Stamford-based furniture maker Lovesac settles lawsuit against La-Z-Boy unit

In a assertion last week, Lovesac mentioned that, “the events have achieved a mutually agreeable organization resolution and the lawsuit has been dismissed with prejudice.” The phrases of the settlement had been not disclosed.

Lovesac’s gross sales have spiked considering the fact that the get started of the COVID-19 pandemic, with the company’s growth reflecting the surging desire for home furniture as a outcome of customers paying more time at home.

The growing customer foundation has translated into 16 consecutive quarters of at the very least 25 percent internet revenue advancement. For the quarter ending May 1, its revenue jumped 56 p.c year more than yr, to about $129 million. In the exact period of time, it recorded a $1.9 million revenue.

“Lovesac’s robust general performance in the very first quarter exceeded expectations at the major and base strains and, potentially additional importantly, defied the macro headwinds that are negatively impacting individuals and the broader economic system,” Lovesac founder and Main Government Officer Shawn Nelson claimed in a assertion. “Key competitive pros underpin this outperformance: a unique item that drives rigorous loyalty and term-of-mouth transmission, our immediate-to-purchaser enterprise design, and the tangible positive aspects of scale towards a basic, non-seasonal, confined (stock-keeping unit) stock foundation.”

At the end of the past quarter, Lovesac operated 162 stores, as opposed with 116 a yr earlier. Within Connecticut, it has establishments in Greenwich, Danbury, West Hartford and Westport.