Lovesac is tanking after warning Trump’s tariffs will hit profits, says it’s moving production out of China (LOVE)
|06/11/2019||Posted by BusinessMediaguide.Com under General World News||
- Lovesac shares plunged 16% on Tuesday after the furniture retailer warned President Donald Trump’s tariffs on Chinese goods would weigh on profits this year.
- The maker of Sactionals and Sacs revealed a first-quarter drop in gross margin, and warned of a similar decline this quarter.
- Lovesac’s plan of action is to shift all production out of China in the next 18 months, and raise prices “invisibly to the customer.”
- Watch Lovesac trade live.
Lovesac plunged 16% on Tuesday after the furniture retailer warned the Trump administration’s tariffs on Chinese goods would weigh on its profits this fiscal year.
Lovesac sells Sacs bean bags read more >>>