022
Leases [Abstract]
Operating lease expense	$ 7,004	$ 5,334
Variable lease expense	2,056	2,214
Short term lease expense	240	179
Total lease expense	$ 9,300	$ 7,727

Leases - Schedule of lease term

Leases - Schedule of lease terms and rates (Details)	Apr. 30, 2023	May 01, 2022
Leases [Abstract]
Operating leases, weighted average remaining lease term (in years)	7 years 6 months	7 years 2 months 12 days
Operating leases, weighted average discount rate	4.43%	3.97%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	3 Months Ended
Leases - Narrative (Details) - USD ($)	Apr. 30, 2023	May 01, 2022
Leases [Abstract]
Impairment charges	$ 0	$ 0

Leases - Schedule of future min

Leases - Schedule of future minimum payments for operating leases (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jan. 29, 2023
Leases [Abstract]
2024	$ 16,445
2025	28,909
2026	26,501
2027	24,170
2028	21,869
Thereafter	73,477
Total undiscounted future minimum lease payments	191,371
Less: imputed interest	(31,612)
Total present value of lease obligations	159,759
Less: current operating lease liability	(16,933)	$ (13,075)
Operating Lease Liabilities, long-term	$ 142,826	$ 133,491

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2023	May 01, 2022
Leases [Abstract]
Amounts paid on operating lease liabilities	$ 6,945	$ 4,062
Right-of-use assets obtained in exchange for lease obligations	$ 16,118	$ 12,513

Basic and Diluted Net (Loss) _2

Basic and Diluted Net (Loss) Income Per Common Share (Details) - shares	3 Months Ended
	Apr. 30, 2023	May 01, 2022
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive (in shares)	1,283,449	767,023
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive (in shares)	495,366	495,366
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive (in shares)	281,750	281,750

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($)	Mar. 25, 2022	Apr. 30, 2023	Jan. 29, 2023	Mar. 24, 2022
Line of Credit Facility [Abstract]
Borrowings amount	$ 40,000,000		$ 36,000,000	$ 25,000,000
Eligible credit card receivables percentage	90%
Eligible wholesale receivables percentage	85%
Net recovery percentage	85%
Increase the net recovery percentage	90%
Minimum undrawn availability	10%
Line of credit		$ 0	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions			1 Months Ended		3 Months Ended		12 Months Ended
	Jun. 05, 2021 trading_day $ / shares	Jun. 29, 2018 shares	Mar. 31, 2023 shares	Jun. 30, 2019 trading_day $ / shares shares	Apr. 30, 2023 USD ($) $ / shares shares	May 01, 2022 USD ($) $ / shares shares	Jan. 30, 2022 USD ($) shares
Class of Stock [Line Items]
Warrants issued (in shares)		281,750
Warrants issued, term		5 years
Cashless warrant exercised (in shares)					0	0
Increase in common stock reserved for future issuance (in shares)					225,000
Non statutory stock options granted (in shares)				495,366
Stock option price exercise (in dollars per share) \| $ / shares				$ 38.10
Stock options are subject to vesting percentage				100%
Consecutive trading days \| trading_day	40			40
Stock price (in dollars per share) \| $ / shares	$ 75			$ 75
Stock option modified (in shares)							495,366
Additional compensation \| $							$ 0.9
Modification and remaining expense was recognized \| $							$ 0.3
Number of options, outstanding (in shares)					495,366	495,366
Weighted average exercise price, outstanding (in dollars per share) \| $ / shares					$ 38.10	$ 38.10
Weighted average remaining contractual life, outstanding (in years)					1 year 1 month 6 days	2 years 1 month 6 days
Average intrinsic value, outstanding (in dollars per share) \| $ / shares					$ 0	$ 8.05
Equity based compensation expense \| $					$ 0.7	$ 1.2
Total unrecognized equity based compensation cost related to unvested stock option and restricted unit awards \| $					$ 11.3
Weighted average period					4 years 1 month 6 days
Restricted stock units
Class of Stock [Line Items]
Restricted stock award grant (in shares)			235,000
2017 Equity Incentive Plan
Class of Stock [Line Items]
Granted term					10 years
Common stock reserved issuance (in shares)					2,879,889
Warrants Activity
Class of Stock [Line Items]
Number of warrants, warrants outstanding (in shares)					281,750	281,750
Average exercise price, warrants outstanding (in dollars per share) \| $ / shares					$ 19.20	$ 19.20
Weighted average remaining contractual life (in years), warrants outstanding, beginning balance					1 month 28 days	1 year 1 month 28 days

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of unvested restricted stock (Details) - Restricted stock units - $ / shares	3 Months Ended
	Apr. 30, 2023	May 01, 2022
Number of shares
Number of shares, unvested, beginning balance (in shares)	640,256	533,333
Number of shares, granted (in shares)	693,989	256,329
Number of shares, forfeited (in shares)	(12,888)	(20,159)
Number of shares, vested (in shares)	(37,908)	(2,480)
Number of shares, unvested, ending balance (in shares)	1,283,449	767,023
Weighted average grant date fair value
Weighted average grant date fair value, unvested, beginning balance (in dollars per share)	$ 34.50	$ 28.41
Weighted average grant date fair value, granted (in dollars per share)	26.97	46.11
Weighted average grant date fair value, forfeited (in dollars per share)	35.17	22.88
Weighted average grant date fair value, vested (in dollars per share)	46.22	16.57
Weighted average grant date fair value, unvested, ending balance (in dollars per share)	$ 30.07	$ 34.31

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Apr. 30, 2023 USD ($) segment	May 01, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| segment	1
Net sales	$ 141,193	$ 129,380
Sactionals
Segment Reporting Information [Line Items]
Net sales	127,903	115,002
Sacs
Segment Reporting Information [Line Items]
Net sales	10,737	11,927
Other
Segment Reporting Information [Line Items]
Net sales	$ 2,553	$ 2,451