luvu_ex991
LUVU BRANDS PROVIDES PRELIMINARY Q3 NET SALES
Q3 2021 net sales are 52% ahead of prior year third quarter; a new
quarterly net sales record for the Company
ATLANTA, GA / April 7, 2021 / Luvu Brands, Inc.,
(OTCQB:LUVU), a designer,
manufacturer and marketer of a portfolio of consumer lifestyle
brands, today announced
that preliminary unaudited net sales for the three months
ended March 31, 2021 were approximately $6.1 million (or
approximately 52% higher) than the $4.0 million recorded in the
same period of 2020. For the nine months ended March 31, 2021,
preliminary unaudited net sales were approximately $17.2 million,
an increase of approximately 34% from the $12.9 million reported
for the prior fiscal year.
Louis Friedman, the company’s founder and Chief Executive
Officer said “Orders and shipments for our Liberator and Jaxx
products continued to be very strong during Q3, while our Avana
“top of bed” comfort products were essentially flat
from last year Q3. We expect to see continued growth during the
current fourth quarter of fiscal 2021.”
Note About Preliminary Results
The
estimated preliminary net sales for the third quarter and nine
months ended March 31, 2021 presented in this release are not
reviewed or audited and may change. The preliminary unaudited net
sales presented herein include calculations or figures that have
been prepared internally by management and have not been reviewed
by our independent registered public accounting firm. There can be
no assurances that Luvu Brands’ reported net sales for the
third quarter and nine months ended March 31, 2021 will not differ
from the amounts presented herein. This preliminary financial data
should not be viewed as a substitute for full reviewed financial
statements prepared in accordance with GAAP and is not necessarily
indicative of the results to be achieved for any future period. Our
reviewed financial statements for the three and nine months ended
March 31, 2021 will be contained in our Quarterly Report on Form
10-Q to be filed with the Securities and Exchange Commission on or
before May 17, 2021.
Forward Looking Statements
This press release contains forward-looking statements. The words
"believe," "may," "estimate," "continue," "anticipate," "intend,"
"should," "plan," "could," "target," "potential," "is likely,"
"will," "expect" and similar expressions, as they relate to us, are
intended to identify forward-looking statements. Luvu Brands has
based these forward-looking statements largely on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition, results
of operations, business strategy and financial needs. Some or all
of the results anticipated by these forward-looking statements are
unknown at this time, including the ultimate impact of the Covid-19
pandemic on our results of operations. These forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties, and other factors, including, but not
limited our ability to, statements regarding our preliminary
unaudited net sales information presented herein, some of which are
beyond our control and difficult to predict and could cause actual
results to differ materially from those expressed or forecasted in
the forward-looking statements. You
are urged to carefully review any cautionary statements and other
disclosures in Luvu Brand’s Annual Report on Form 10-K for
the year ended June 30, 2020 and its other filings with the
Securities and Exchange Commission. Any forward-looking statement
made by us herein speaks only as of the date on which it is made.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict
all of them. Luvu Brands undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
About Luvu Brands
Luvu
Brands, Inc. designs, manufactures and markets a portfolio of
consumer lifestyle brands through the Company’s websites,
online mass merchants, web retailers and specialty retail stores
worldwide. Brands include: Liberator®, a brand
category of iconic products for enhancing sensuality and intimacy;
Avana®, inclined bed
therapy products, assistive in relieving medical conditions
associated with acid reflux, surgery recovery and chronic pain; and
Jaxx®, a diverse
range of casual fashion daybeds, sofas and beanbags made from
virgin and re-purposed polyurethane foam. Headquartered in Atlanta,
Georgia, the Company occupies a 140,000 square foot
vertically-integrated manufacturing facility and employs over 200
people. The Company's brand sites include: www.liberator.com,
www.jaxxliving.com,
www.avanacomfort.com
plus other global e-commerce sites. For more information about Luvu
Brands, please visit www.luvubrands.com.
Company Contact:
Luvu
Brands, Inc.
Ronald
Scott
Chief
Financial Officer
770-246-6426
ron@LuvuBrands.com