The Lovesac Company (LOVE) 10-K/A 2 Nov 23 2023 FY Annual report (amended) Financial data

Cover

Cover - USD ($)	12 Months Ended
	Jan. 29, 2023	Mar. 15, 2023	Jul. 29, 2022
Cover [Abstract]
Document Type	10-K/A
Document Annual Report	true
Current Fiscal Year End Date	--01-29
Document Period End Date	Jan. 29, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 439,821,967
Entity Common Stock, Shares Outstanding		15,195,566
Entity Central Index Key	0001701758
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	true
Entity Filer Category	Accelerated Filer
Amendment Description	EXPLANATORY NOTE OverviewThe Lovesac Company (“Lovesac”, the “Company”, “we”, “our” and similar terms) is filing this Amendment No. 1 on Form 10-K/A (“Amendment No. 1”) to amend and restate certain items presented in the Company’s Annual Report on Form 10-K for the year ended January 29, 2023, which was initially filed with the Securities and Exchange Commission (“SEC”) on March 29, 2023 (the “Original Form 10-K”). This Amendment No. 1 contains our audited restated annual financial statements as of and for the year ended January 29, 2023 and our unaudited restated quarterly condensed financial statements for the quarterly and year-to-date periods ended October 30, 2022, July 31, 2022 and May 1, 2022 (collectively, the “Affected Periods”), respectively, which have been restated to correct certain errors related to the accounting for last mile shipping expenses as further described below (the “Misstatements”), along with other immaterial accounting errors that when aggregated with the Misstatements are material in respect to the Affected Periods (refer to Note 2. Restatement and Other Corrections of Previously Issued Financial Statements and Note 13. Quarterly Financial Data (Unaudited) to our financial statements included in Part II, Item 8 of this Amendment No.1 for additional information). This Amendment No. 1 also contains our audited annual financial statements as of and for the year ended January 30, 2022 (the "Revision Period") which have been revised to correct certain accounting errors that when aggregated are not material to those financial statements and our audited annual financial statements as of and for the year ended January 31, 2021, which were not impacted by the Misstatements or other immaterial accounting errors. In addition, we intend to file an amendment (such report, together with this Amendment No. 1, the “Amended Reports”) to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2023, originally filed with the SEC on June 9, 2023 (“Original Form 10-Q” and together with the Original Form 10-K, the “Original Reports”), to account for the Misstatements during the periods presented therein and to restate our unaudited condensed financial statements for the quarterly period ended April 30, 2023. All material restatement information that relates to the Misstatements will be included in the Amended Reports, and we do not intend to separately amend other filings that the Company has previously filed with the SEC. As a result, such prior reports should no longer be relied upon.This Amendment No. 1 also includes amendments to and restates and revises the following items of the Original Form 10-K as of and for the year ended January 29, 2023:•Part I — Item 1A. Risk Factors•Part I — Item 3. Legal Proceedings•Part II — Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations•Part II — Item 8. Financial Statements and Supplementary Data•Part II — Item 9A. Controls and Procedures•Part IV — Item 15. Exhibits, Financial Statement SchedulesIn accordance with applicable SEC rules, this Amendment No. 1 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. This Amendment No. 1 also contains a modified report of Deloitte & Touche LLP (“Deloitte”), the Company’s independent registered public accounting firm, on the financial statements for year ended January 29, 2023, a modified report of Deloitte’s opinion on the effectiveness of the Company’s internal control over financial reporting as of January 29, 2023, a modified report of Marcum LLP (“Marcum”), the Company’s prior independent registered public accounting firm, on the consolidated financial statements for years ended January 30, 2022 and January 21, 2021 and a new consent of each of Deloitte and Marcum. Other than as described above, this Amendment No. 1 does not reflect adjustments for events occurring after the filing of the Original Form 10-K except to the extent that they are otherwise required to be included and discussed herein. See below and Part II, Item 8, Note 2. Restatement and Other Corrections of Previously Issued Financial Statements in the notes to the financial statements included in this Amendment No. 1, for a detailed discussion of the effect of the restatement on the financial statements included in this Amendment No. 1. Pursuant to Rule 12b-15 under the Exchange Act, this Amendment No. 1 contains only the items and exhibits to the Original Form 10-K that are being amended and restated, and unaffected items and exhibits are not included herein. Except as noted herein, the information included in the Original Form 10-K remains unchanged. This Amendment No. 1 continues to describe the conditions as of the date of the Original Form 10-K and, except as contained herein, we have not updated or modified the disclosures contained in the Original Form 10-K to reflect any events that have occurred after the Original Form 10-K. Accordingly, forward-looking statements included in this Amendment No. 1 may represent management’s views as of the Original Form 10-K and should not be assumed to be accurate as of any date thereafter. This Amendment No. 1 should be read in conjunction with the Company's filings made with the SEC subsequent to the filing of the Original Form 10-K, including any amendment to those filings.Background on the RestatementAs previously disclosed in the Company’s Current Report on Form 8-K filed with the SEC on August 16, 2023, the Audit Committee (the “Audit Committee”) of the Board of Directors of The Lovesac Company commenced an internal investigation in June 2023 related to the recording of last mile shipping expenses, resulting from the discovery of an inappropriately recorded journal entry in the quarter ended April 30, 2023 to capitalize $2.2 million of shipping expenses that related to the fiscal year ended January 29, 2023. That investigation has been completed, and the results are discussed in this Explanatory Note. Through the investigation, the Company determined that the aforementioned journal entry was not in compliance with GAAP and upon further investigation identified certain errors, that were erroneously recorded with respect to the methodology used by the Company to calculate the accrual of its last mile freight expenses which impacted the Company’s financial statements for the Affected Periods and the quarter ended April 30, 2023. The Company determined that the impact for the fiscal year end of January 30, 2022, in aggregate was $0.2 million and immaterial to the overall financial statements. The Company determined that the accrual methodology was not correctly designed to develop a dedicated accrual for shipping expenses incurred in the period but not yet invoiced. The Company further determined that the assumptions used for the accrual estimates were in certain instances understated or incomplete. On August 15, 2023, the Company, in consultation with the Audit Committee of its Board of Directors and outside advisors, reached a determination that the Company’s financial statements for fiscal year 2023 included in the Original Form 10-K and the interim periods included therein, management’s report on internal control over financial reporting for the fiscal year ended January 29, 2023, the associated audit report and report on internal control over financial reporting of the Company’s independent registered public accounting firm, Deloitte & Touche LLP, and the Company’s condensed financial statements included in the Original Form 10-Q, should no longer be relied upon. The Company determined that it is appropriate to correct the Misstatements and other immaterial accounting errors in the Affected Periods by amending the Original Filings. The restated financial statements correct the following errors related to last mile expense:Cost of Merchandise Sold•Understatement of $1.5 million for the year ended January 29, 2023; •Understatement of $0.1 million for the thirteen weeks ended May 1, 2022;•Understatement of $0.9 million and $1.0 million for the thirteen and twenty-six weeks ended July 31, 2022, respectively;•Overstatement of $0.4 million and understatement of $0.6 million for the thirteen and thirty-nine weeks ended October 30, 2022, respectively.Certain Balance Sheet ItemsAt January 29, 2023, the impact of the error understated prepaid expenses and other current assets by $1.0 million, understated accrued expenses by $2.3 million, and overstated accumulated earnings by $1.3 million. There was no impact to net cash used in operating activities.At May 1, 2022, the impact of the error understated prepaid expenses and other current assets by $0.1 million, understated accrued expenses by less than $0.1 million, and overstated accumulated deficit by less than $0.1 million. There was no impact to net cash used in operating activities.At July 31, 2022, the impact of the error understated prepaid expenses and other current assets by $0.2 million, understated accrued expenses by $1.0 million, and understated accumulated deficit by $0.8 million. There was no impact to net cash used in operating activities.At October 30, 2022, the impact of the error understated prepaid expenses and other current assets by $0.7 million, understated accrued expenses by $1.1 million, and understated accumulated deficit by $0.4 million. There was no impact to net cash used in operating activities.Selected Key ItemsThe following table sets forth the effects of the restatement and revisions associated with correction of the Misstatements and other immaterial accounting errors, respectively, on certain key items within our previously reported Statements of Operations for the years ended January 29, 2023 and January 30, 2022:Year EndedJanuary 29, 2023January 30, 2022(in thousands)As Previously ReportedAs RestatedAs Previously ReportedAs RevisedNet sales$651,545 $651,179 $498,239 $498,239 Gross profit345,826 343,651 273,345 273,532 Operating income39,017 36,966 38,441 40,578 Net income28,242 26,488 45,900 47,488 The following table sets forth the effects of the restatement and revisions associated with correction of the Misstatements and other immaterial accounting errors, respectively, on certain key items within our previously reported Balance Sheets for the years ended January 29, 2023 and January 30, 2022:As ofJanuary 29, 2023January 30, 2022(in thousands)As Previously ReportedAs RestatedAs Previously ReportedAs RevisedTotal current assets$194,041 $187,715 $225,158 $221,731 Total non-current assets224,013 220,911 146,421 147,353 Total assets418,054 408,626 371,579 369,084 Total current liabilities88,839 82,041 118,779 114,696 Total non-current liabilities135,955 133,491 96,574 96,574 Total liabilities224,794 215,532 215,353 211,270 Total equity193,260 193,094 156,226 157,814  The adjustments made as a result of the restatement are more fully discussed in Part II, Item 8, Note 2. Restatement and Other Corrections of Previously Issued Financial Statements. See Part II, Item 8, Note 13. Quarterly Financial Data (Unaudited) for a discussion of the effects of the restatements on the quarterly periods ended October 30, 2022, July 31, 2022 and May 1, 2022.Internal Control ConsiderationsManagement has reassessed its evaluation of the effectiveness of its internal control over financial reporting as of January 29, 2023 as further described in Part II, Item 9A of this Amendment, and concluded that certain material weaknesses existed and that internal control over financial reporting and disclosure controls and procedures were not effective during the Affected Periods.

Audit Information

Audit Information	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022
Audit Information [Abstract]
Auditor firm ID	34	688
Auditor name	Deloitte & Touche LLP	Marcum LLP
Auditor location	Stamford, Connecticut	Hartford, CT

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jan. 29, 2023	Jan. 30, 2022
Current Assets
Cash and cash equivalents	$ 43,533	$ 92,392
Trade accounts receivable	9,103	8,547
Merchandise inventories, net	119,627	108,493
Prepaid expenses and other current assets	15,452	12,299
Total Current Assets	187,715	221,731
Property and equipment, net	52,904	34,137
Operating lease right-of-use assets	135,411	100,891
Other Assets
Goodwill	144	144
Intangible assets, net	1,411	1,413
Deferred tax asset	8,677	9,721
Other assets	22,364	1,047
Total Other Assets	32,596	12,325
Total Assets	408,626	369,084
Current Liabilities
Accounts payable	24,576	33,247
Accrued expenses	25,417	40,859
Payroll payable	6,783	9,978
Customer deposits	6,760	13,316
Current operating lease liabilities	13,075	11,937
Sales taxes payable	5,430	5,359
Total Current Liabilities	82,041	114,696
Operating Lease Liabilities, long term	133,491	96,574
Line of Credit	0	0
Total Liabilities	215,532	211,270
Commitments and Contingencies (See Note 9)
Stockholders’ Equity
Preferred Stock $0.00001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of Jan 29, 2023 and Jan 30, 2022.	0	0
Common Stock $0.00001 par value, 40,000,000 shares authorized, 15,195,698 shares issued and outstanding as of Jan 29, 2023 and 15,123,338 shares issued and outstanding as of Jan 30, 2022.	0	0
Additional paid-in capital	182,554	173,762
Accumulated earnings (deficit)	10,540	(15,948)
Stockholders’ Equity	193,094	157,814
Total Liabilities and Stockholders’ Equity	$ 408,626	$ 369,084

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jan. 30, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0		0	0
Preferred stock, shares outstanding (in shares)	0	0	0	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000
Common stock, shares issued (in shares)	15,195,698	15,192,134	15,183,277	15,125,042	15,123,338
Common stock, shares outstanding (in shares)	15,195,698	15,192,134	15,183,277	15,125,042	15,123,338

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jul. 31, 2022	Oct. 30, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Income Statement [Abstract]
Net sales	$ 238,481	$ 134,784	$ 148,534	$ 129,380	$ 277,914	$ 412,698	$ 651,179	$ 498,239	$ 320,738
Cost of merchandise sold		69,880	69,435	63,406	132,841	202,721	307,528	224,707	145,966
Gross profit	133,674	64,904	79,099	65,974	145,073	209,977	343,651	273,532	174,772
Operating expenses
Selling, general and administration expenses		53,520	48,815	44,918	93,733	147,253	215,979	160,017	111,354
Advertising and marketing		19,050	19,088	15,901	34,989	54,039	79,864	65,078	41,925
Depreciation and amortization		2,459	3,076	2,661	5,737	8,196	10,842	7,859	6,613
Total operating expenses		75,029	70,979	63,480	134,459	209,488	306,685	232,954	159,892
Operating income	36,477	(10,125)	8,120	2,494	10,614	489	36,966	40,578	14,880
Interest expense, net		(69)	3	(35)	(32)	(101)	(117)	(179)	(67)
Net income before taxes		(10,194)	8,123	2,459	10,582	388	36,849	40,399	14,813
(Provision for) benefit from income taxes		2,832	(2,274)	(673)	(2,947)	(115)	(10,361)	7,089	(86)
Net income	$ 26,215	$ (7,362)	$ 5,849	$ 1,786	$ 7,635	$ 273	$ 26,488	$ 47,488	$ 14,727
Net income per common share:
Basic (in dollars per share)		$ (0.48)	$ 0.38	$ 0.12	$ 0.50	$ 0.02	$ 1.74	$ 3.14	$ 1.01
Diluted (in dollars per share)		$ (0.48)	$ 0.37	$ 0.11	$ 0.48	$ 0.02	$ 1.66	$ 2.96	$ 0.96
Weighted average number of common shares outstanding:
Basic (in shares)		15,220,593	15,195,116	15,155,378	15,175,247	15,190,079	15,198,754	15,107,958	14,610,617
Diluted (in shares)		15,220,593	16,004,061	16,173,339	16,032,731	16,067,066	15,955,668	16,058,111	15,332,998

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Deficit
Balance (in shares) at Feb. 02, 2020		14,472,611
Balance at Feb. 02, 2020	$ 90,155	$ 0	$ 168,318	$ (78,163)
Net income (loss)	14,727			14,727
Equity-based compensation	4,681		4,681
Issuance of common stock for restricted stock (in shares)		99,498
Taxes paid for net share settlement of equity awards	(1,717)		(1,717)
Exercise of warrants (in shares)		439,447
Exercise of warrants	100		100
Balance (in shares) at Jan. 31, 2021		15,011,556
Balance at Jan. 31, 2021	107,946	$ 0	171,382	(63,436)
Net income (loss)	47,488			47,488
Equity-based compensation	5,859		5,859
Issuance of common stock for restricted stock (in shares)		100,826
Taxes paid for net share settlement of equity awards	(3,583)		(3,583)
Exercise of warrants (in shares)		10,956
Exercise of warrants	104		104
Balance (in shares) at Jan. 30, 2022		15,123,338
Balance at Jan. 30, 2022	157,814	$ 0	173,762	(15,948)
Net income (loss)	1,786			1,786
Equity-based compensation	1,163		1,163
Issuance of common stock for restricted stock (in shares)		1,704
Taxes paid for net share settlement of equity awards	(47)		(47)
Balance (in shares) at May. 01, 2022		15,125,042
Balance at May. 01, 2022	160,716	$ 0	174,878	(14,162)
Balance (in shares) at Jan. 30, 2022		15,123,338
Balance at Jan. 30, 2022	157,814	$ 0	173,762	(15,948)
Net income (loss)	26,488			26,488
Equity-based compensation	10,450		10,450
Issuance of common stock for restricted stock (in shares)		72,360
Taxes paid for net share settlement of equity awards	(1,658)		(1,658)
Balance (in shares) at Jan. 29, 2023		15,195,698
Balance at Jan. 29, 2023	193,094	$ 0	182,554	10,540
Balance (in shares) at May. 01, 2022		15,125,042
Balance at May. 01, 2022	160,716	$ 0	174,878	(14,162)
Net income (loss)	5,849			5,849
Equity-based compensation	1,034		1,034
Issuance of common stock for restricted stock (in shares)		58,235
Taxes paid for net share settlement of equity awards	(1,402)		(1,402)
Balance (in shares) at Jul. 31, 2022		15,183,277
Balance at Jul. 31, 2022	166,197	$ 0	174,510	(8,313)
Net income (loss)	(7,362)			(7,362)
Equity-based compensation	732		732
Issuance of common stock for restricted stock (in shares)		8,857
Taxes paid for net share settlement of equity awards	(134)		(134)
Balance (in shares) at Oct. 30, 2022		15,192,134
Balance at Oct. 30, 2022	$ 159,433	$ 0	$ 175,108	$ (15,675)

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Cash Flows from Operating Activities
Net income	$ 26,488	$ 47,488	$ 14,727
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization of property and equipment	10,454	7,154	6,100
Amortization of intangible assets	388	705	513
Amortization of deferred financing fees	164	91	88
Net loss on disposal of property and equipment	45	464	5
Impairment of long-lived assets	0	554	245
Equity-based compensation	10,450	5,859	4,681
Deferred rent	0	0	3,641
Non-cash lease expense	19,265	14,953	0
Deferred income taxes	1,044	(9,721)	0
Gain on recovery of insurance proceeds - lost profit margin	0	(632)	0
Changes in operating assets and liabilities:
Trade accounts receivable	(555)	(4,034)	2,675
Merchandise inventories	(11,135)	(56,819)	(14,017)
Prepaid expenses and other current assets	3,087	968	(2,060)
Other assets	(20,913)	(1,047)	0
Accounts payable and accrued expenses	(31,338)	38,187	19,584
Operating lease liabilities	(22,263)	(18,845)	0
Customer deposits	(6,556)	7,323	4,339
Net Cash (Used in) Provided by Operating Activities	(21,375)	32,648	40,521
Cash Flows from Investing Activities
Purchase of property and equipment	(25,242)	(14,615)	(8,374)
Payments for patents and trademarks	(307)	(503)	(678)
Net Cash Used in Investing Activities	(25,549)	(15,118)	(9,052)
Cash Flows from Financing Activities
Taxes paid for net share settlement of equity awards	(1,658)	(3,583)	(1,717)
Proceeds from the exercise of warrants	0	104	100
Payment of deferred financing costs	(277)	0	(50)
Net Cash Used in Financing Activities	(1,935)	(3,479)	(1,667)
Net Change in Cash and Cash Equivalents	(48,859)	14,051	29,802
Cash and Cash Equivalents - Beginning	92,392	78,341	48,539
Cash and Cash Equivalents - End	43,533	92,392	78,341
Supplemental Cash Flow Disclosures
Cash paid for taxes	10,670	1,121	86
Cash paid for interest	192	95	85
Non-cash investing activities:
Asset acquisitions not yet paid for at end of year	$ 4,103	$ 1,370	$ 0

Basis of Presentation, Operatio

Basis of Presentation, Operations and Liquidity, and Significant Accounting Policies	12 Months Ended
	Jan. 29, 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 Nature of Operations The Lovesac Company (the “Company”, “we”, “us” or “our”) is 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 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 January 29, 2023, the Company operated 195 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 (“SAC LLC”), the predecessor entity to the Company. Basis of Presentation The financial statements of the Company as of January 29, 2023 and January 30, 2022 and for the years ended January 29, 2023, January 30, 2022 and January 31, 2021 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission. Fiscal Year The Company’s fiscal year is determined on a 52/53 week basis ending on the Sunday closest to February 1. Hereinafter, fiscal years ended January 29, 2023, January 30, 2022 and January 31, 2021 are referred to as fiscal 2023, 2022 and 2021, respectively. Fiscal 2023, 2022 and 2021 were 52-week fiscal years. 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. Revenue Recognition Our revenue consists substantially of product sales. The Company reports product sales net of discounts and recognized at a point in time when control transfers to the customer, which occurs when products are shipped. The Company excludes from the measurement of the transaction price all taxes assessed by governmental authorities collected from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). The Company applies the practical expedient for contracts with duration of one year or less and therefore does not consider the effects of the time value of money. 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. Shipping and handling costs were $159.7 million in fiscal 2023, $112.7 million in fiscal 2022, and $63.1 million in fiscal 2021. Estimated refunds for returns are recorded using our historical return patterns, adjusting for any changes in returns policies and current product performance. 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 statement of operations and an increase in inventory and customers return liability on the balance sheet. As of January 29, 2023 and January 30, 2022, we recorded a return liability of $4.5 million and $2.0 million within accrued expenses, and a corresponding asset for the net realizable value of inventory to be returned for $1.0 million and $0.4 million, respectively, in merchandise inventories on our Balance Sheet. In some cases, deposits are received before the Company transfers control, resulting in the recognition of contract liabilities, reported as customer deposits on our Balance Sheet. As of January 29, 2023, and January 30, 2022, the Company recorded customer deposit liabilities the amount of $6.8 million and $13.3 million, respectively. During the years ended January 29, 2023, and January 30, 2022, the Company recognized $13.3 million and $6.0 million related to customer deposits from fiscal 2022 and 2021. The Company offers its products through showrooms and through the Internet. The other channel predominantly represents sales through the use of online and in store pop-up shops, shop-in-shops, and barter inventory transactions. In store pop-up-shops are staffed with associates trained to demonstrate and sell our product. The following represents sales disaggregated by channel: (in thousands) 2023 2022 2021 (As Restated) Showrooms $ 398,184 $ 298,989 $ 146,150 Internet 176,519 150,622 151,065 Other 76,476 48,628 23,523 Total net sales $ 651,179 $ 498,239 $ 320,738 The Company has no foreign operations and its sales to foreign countries was less than .01% of total net sales in fiscal 2023, 2022, and 2021. The Company had no customers in fiscal 2023, 2022, or 2021 that comprise more than 10% of total net sales. See Note 12. Segment Information for net 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. For the year ended January 29, 2023, and January 30, 2022, the Company recognized $21.3 million and $3.5 million, respectively, of barter sales in exchange for media credits. The Company had $25.2 million and $3.4 million of unused media credits as of January 29, 2023, and January 30, 2022, respectively, and did not recognize any impairment. The difference between the opening and closing balances of the Company's prepaid barter credit primarily results from the inventory exchanged for media credits during the period, offset by utilization of those credits. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. The Company has deposits with financial institutions that maintain Federal Deposit Insurance Corporation “FDIC” deposit insurance up to $250,000 per depositor. The portion of the deposit in excess of this limit represents a credit risk to the Company. Due to the high cash balance maintained by the Company, the Company does maintain depository balances in excess of the insured amounts. Trade Accounts Receivable, net Trade accounts receivable are stated at their estimated realizable amount and do not bear interest for which collectability is reasonably assured. Management determines the allowance for doubtful accounts by regularly evaluating individual customer accounts, considering the customer’s financial condition, and credit history, and general and industry current economic conditions. Trade accounts receivables are evaluated for collectability on a regular basis and an allowance is recorded, if necessary. Recoveries of amounts previously written off are recorded when received. Historically, collection losses have been immaterial as a significant portion of the Company’s receivables are related to individual credit card transactions and two wholesale customers. The Company recognized $0.4 million related to bad debt write-offs for fiscal 2023,and 2022, and recognized $0.8 million for fiscal 2021, respectively. Breakdown of trade accounts receivable is as follows: (in thousands) As of January 29, 2023 As of January 30, 2022 (As Restated) Credit card receivables $ 4,703 $ 3,186 Wholesale receivables 4,400 5,361 Total trade receivable, net $ 9,103 $ 8,547 The Company had two wholesale customers that comprised 100% of wholesale receivables at January 29, 2023 and January 30, 2022, respectively. Prepaid Expenses and Other Current Assets The Company recognizes payments made for goods and services to be received in the near future as prepaid expenses and other current assets. Prepaid expenses and other current assets consist primarily of payments related to insurance premiums, deposits, prepaid rent, prepaid inventory, and other costs. Merchandise Inventories, net Merchandise inventories are comprised of finished goods which are carried at the lower of cost or net realizable value. Cost is determined on a weighted-average method basis. Merchandise inventories consist primarily of foam filled furniture, sectional couches, and related accessories. The Company adjusts its inventory for obsolescence based on historical trends, aging reports, specific identification and its estimates of future retail sales prices. In addition, the Company includes capitalized freight and warehousing costs in inventory relative to the finished goods in inventory. Gift Certificates and Merchandise Credits The Company sells gift certificates and issues merchandise credits to its customers in the showrooms and through its website. Revenue associated with gift certificates and merchandise credits is deferred until redemption of the gift certificate and merchandise credits. The Company did not recognize any breakage revenue in fiscal 2023, fiscal 2022 or fiscal 2021 as the Company continues to honor all outstanding gift certificates. Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Office and showroom furniture and equipment, software and vehicles are depreciated using the straight-line method over their estimated useful lives. Leasehold improvements are amortized using the straight-line method over their expected useful lives or lease term, whichever is shorter. Expenditures for repairs and maintenance are charged to expense as incurred. For assets sold or otherwise disposed of, the cost and related accumulated depreciation or amortization is removed from the accounts, and any resulting gain or loss is reflected in operations for the period. The disposals generally relate to the decommissioning of aged assets, remodeled showrooms, and fixtures used during pop-up-shops. Expenditures for major betterments that extend the useful lives of property and equipment are capitalized. Goodwill Goodwill represents the excess of the purchase price over the fair value of the identified net assets of each business acquired. Goodwill and other indefinite-lived intangible assets are tested annually for impairment in the fourth fiscal quarter and in interim periods if certain events occur indicating that the carrying amounts may be impaired. If a qualitative assessment is used and the Company determines that the fair value of a reporting unit or indefinite-lived intangible asset is more likely than not (i.e., a likelihood of more than 50%) less than its carrying amount, a quantitative impairment test will be performed. If goodwill is quantitatively assessed for impairment, a two-step approach is applied. There were no impairments during fiscal 2023, 2022, or 2021. Intangible Assets, net Intangible assets with finite useful lives, including patents, trademarks, and other intangible assets are being amortized on a straight-line basis over their estimated lives of 10 years, 3 years, and 5 years, respectively. Intangible assets with finite useful lives are reviewed for impairment whenever events or circumstances indicate that the carrying amount of the asset might not be recovered. There were no impairments during fiscal 2023, 2022, or 2021. Impairment of Long Lived Assets Our long-lived assets consist of property and equipment and right-of-use assets from leases. Property and equipment includes leasehold improvements, and other tangible assets. Long-lived assets are reviewed for potential impairment at such time that events or changes in circumstances indicate that the carrying amount of an asset might not be recovered. We evaluate for impairment at the individual showroom level, which is the lowest level at which individual cash flows can be identified. When evaluating long-lived assets for potential impairment, we will first compare the carrying amount of the assets to the future undiscounted cash flows for the respective long-lived asset. If the estimated future cash flows are less than the carrying amounts of the assets, an impairment loss is measured as the excess of the carrying value over its fair value. We estimate fair value based on future discounted cash flow based on our historical operations of the showroom and estimates of future showroom profitability and economic conditions. These estimates include factors such as sales growth, gross margin, employment costs, lease escalation, and overall macroeconomic conditions, and are therefore subject to variability. Actual future results may differ from those estimates. If required, an impairment loss is recorded for that portion of the assets' carrying value in excess of fair value. In fiscal 2023, the Company did not recognize any impairment charges associated with showroom-level right of use lease assets. Durin g fiscals 2022 and 2021, the Company recorded impairment charges of $0.6 million and $0.2 million, respectively, associated with the assets of an underperforming retail locations. The impairments were recorded in selling, general and administrative in the Company’s Statements of Operations. Product Warranty Depending on the type of merchandise, the Company offers either a three-year limited warranty or a lifetime warranty. The Company’s warranties require it to repair or replace defective products at no cost to the customer. At the time product revenue is recognized, the Company reserves for estimated future costs that may be incurred under its warranties based on historical experience. The Company periodically reviews the adequacy of its recorded warranty liability. Product warranty expense, without any reserve adjustments, was approximately $0.7 million, $0.5 million, and $0.7 million in fiscal 2023, 2022, and 2021. The increase in fiscal 2023 is related to an increase in warranty claims related to an increase in net sales. Warranty reserve was $0.7 million as of January 29, 2023 and January 30, 2022. Leases The Company adopted Accounting Standards Update (ASU) No.2016-02, Leases (ASC 842) during fiscal 2022. The Company leases its office, warehouse facilities and retail showrooms under operating lease agreements which expire at various dates through January 2034. Leases with an initial term of twelve months or less are not recorded on the balance sheet and are expensed on a straight-line basis over the lease term in the Statements of Operations. The Company determines if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Operating right-of-use assets represents the right to use an underlying asset pursuant to the lease for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease, both of which are recognized based on the present value of future minimum lease payments over the lease term at the commencement date, Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. We combine lease and non-lease components for our showroom real estate leases in determining the lease payments subject to the initial present value calculation. The lease payments are discounted at the Company's incremental borrowing rate as the implicit rate in the lease is not readily determinable for most of the Company's leases, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. We determine incremental borrowing rates as of the first day of each fiscal year and analyze changes in interest rates and the Company's credit profile to determine if the rates need to be updated during the fiscal year. We recognize operating lease cost over the estimated term of the lease, which includes options to extend lease terms that are reasonably certain of being exercised, starting when possession of the property is taken from the landlord, which normally includes a construction period prior to the showroom opening. When a lease contains a predetermined fixed escalation of the fixed rent, we recognize the related operating lease cost on a straight-line basis over the lease term. In addition, certain of our lease agreements include variable lease payments, such as payments based on a percentage of net sales that are in excess of a predetermined level and/or increases based on a change in the consumer price index or fair market value. These variable lease payments are excluded from minimum lease payments and are included in the determination of net lease cost when it is probable that the expense has been incurred and the amount can be reasonably estimated. If an operating lease asset is impaired, the remaining operating lease asset will be amortized on a straight-line basis over the remaining lease term. Fair Value Measurements The carrying amount of the Company’s financial instruments classified as current assets and current liabilities approximate fair values based on the short-term nature of the accounts. Selling, General and Administrative Expenses Selling, general and administrative expenses include all operating costs, other than advertising and marketing expense, not included in cost of merchandise sold. These expenses include all payroll and payroll-related expenses; showroom expenses, including occupancy costs related to showroom operations, such as rent and common area maintenance; occupancy and expenses related to many of our operations at our headquarters, including utilities, equity based compensation, financing related expenses and public company expenses; and credit card transaction fees. Selling, general and administrative expenses as a percentage of net sales is usually higher in lower volume quarters and lower in higher volume quarters because a significant portion of the costs are relatively fixed. 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 employees of the Company will be eligible to participate in the 401(k) Plan in the month following one (1) month of service and the employee is over age 21. Participants are able to contribute up to 100% of their eligible compensation to the 401(k) Plan subject to limitations with the IRS. Employer contributions to the 401(k) Plan for fiscal 2023, fiscal 2022, and fiscal 2021 were approximately $1.3 million, $0.8 million, and $0.5 million, respectively. Advertising and Marketing Expenses Advertising and marketing expense include digital, social, and traditional advertising and marketing initiatives, that cover all of our business channels. All advertising costs are expensed as incurred, or upon the release of the initial advertisement. Total advertising expenses were $79.9 million, $65.1 million, and $41.9 million in fiscal 2023, fiscal 2022, and fiscal 2021, respectively. Showroom Preopening and Closing Costs Non-capital expenditures incurred in preparation for opening new retail showrooms are expensed as incurred and included in selling, general and administrative expenses. The Company continually evaluates the profitability of its showrooms. When the Company closes or relocates a showroom, the Company incurs unrecoverable costs, including the net book value of abandoned fixtures and leasehold improvements, lease termination payments, costs to transfer inventory and usable fixtures and other costs of vacating the leased location. Such costs are expensed as incurred and are included in selling, general and administrative expenses. Equity-Based Compensation The Company adopted the 2017 Equity Plan which provides for awards in the form of 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. Vesting is typically over a three The fair value of the restricted stock units is determined based on the closing price of the Company's common stock on the grant date and the expense is recognized over the service period. For performance based restricted stock units, the number of units received will depend on the achievement of financial metrics relative to the approved performance targets. For performance based restricted stock units, stock-based compensation expense is recognized based on expected achievement of performance targets. The Company recognizes forfeitures as they occur. Income Taxes The Company accounts for uncertainty in income taxes using a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies the liability for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. Deferred income taxes are provided on temporary differences between the income tax basis of assets and liabilities and the amounts reported in the financial statements and on net operating loss and tax credit carry forwards. A valuation allowance is provided for that portion of deferred income tax assets not likely to be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Basic and Diluted Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding and common stock equivalents outstanding during the period. Diluted net income (loss) 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 fiscal 2023, the effects of 640,256 unvested restricted stock units, and 281,750 common stock warrants were included in the diluted share calculation. The effects of 495,366 stock options were excluded in the diluted net income per common share calculation because the effects of including theses potentially dilutive shares was antidilutive. In fiscal 2022, the effects of 533,333 unvested restricted stock units, 495,366 stock options and 281,750 common stock warrants were included in the diluted share calculation. In fiscal 2021, the effects of 655,558 unvested restricted stock units and 293,973 common stock warrants were included in the diluted share calculation. The effects of 495,366 stock were excluded in the diluted net loss per common share calculation as the effects of including theses potentially dilutive shares was antidilutive. 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.

Restatement and Other Correctio

Restatement and Other Corrections of Previously Issued Consolidated Financial Statements	12 Months Ended
	Jan. 29, 2023
Accounting Changes and Error Corrections [Abstract]
Restatement and Other Corrections of Previously Issued Consolidated Financial Statements	Restatement and Other Corrections of Previously Issued 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 and immaterial to the previously reported interim, year-to-date, and annual financial statements as of and for the year ended January 30, 2022 (collectively the "previously reported financial statements"). As a result, the accompanying financial statements as of and for the years ended January 29, 2023 and 2022, and related notes hereto, have been restated or revised, as applicable, to correct these errors. The errors had no impact on the Company's previously financial statements as of and for the year ended January31, 2021. A summary of the impacts of the adjustments on the previously reported financial statements are included below. Note 13. Quarterly Financial Data (Unaudited) discloses the impact of the adjustments on the Company’s unaudited condensed financial information for each interim period within the fiscal year ended January 29, 2023. Year Ended January 29, 2023 January 30, 2022 (in thousands) As Previously Reported As Restated As Previously Reported As Revised Net sales $ 651,545 $ 651,179 $ 498,239 $ 498,239 Gross profit 345,826 343,651 273,345 273,532 Operating income 39,017 36,966 38,441 40,578 Net income 28,242 26,488 45,900 47,488 As of January 29, 2023 January 30, 2022 (in thousands) As Previously Reported As Restated As Previously Reported As Revised Total current assets $ 194,041 $ 187,715 $ 225,158 $ 221,731 Total non-current assets 224,013 220,911 146,421 147,353 Total assets 418,054 408,626 371,579 369,084 Total current liabilities 88,839 82,041 118,779 114,696 Total non-current liabilities 135,955 133,491 96,574 96,574 Total liabilities 224,794 215,532 215,353 211,270 Total equity 193,260 193,094 156,226 157,814 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 in the internal investigation related to last mile freight expenses. The correction of this item represents 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 recorded an incorrect entry pertaining to incremental borrowing rate that resulted in misstatements associated with operating leases, with a corresponding 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 (c) Buyer’s Remorse The Company recorded an adjustment to correct certain canceled sales orders related to buyer’s remorse, which resulted in an overstatement of net revenue and trade receivables as of and for the fiscal year ended January 29, 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 these misstatements resulted in a decrease in provision for income taxes of $0.3 million and a decrease in benefit from income taxes of $0.5 million, respectively for the years ended January 29, 2023 and January 30, 2022. (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) Cash Flow Reclassification The Company corrected the cash flow presentation related to purchases of property and equipment and patents and trademarks not yet paid for at period end. This resulted in a reclassification between cash flows from operating activities and investing activities for the fiscal year ended January 30, 2022 and for the fiscal periods ended October 30, 2022, July 31, 2022 and May 1, 2022. There was no impact to net change in cash and cash equivalents. THE LOVESAC COMPANY BALANCE SHEET January 29, 2023 (amounts in thousands, except share and per share amounts) As Previously Reported Corrections Reference As Restated Assets Current Assets Trade accounts receivable 9,469 (366) (c) 9,103 Merchandise inventories, net 119,962 (335) (g) 119,627 Prepaid expenses and other current assets 21,077 (5,625) (a)(b)(e)(f) 15,452 Total Current Assets 194,041 (6,326) 187,715 Operating lease right-of-use assets 138,271 (2,860) (b) 135,411 Other Assets Deferred tax asset 9,420 (743) (f) 8,677 Other assets 21,863 501 (e) 22,364 Total Other Assets 32,838 (242) 32,596 Total Assets $ 418,054 $ (9,428) $ 408,626 Liabilities and Stockholders' Equity Current Liabilities Accrued expenses 23,392 2,025 (a)(b)(f) 25,417 Current operating lease liabilities 21,898 (8,823) (b)(e) 13,075 Total Current Liabilities 88,839 (6,798) 82,041 Operating Lease Liability, long-term 135,955 (2,464) (b) 133,491 Total Liabilities 224,794 (9,262) 215,532 Stockholders’ Equity Accumulated earnings (deficit) 10,706 (166) (a)(b)(c)(f)(g) 10,540 Stockholders' Equity 193,260 (166) 193,094 Total Liabilities and Stockholders' Equity $ 418,054 $ (9,428) $ 408,626 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 prepaid expenses and other current assets of $1.0 million, an increase to accrued expenses of $2.3 million, and a decrease to accumulated earnings of $1.3 million at January 29, 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, a decrease to operating lease right-of-use assets current operating lease liabilities (c) Buyer’s Remorse - The correction of these misstatements resulted in a decrease to trade accounts receivable of $0.4 million and a decrease to accumulated earnings of $0.4 million at January 29, 2023. (e) Balance Sheet Reclassifications - The correction of these misstatements resulted in a decrease to prepaid expenses and other current assets of $6.7 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 $0.7 million, a decrease to accrued expenses of $0.5 million, and a decrease to accumulated earnings of $0.2 million at January 29, 2023. (g) Inventory and Cost of Goods Sold - The correction of these misstatements resulted in a decrease to merchandise inventories, net of $0.3 million and a decrease to accumulated earnings of $0.3 million at January 29, 2023. THE LOVESAC COMPANY STATEMENT OF OPERATIONS For the Year Ended January 29, 2023 (amounts in thousands, except per share data and share amounts) As Previously Reported Corrections Reference As Restated Net sales $ 651,545 $ (366) (c) $ 651,179 Cost of merchandise sold 305,719 1,809 (a)(g) 307,528 Gross profit 345,826 (2,175) 343,651 Operating expenses Selling, general and administration expenses 216,103 (124) (b) 215,979 Total operating expenses 306,809 (124) 306,685 Operating income (loss) 39,017 (2,051) 36,966 Net income (loss) before taxes 38,900 (2,051) 36,849 (Provision for) benefit from income taxes (10,658) 297 (f) (10,361) Net income (loss) $ 28,242 $ (1,754) $ 26,488 Net income (loss) per common share: Basic $ 1.86 $ (0.12) $ 1.74 Diluted $ 1.77 $ (0.11) $ 1.66 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 (b) Leases - The correction of these misstatements resulted in a decrease to selling, general and administrative expenses of $0.1 million for the year ended January 29, 2023. (c) Buyer’s Remorse - The correction of these misstatements resulted in a decrease to net sales of $0.4 million for the year ended January 29, 2023. (f) Income Taxes - The tax impact of all misstatements resulted in a decrease to provision for income taxes of $0.3 million for the year ended January 29, 2023. (g) Inventory and Cost of Goods Sold - The correction of these misstatements resulted in an increase to cost of merchandise sold of $0.3 million for the year ended January 29, 2023. THE LOVESAC COMPANY STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE YEAR ENDED JANUARY 29, 2023 Common (amounts in thousands, except share amounts) Restatement Reference Shares Amount Additional paid-in capital Accumulated (deficit) earnings Total Shareholders' Equity As Previously Reported Balance - January 30, 2022 15,123,338 $ — $ 173,762 $ (17,536) $ 156,226 Net income — — — 28,242 28,242 Balance - January 29, 2023 15,195,698 $ — $ 182,554 $ 10,706 $ 193,260 Adjustments/Restatement Impacts Balance - January 30, 2022 — $ — $ — $ 1,588 $ 1,588 Net loss (a)(b)(c)(f)(g) — — — (1,754) (1,754) Balance - January 29, 2023 — $ — $ — $ (166) $ (166) As Revised/Restated Balance - January 30, 2022 (As Revised) 15,123,338 $ — $ 173,762 $ (15,948) $ 157,814 Net income (As Restated) — — — 26,488 26,488 Balance - January 29, 2023 (As Restated) 15,195,698 $ — $ 182,554 $ 10,540 $ 193,094 See descriptions of the net income (loss) impacts in the statement of operations for the year ended January 29, 2023 sections above. THE LOVESAC COMPANY STATEMENT OF CASH FLOWS For the Year Ended January 29, 2023 As Previously Reported Corrections Reference As Restated Cash Flows from Operating Activities Net income (loss) $ 28,242 $ (1,754) (a)(b)(c)(f)(g) $ 26,488 Adjustments to reconcile net income (loss) to cash used in operating activities: Deferred income taxes 416 628 (f) 1,044 Change in operating assets and liabilities: Trade accounts receivable (921) 366 (c) (555) Merchandise inventories (11,470) 335 (g) (11,135) Prepaid expenses and other current assets 890 2,197 (a)(b)(e)(f) 3,087 Other assets (21,459) 546 (e) (20,913) Accounts payable and accrued expenses (33,002) 1,664 (a)(b)(f) (31,338) Operating lease liabilities (18,281) (3,982) (b)(e) (22,263) Net cash used in operating activities (21,375) — (21,375) Cash Flows from Investing Activities Net cash used in investing activities (25,549) — (25,549) Cash Flows from Financing Activities Net cash used in financing activities (1,935) — (1,935) Net change in cash and cash equivalents (48,859) — (48,859) Cash and cash equivalents - Beginning 92,392 — 92,392 Cash and cash equivalents - Ending $ 43,533 $ — $ 43,533 See descriptions of the net income (loss) impacts in the statement of operations for the year ended January 29, 2023 section above. No other misstatements impacted the classifications between net operating, net investing, or net financing cash flow activities for the year ended January 29, 2023. THE LOVESAC COMPANY BALANCE SHEET January 30, 2022 (amounts in thousands, except share and per share amounts) As Previously Reported Revisions Reference As Revised Assets Current Assets Prepaid expenses and other current assets 15,726 (3,427) (a)(b)(e)(f) 12,299 Total Current Assets 225,158 (3,427) 221,731 Other Assets Deferred tax asset 9,836 (115) (f) 9,721 Other assets — 1,047 (e) 1,047 Total Other Assets 11,393 932 12,325 Total Assets $ 371,579 $ (2,495) $ 369,084 Liabilities and Stockholders' Equity Current Liabilities Accrued expenses 40,497 362 (a)(f) 40,859 Current operating lease liabilities 16,382 (4,445) (b)(e) 11,937 Total Current Liabilities 118,779 (4,083) 114,696 Total Liabilities 215,353 (4,083) 211,270 Stockholders’ Equity Accumulated (deficit) earnings (17,536) 1,588 (a)(b)(f) (15,948) Stockholders' Equity 156,226 1,588 157,814 Total Liabilities and Stockholders' Equity $ 371,579 $ (2,495) $ 369,084 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 prepaid expenses and other current assets of $0.1 million, a decrease to accrued expenses of $0.1 million, and a decrease to accumulated deficit of $0.2 million at January 30, 2022. (b) Leases - The correction of these misstatements resulted in an increase to prepaid expenses and other current assets of $0.3 million, a decrease to current operating lease liabilities (e) Balance Sheet Reclassifications - The correction of these misstatements resulted in a decrease to prepaid expenses and other current assets of $3.8 million, a decrease to current operating lease liabilities (f) Income Taxes - The tax impact of all misstatements resulted in an increase to prepaid expenses and other current assets of less than $0.1 million, a decrease to deferred tax asset of $0.1 million, an increase to accrued expenses of $0.5 million, and an increase to accumulated deficit of $0.5 million at January 30, 2022. THE LOVESAC COMPANY STATEMENT OF OPERATIONS For the Year Ended January 30, 2022 (amounts in thousands, except per share data and share amounts) As Previously Reported Revisions Reference As Revised Cost of merchandise sold 224,894 (187) (a) 224,707 Gross profit 273,345 187 273,532 Operating expenses Selling, general and administration expenses 161,967 (1,950) (b) 160,017 Total operating expenses 234,904 (1,950) 232,954 Operating income 38,441 2,137 40,578 Net income before taxes 38,262 2,137 40,399 Benefit from (provision for) income taxes 7,638 (549) (f) 7,089 Net income $ 45,900 $ 1,588 $ 47,488 Net income per common share: Basic $ 3.04 $ 0.10 $ 3.14 Diluted $ 2.86 $ 0.10 $ 2.96 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 cost of merchandise sold (b) Leases - The correction of these misstatements resulted in a decrease to selling, general and administrative expenses of $2.0 million for the year ended January 30, 2022. (f) Income Taxes - The tax impact of all misstatements resulted in a decrease to benefit from income taxes of $0.5 million for the year ended January 30, 2022. THE LOVESAC COMPANY STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE YEAR ENDED JANUARY 30, 2022 Common (amounts in thousands, except share amounts) Reference Shares Amount Additional paid-in capital Accumulated (deficit) earnings Total Shareholders' Equity As Previously Reported Balance - January 31, 2021 15,011,556 $ — $ 171,382 $ (63,436) $ 107,946 Net income — — — 45,900 45,900 Balance - January 30, 2022 15,123,338 $ — $ 173,762 $ (17,536) $ 156,226 Adjustments Balance - January 31, 2021 — $ — $ — $ — $ — Net income (a)(b)(f) — — — 1,588 1,588 Balance - January 30, 2022 — $ — $ — $ 1,588 $ 1,588 As Revised Balance - January 31, 2021 15,011,556 $ — $ 171,382 $ (63,436) $ 107,946 Net income — — — 47,488 47,488 Balance - January 30, 2022 15,123,338 $ — $ 173,762 $ (15,948) $ 157,814 See descriptions of the net income (loss) impacts in the statement of operations for the year ended January 30, 2022 sections above. THE LOVESAC COMPANY STATEMENT OF CASH FLOWS For the Year Ended January 30, 2022 As Previously Reported Revisions Reference As Revised Cash Flows from Operating Activities Net income $ 45,900 $ 1,588 (a)(b)(f) $ 47,488 Adjustments to reconcile net income to cash provided by (used in) operating activities: Deferred income taxes (9,836) 115 (f) (9,721) Change in operating assets and liabilities: Prepaid expenses and other current assets (2,459) 3,427 (a)(b)(e)(f) 968 Other assets — (1,047) (e) (1,047) Accounts payable and accrued expenses 39,195 (1,008) (a)(f)(h) 38,187 Operating lease liabilities (14,400) (4,445) (b)(e) (18,845) Net cash provided by (used in) operating activities 34,018 (1,370) 32,648 Cash Flows from Investing Activities Purchase of property and equipment (15,887) 1,272 (h) (14,615) Payments for patents and trademarks (601) 98 (h) (503) Net cash (used in) provided by investing activities (16,488) 1,370 (15,118) Cash Flows from Financing Activities Net cash used in financing activities (3,479) — (3,479) Net change in cash and cash equivalents 14,051 — 14,051 Cash and cash equivalents - Beginning 78,341 — 78,341 Cash and cash equivalents - Ending $ 92,392 $ — $ 92,392 Supplemental Cash Flow Data: Non-cash investing activities: Asset acquisitions not yet paid for at period end $ — $ 1,370 (h) $ 1,370 See descriptions of the net income (loss) impacts in the statement of operations for the year ended January 30, 2022 section above. The cash flow classification, as described in item (h) in the description of misstatement adjustments section above, resulted in a decrease of $1.4 million in net cash provided by operating activities and an increase of $1.4 million in net cash provided by investing activities for the year ended January 30, 2022. No other misstatements impacted the classifications between net operating, net investing, or net financing cash flow activities for the year ended January 30, 2022.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Jan. 29, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Certain balances herein reflect the restatements described in Note 2. Restatement and Other Corrections of Previously Issued Financial Statements. A summary of other prepaid and other current assets follows (in thousands): 2023 2022 (As Restated) (As Revised) Barter credits 3,770 3,407 Rebate receivable 2,780 226 Prepaid insurance 2,009 1,667 Prepaid catalog costs and related 1,557 4,794 Prepaid taxes 1,000 — Prepaid software licenses 945 790 Deposits 662 16 Prepaid rent 536 348 Prepaid inventory 49 475 Other 2,144 576 $ 15,452 $ 12,299

Accrued Expenses

Accrued Expenses	12 Months Ended
	Jan. 29, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	Accrued Expenses Certain balances herein reflect the restatements described in Note 2. Restatement and Other Corrections of Previously Issued Financial Statements. A summary of accrued expenses follows (in thousands): 2023 2022 (As Restated) (As Revised) Accrued warehouse expenses $ 5,625 $ 2,671 Customer return liability 4,483 2,026 Accrued professional fees 2,167 2,268 Accrued freight and shipping 4,432 23,594 Accrued occupancy 1,278 1,284 Accrued income taxes 687 1,458 Accrued insurance 1,026 973 Accrued credit card fees 770 542 Accrued advertising fees 739 4,150 Warranty liability 721 689 Other accrued expenses 3,489 1,204 $ 25,417 $ 40,859

Income Taxes

Income Taxes	12 Months Ended
	Jan. 29, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Certain balances herein reflect the restatements described in Note 2. Restatement and Other Corrections of Previously Issued Financial Statements. The Company is subject to federal, state and local corporate income taxes. The components of the provision for income taxes reflected on the statements of operations are set forth below: 2023 2022 2021 (As Restated) (As Revised) Current taxes: U.S. federal $ 6,127 $ 412 $ — State and local 3,190 2,220 86 Total current tax expense $ 9,317 $ 2,632 $ 86 Deferred taxes: U.S. federal $ 1,767 $ (7,222) $ — State and local (723) (2,499) — Total deferred tax expense (benefit) 1,044 (9,721) — Total tax provision $ 10,361 $ (7,089) $ 86 A reconciliation of income taxes at the federal statutory corporate rate to the effective rate is as follows: 2023 2022 2021 (As Restated) (As Revised) Provision (benefit) at federal Statutory rates 21.0 % 21.0 % 21.0 % State tax, net of federal provision (benefit) 4.9 % 4.9 % 3.3 % Non-deductible executive compensation 1.8 % 1.8 % — % Permanent adjustments 0.2 % — % 0.1 % Equity-based compensation 0.1 % (4.4) % (2.8) % Federal true-ups 0.1 % (0.4) % 0.4 % Change in valuation allowance — % (40.4) % (21.4) % Income tax provision 28.1 % (17.5) % 0.6 % Significant components of the Company's deferred tax assets are as follows (in thousands): 2023 2022 (As Restated) (As Revised) Deferred Income Tax Assets Federal net operating loss carryforward $ — $ 2,399 State net operating loss carryforward 440 1,399 Intangible assets 403 397 Accrued liabilities 2,952 3,242 Equity-based compensation 3,247 2,032 Merchandise inventories 724 689 Charitable Contributions — 12 R&D Capitalization 1,920 — Operating Lease Liabilities 39,488 28,702 Total Deferred Income Tax Assets 49,174 38,872 Deferred Income Tax Liabilities Operating Lease Right of Use Asset (35,484) (26,726) Property and equipment (5,013) (2,425) Total Deferred Tax Liabilities (40,497) (29,151) Net Deferred Income Tax Asset $ 8,677 $ 9,721 At January 29, 2023, the Company did not have any net operating loss carryforwards available for federal income tax purposes. At January 30, 2022, the Company had net operating loss carryforwards available for federal income tax purposes of approximately $11.4 million. In addition, the Company has approximately $7.1 million and $22.2 million of state net operating loss carryforwards as of January 29, 2023 and January 30, 2022, respectively. The state net operating losses expire at various times between 2031 and 2040. The statute of limitations has expired for all tax years prior to 2019 for federal and state tax purposes. However, the net operating losses generated on the Company's federal and state tax returns in prior years may be subject to adjustments by the federal and state tax authorities. Prior to the fiscal 2022 year-end, the Company recorded a full valuation allowance on its net deferred tax assets, as it did not meet the more likely than not threshold required under ASC 740-10-30. For the year ended January 30, 2022, the Company reversed its full valuation allowance of $16.4 million, as it assessed and concluded that it met the more likely than not threshold of realizing its net deferred tax assets. The main forms of positive evidence to support the valuation allowance release were the substantial realization of its net operating loss carryforwards and cumulative three years of income. As of January 29, 2023, the Company did not record a valuation allowance against its net deferred tax assets, due to its assessment and conclusion that it is more likely than not that it would realize its net deferred tax assets. As of January 29, 2023 and January 30, 2022, the Company assessed and concluded that it does not have any unrecognized tax benefits. 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. We had no interest or penalties during fiscal years 2023, 2022, and 2021, and we do not anticipate any such items during the next twelve months. Our policy is to record interest and penalties directly related to uncertain tax positions as income tax expense in the statements of operations. The IRS is auditing the Company's fiscal 2019 federal income tax return. The Company has been responding to information requests and at this time, the Internal Revenue Service (IRS) has not proposed any adjustments. On August 16, 2022, the Inflation Reduction Act was signed into law. The Inflation Reduction Act includes various tax provisions, which are effective for tax years beginning on or after January 1, 2023. The Company assessed and concluded that the Inflation Reduction Act did not have an impact to the financials as of January 29, 2023, and will continue to monitor the impact of the changes.

Leases

Leases	12 Months Ended
	Jan. 29, 2023
Leases [Abstract]
Lessee, Operating Leases	Leases Certain balances herein reflect the restatements described in Note 2. Restatement and Other Corrections of Previously Issued Financial Statements. During fiscal 2022, the Company adopted ASC No. 2016-02, Leases (Topic 842). Components of lease expense were as follows (in thousands): 2023 2022 (As Restated) (As Revised) Operating lease expense $ 24,173 $ 18,902 Variable lease expense 16,082 10,489 Short term lease expense 721 336 Total lease expense $ 40,976 $ 29,727 Variable lease expense includes index-based changes in rent, maintenance, real estate taxes, insurance and other variable charges included in the lease as well as rental expenses related to short term leases. The Company’s weighted average lease term and weighted average discount rates are as follows: For the year ended 2023 2022 Weighted average remaining lease term (in years) Operating Leases 7.4 6.29 Weighted average discount rate Operating Leases 4.10 % 3.44 % During the fiscal year ended January 29, 2023, we did not recognize any impairment charges associated with showroom-level right-of-use assets. During the fiscal year ended January 30, 2022, we recognized impairment charges totaling $0.6 million associated with showroom-level ROU assets that were included as part of selling, general and administrative expenses. We did not recognize any impairment charges with showroom-level right-of-use assets during the fiscal year ended January 31, 2021 as we did not adopt ASC 842 until fiscal year 2022. Future minimum lease payments under non-cancelable leases as of January 29, 2023 were as follows (in thousands): (As Restated) 2024 $ 21,511 2025 26,759 2026 24,447 2027 22,083 2028 19,747 Thereafter 57,705 Total undiscounted future minimum lease payments 172,252 Less: imputed interest (25,686) Total present value of lease obligations 146,566 Less: current operating lease liability (13,075) Operating lease liability- long term $ 133,491 Supplemental cash flow information and non-cash activity related to our operating leases is as follows (in thousands): 2023 2022 (As Restated) Operating cash flow information: Cash paid for operating lease liabilities $ 23,724 $ 14,400 Non-cash activities Net additions to right-of-use assets obtained in exchange for lease obligations $ 53,239 $ 116,048

Commitments, Contingencies and

Commitments, Contingencies and Related Parties	12 Months Ended
	Jan. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES AND RELATED PARTIES	Commitments, Contingencies and Related Parties Contingencies The Company received management services from Mistral Capital Management, LLC (“Mistral”) under a contractual agreement that ended on January 31, 2021. One of our directors is a member and principal of Mistral. There were no management fees incurred in fiscal 2023 or fiscal 2022, and management fees totaled approximately $0.4 million in fiscal 2021, and are included in selling, general and administrative expenses. There were no amounts payable to Mistral as of January 29, 2023 or January 30, 2022. There were less than $0.1 million in amounts payable to Mistral as of January 31, 2021. The Company also received management services from Satori Capital, LLC (“Satori”) under a contractual agreement that ended on January 31, 2021. One of our directors is a partner at Satori. There were no management fees incurred in fiscal 2023 or fiscal 2022 and management fees totaled approximately $0.1 millions in fiscal 2021 and are included in selling, general and administrative expenses. There were no amounts payable to Satori as of January 29, 2023 or January 30, 2022. Amounts payable to Satori as of January 31, 2021 were less than $0.1 million consisting of management fees which were included in accounts payable in the accompanying balance sheet as of January 31, 2021. The Company engaged Blueport Commerce (“Blueport”), a company owned in part by investment vehicles affiliated with Mistral, as an ecommerce platform in February 2018. The Company terminated the Blueport contract in fiscal 2021 in order to launch a new enhanced ecommerce platform. There were no fees incurred in fiscal 2023 or 2022. There was $2.1 million of fees incurred with Blueport for sales transacted through the platform and an early termination fee of $0.7 million during fiscal 2021. There were no amounts payable as of January 29, 2023, January 30, 2022, or January 31, 2021. Recovery of Insurance Proceeds During fiscal year 2022, a warehouse the Company had inventory in was damaged by fire and qualified for a loss recovery claim. The Company disposed of inventory of approximately $0.6 million. The Company reached an agreement with its insurance carrier and the Company received a cash insurance recovery of approximately $1.2 million for the reimbursement of lost inventory and profit margin. Accordingly, the Company recognized a gain of approximately $0.6 million related to the recovery of lost profit margin and is included in the accompanying statements of operations as a reduction to cost of goods sold. No other insurance proceeds were received during the periods presented. Legal Proceedings The Company is involved in various legal proceedings in the ordinary course of business. Where appropriate, the Company has made accruals with respect to these matters, however, for cases where liability is not probable or the amount cannot be reasonably estimated, accruals have not been made. 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 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 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.

Segment Information

Segment Information	12 Months Ended
	Jan. 29, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	Segment Information Certain balances herein reflect the restatements described in Note 2. Restatement and Other Corrections of Previously Issued Financial Statements. 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: 2023 2022 2021 (As Restated) Sactionals $ 584,449 $ 436,588 $ 271,018 Sacs 55,145 52,478 44,975 Other 11,585 9,173 4,745 Total net sales $ 651,179 $ 498,239 $ 320,738

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Jan. 29, 2023
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	Quarterly Financial Data (Unaudited) The following tables present net impact of the restatement described in Note 2. Restatement and Other Corrections of Previously Issued Financial Statements on our previously reported unaudited condensed financial statements for each interim period ended October 30, 2022, July 31, 2022 and May 1, 2022, respectively. The restated periods presented below will be effective with the filing of our future 2024 unaudited interim condensed financial statement filings in Quarterly Reports on Form 10-Q. The previously reported amounts presented in the tables below have been derived from our Quarterly Reports on Form 10-Q filed on December 8, 2022, September 9, 2022 and June, 8, 2022 respectively. See Note 2. Restatement and Other Corrections of Previously Issued Financial Statements for a description of the misstatements in each category of restatements referenced by (a) through (h). The net impact of the restatement on our quarterly financial data for 2023 is summarized as follows: For the Thirteen Weeks Ended January 29, 2023 October 30, 2022 July 31, 2022 May 1, 2022 (in thousands) As Previously Reported As Restated As Previously Reported As Restated As Previously Reported As Restated As Previously Reported As Restated Net sales $ 238,847 $ 238,481 $ 134,784 $ 134,784 $ 148,534 $ 148,534 $ 129,380 $ 129,380 Gross profit 135,220 133,674 63,572 64,904 80,926 79,099 66,108 65,974 Operating income (loss) 38,071 36,477 (11,595) (10,125) 9,896 8,120 2,645 2,494 Net income (loss) 27,644 26,215 (8,419) (7,362) 7,122 5,849 1,895 1,786 As of January 29, 2023 October 30, 2022 July 31, 2022 May 1, 2022 (in thousands) As Previously Reported As Restated As Previously Reported As Restated As Previously Reported As Restated As Previously Reported As Restated Total current assets $ 194,041 $ 187,715 $ 215,537 $ 209,264 $ 209,259 $ 203,491 $ 210,185 $ 206,214 Total non-current assets 224,013 220,911 191,859 191,787 164,655 165,422 156,391 157,381 Total assets 418,054 408,626 407,396 401,051 373,914 368,913 366,576 363,595 Total current liabilities 88,839 82,041 118,997 111,389 98,059 92,852 103,859 99,399 Total non-current liabilities 135,955 133,491 130,229 130,229 109,864 109,864 103,480 103,480 Total liabilities 224,794 215,532 249,226 241,618 207,923 202,716 207,339 202,879 Total equity 193,260 193,094 158,170 159,433 165,991 166,197 159,237 160,716 The net impact of the restatement on our quarterly and year-to-date unaudited condensed financial statements as of and for the thirteen weeks and thirty-nine weeks ended October 30, 2022, as of and for the thirteen and twenty-six weeks ended July 31, 2023 and as of and for the thirteen weeks ended May 1, 2022 is summarized as follows: THE LOVESAC COMPANY CONDENSED BALANCE SHEET (unaudited) October 30, 2022 (amounts in thousands, except share and per share amounts) As Previously Reported Corrections Reference As Restated Assets Current Assets Cash and cash equivalents $ 3,832 $ — $ 3,832 Trade accounts receivable 15,357 — 15,357 Merchandise inventories, net 154,481 — 154,481 Prepaid expenses and other current assets 41,867 (6,273) (a)(b)(e)(f) 35,594 Total Current Assets 215,537 (6,273) 209,264 Property and equipment, net 47,477 — 47,477 Operating lease right-of-use assets 133,075 (1,100) (b) 131,975 Other Assets Goodwill 144 — 144 Intangible assets, net 1,395 — 1,395 Deferred financing costs, net 73 — 73 Deferred tax asset 9,695 (12) (f) 9,683 Other assets — 1,040 (e) 1,040 Total Other Assets 11,307 1,028 12,335 Total Assets $ 407,396 $ (6,345) $ 401,051 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 47,267 $ — $ 47,267 Accrued expenses 33,126 1,533 (a)(f) 34,659 Payroll payable 7,199 — 7,199 Customer deposits 5,861 — 5,861 Current operating lease liabilities 20,774 (9,141) (b)(e) 11,633 Sales taxes payable 4,770 — 4,770 Total Current Liabilities 118,997 (7,608) 111,389 Operating Lease Liability, long-term 130,229 — 130,229 Line of Credit — — — Total Liabilities 249,226 (7,608) 241,618 Stockholders’ Equity Preferred Stock $0.00001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of October 30, 2022 — — — Common Stock $0.00001 par value, 40,000,000 shares authorized, 15,192,134 shares issued and outstanding as of October 30, 2022 — — — Additional paid-in capital 175,108 — 175,108 Accumulated (deficit) earnings (16,938) 1,263 (a)(b)(f) (15,675) Stockholders' Equity 158,170 1,263 159,433 Total Liabilities and Stockholders' Equity $ 407,396 $ (6,345) $ 401,051 The description of each error is described in Note 2. 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 prepaid expenses and other current assets of $0.7 million, an increase to accrued expenses of $1.1 million, and an increase to accumulated deficit of $0.4 million at October 30, 2022. (b) Leases - The correction of these misstatements resulted in an decease to prepaid expenses and other current assets of less than $0.1 million, a decrease to operating lease right-of-use assets of $1.1 million, a decrease to current operating lease liabilities (e) Balance Sheet Reclassifications - The correction of these misstatements resulted in a decrease to prepaid expenses and other current assets of $6.9 million, a decrease to current operating lease liabilities (f) Income Taxes - The tax impact of all misstatements resulted in an increase to prepaid expenses and other current assets of less than $0.1 million, a decrease to deferred tax asset of less than $0.1 million, an increase to accrued expenses of $0.4 million, and an increase to accumulated deficit of $0.4 million at October 30, 2022. THE LOVESAC COMPANY CONDENSED STATEMENT OF OPERATIONS (unaudited) For the Thirteen Weeks Ended October 30, 2022 (amounts in thousands, except per share data and share amounts) As Previously Reported Corrections Reference As Restated Net sales $ 134,784 $ — $ 134,784 Cost of merchandise sold 71,212 (1,332) (a)(d) 69,880 Gross profit 63,572 1,332 64,904 Operating expenses Selling, general and administration expenses 53,658 (138) (b) 53,520 Advertising and marketing 19,050 — 19,050 Depreciation and amortization 2,459 — 2,459 Total operating expenses 75,167 (138) 75,029 Operating (loss) income (11,595) 1,470 (10,125) Interest expense, net (69) — (69) Net (loss) income before taxes (11,664) 1,470 (10,194) Benefit from (provision for) income taxes 3,245 (413) (f) 2,832 Net (loss) income $ (8,419) $ 1,057 $ (7,362) Net (loss) income per common share: Basic $ (0.55) $ 0.07 $ (0.48) Diluted $ (0.55) $ 0.07 $ (0.48) Weighted average number of common shares outstanding: Basic 15,220,593 — 15,220,593 Diluted 15,220,593 — 15,220,593 The description of each error is described in Note 2. 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 cost of merchandise sold (b) Leases - The correction of these misstatements resulted in a decrease to selling, general and administrative expenses of $0.1 million for the thirteen weeks ended October 30, 2022. (d) Supplier Rebates - The correction of these misstatements resulted in a decrease to cost of merchandise sold of $0.9 million for the thirteen weeks ended October 30, 2022. (f) Income Taxes - The tax impact of all misstatements resulted in a decrease to benefit from income taxes of $0.4 million for the thirteen weeks ended October 30, 2022. THE LOVESAC COMPANY CONDENSED STATEMENT OF OPERATIONS (unaudited) For the Thirty-Nine Weeks Ended October 30, 2022 (amounts in thousands, except per share data and share amounts) As Previously Reported Corrections Reference As Restated Net sales $ 412,698 $ — $ 412,698 Cost of merchandise sold 202,092 629 (a) 202,721 Gross profit 210,606 (629) 209,977 Operating expenses Selling, general and administration expenses 147,425 (172) (b) 147,253 Advertising and marketing 54,039 — 54,039 Depreciation and amortization 8,196 — 8,196 Total operating expenses 209,660 (172) 209,488 Operating income (loss) 946 (457) 489 Interest expense, net (101) — (101) Net income (loss) before taxes 845 (457) 388 (Provision for) benefit from income taxes (247) 132 (f) (115) Net income (loss) $ 598 $ (325) $ 273 Net income (loss) per common share: Basic $ 0.04 $ (0.02) $ 0.02 Diluted $ 0.04 $ (0.02) $ 0.02 Weighted average number of common shares outstanding: Basic 15,190,079 — 15,190,079 Diluted 16,067,066 — 16,067,066 The description of each error is described in Note 2. 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 (b) Leases - The correction of these misstatements resulted in a decrease to selling, general and administrative expenses of $0.2 million for the thirty-nine weeks ended October 30, 2022. (f) Income Taxes - The tax impact of all misstatements resulted in a decrease to provision for income taxes of $0.1 million for the thirty-nine weeks ended October 30, 2022. THE LOVESAC COMPANY CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE THIRTEEN AND THIRTY-NINE WEEKS ENDED OCTOBER 30, 2022 (unaudited) Common (amounts in thousands, except share amounts) Restatement Reference Shares Amount Additional paid-in capital Accumulated (deficit) earnings Total Shareholders' Equity As Previously Reported Balance - January 30, 2022 15,123,338 $ — $ 173,762 $ (17,536) $ 156,226 Net income — — — 1,895 1,895 Equity-based compensation — — 1,163 — 1,163 Issuance of common stock for restricted stock 1,704 — — — — Taxes paid for net share settlement of equity awards — — (47) — (47) Balance - May 1, 2022 15,125,042 $ — $ 174,878 $ (15,641) $ 159,237 Net income — — — 7,122 7,122 Equity-based compensation — — 1,034 — 1,034 Issuance of common stock for restricted stock 58,235 — — — — Taxes paid for net share settlement of equity awards — — (1,402) — (1,402) Balance - July 31, 2022 15,183,277 $ — $ 174,510 $ (8,519) $ 165,991 Net loss — — — (8,419) (8,419) Equity-based compensation — — 732 — 732 Issuance of common stock for restricted stock 8,857 — — — — Taxes paid for net share settlement of equity awards — — (134) — (134) Balance - October 30, 2022 15,192,134 $ — $ 175,108 $ (16,938) $ 158,170 Restatement Impacts Balance - January 30, 2022 (a)(b)(f) — $ — $ — $ 1,588 $ 1,588 Net loss (a)(b)(f) — — — (109) (109) Equity-based compensation — — — — — Issuance of common stock for restricted stock — — — — — Taxes paid for net share settlement of equity awards — — — — — Balance - May 1, 2022 — $ — $ — $ 1,479 $ 1,479 Net loss (a)(b)(d)(f) — — — (1,273) (1,273) Equity-based compensation — — — — — Issuance of common stock for restricted stock — — — — — Taxes paid for net share settlement of equity awards — — — — — Balance - July 31, 2022 — $ — $ — $ 206 $ 206 Net income (a)(b)(d)(f) — — — 1,057 1,057 Equity-based compensation — — — — — Issuance of common stock for restricted stock — — — — — Taxes paid for net share settlement of equity awards — — — — — Balance - October 30, 2022 — $ — $ — $ 1,263 $ 1,263 As Restated Balance - January 30, 2022 15,123,338 $ — $ 173,762 $ (15,948) $ 157,814 Net income — — — 1,786 1,786 Equity-based compensation — — 1,163 — 1,163 Issuance of common stock for restricted stock 1,704 — — — Taxes paid for net share settlement of equity awards — — (47) — (47) Balance - May 1, 2022 15,125,042 $ — $ 174,878 $ (14,162) $ 160,716 Net income — — — 5,849 5,849 Equity-based compensation — — 1,034 — 1,034 Issuance of common stock for restricted stock 58,235 — — — Taxes paid for net share settlement of equity awards — — (1,402) — (1,402) Balance - July 31, 2022 15,183,277 $ — $ 174,510 $ (8,313) $ 166,197 Net loss — — — (7,362) (7,362) Equity-based compensation — — 732 — 732 Issuance of common stock for restricted stock 8,857 — — — Taxes paid for net share settlement of equity awards — — (134) — (134) Balance - October 30, 2022 15,192,134 $ — $ 175,108 $ (15,675) $ 159,433 See descriptions of the net income (loss) impacts in the statements of operations for the thirteen and thirty-nine weeks ended October 30, 2022 sections above. THE LOVESAC COMPANY CONDENSED STATEMENT OF CASH FLOWS (unaudited) For the Thirty-Nine Weeks Ended October 30, 2022 As Previously Reported Corrections Reference As Restated Cash Flows from Operating Activities Net income (loss) $ 598 $ (325) (a)(b)(f) $ 273 Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization of property and equipment 7,911 — 7,911 Amortization of other intangible assets 285 — 285 Amortization of deferred financing fees 117 — 117 Net loss on disposal of property and equipment 41 — 41 Equity based compensation 2,929 — 2,929 Non-cash operating lease cost 13,582 — 13,582 Deferred income taxes 141 (103) (f) 38 Change in operating assets and liabilities: Trade accounts receivable (6,810) — (6,810) Merchandise inventories (45,988) — (45,988) Prepaid expenses and other current assets (20,547) 2,846 (a)(b)(e)(f) (17,701) Other assets — 7 (e) 7 Accounts payable and accrued expenses 3,281 (2,073) (a)(f)(h) 1,208 Operating lease liabilities (13,227) (3,596) (b)(e) (16,823) Customer deposits (7,455) — (7,455) Net cash used in operating activities (65,142) (3,244) (68,386) Cash Flows from Investing Activities Purchase of property and equipment (21,292) 3,177 (h) (18,115) Payments for patents and trademarks (267) 67 (h) (200) Net cash (used in) provided by investing activities (21,559) 3,244 (18,315) Cash Flows from Financing Activities Taxes paid for net share settlement of equity awards (1,583) — (1,583) Payment of deferred financing costs (276) — (276) Net cash used in financing activities (1,859) — (1,859) Net change in cash and cash equivalents (88,560) — (88,560) Cash and cash equivalents - Beginning 92,392 — 92,392 Cash and cash equivalents - Ending $ 3,832 $ — $ 3,832 Supplemental Cash Flow Data: Cash paid for taxes $ 9,811 $ — $ 9,811 Cash paid for interest $ 65 $ — $ 65 Non-cash investing activities: Asset acquisitions not yet paid for at period end $ — $ 3,244 (h) $ 3,244 See descriptions of the net income (loss) impacts in the statement of operations for the thirty-nine weeks ended October 30, 2022 section above. The cash flow classification, as described in item (h) in the description of misstatement adjustments section above, resulted in a decrease of $3.2 million in net cash provided by operating activities and an increase of $3.2 million in net cash provided by investing activities for the thirty-nine weeks ended October 30, 2022. No other misstatements impacted the classifications between net operating, net investing, or net financing cash flow activities for the thirty-nine weeks ended October 30, 2022. THE LOVESAC COMPANY CONDENSED BALANCE SHEET (unaudited) July 31, 2022 (amounts in thousands, except share and per share amounts) As Previously Reported Corrections Reference As Restated Assets Current Assets Cash and cash equivalents $ 17,652 $ — $ 17,652 Trade accounts receivable 8,970 — 8,970 Merchandise inventories, net 146,626 (934) (d) 145,692 Prepaid expenses and other current assets 36,011 (4,834) (a)(b)(e)(f) 31,177 Total Current Assets 209,259 (5,768) 203,491 Property and equipment, net 42,049 — 42,049 Operating lease right-of-use assets 113,823 (600) (b) 113,223 Other Assets Goodwill 144 — 144 Intangible assets, net 1,425 — 1,425 Deferred financing costs, net 116 — 116 Deferred tax asset 7,098 310 (f) 7,408 Other assets — 1,057 (e) 1,057 Total Other Assets 8,783 1,367 10,150 Total Assets $ 373,914 $ (5,001) $ 368,913 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 34,238 $ — $ 34,238 Accrued expenses 29,372 1,401 (a)(f) 30,773 Payroll payable 5,056 — 5,056 Customer deposits 6,488 — 6,488 Current operating lease liabilities 18,514 (6,608) (b)(e) 11,906 Sales taxes payable 4,391 — 4,391 Total Current Liabilities 98,059 (5,207) 92,852 Operating Lease Liability, long-term 109,864 — 109,864 Line of Credit — — — Total Liabilities 207,923 (5,207) 202,716 Stockholders’ Equity Preferred Stock $0.00001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of July 31, 2022 — — — Common Stock $0.00001 par value, 40,000,000 shares authorized, 15,183,277 shares issued and outstanding as of July 31, 2022 — — — Additional paid-in capital 174,510 — 174,510 Accumulated (deficit) earnings (8,519) 206 (a)(b)(d)(f) (8,313) Stockholders' Equity 165,991 206 166,197 Total Liabilities and Stockholders' Equity $ 373,914 $ (5,001) $ 368,913 The description of each error is described in Note 2. 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 prepaid expenses and other current assets of $0.2 million, an increase to accrued expenses of $1.0 million, and an increase to accumulated deficit of $0.8 million at July 31, 2022. (b) Leases - The correction of these misstatements resulted in an decease to prepaid expenses and other current assets of less than $0.1 million, a decrease to operating lease right-of-use assets of $0.6 million, a decrease to current operating lease liabilities (d) Supplier Rebates - The correction of these misstatements resulted in a decrease to merchandise inventories, net of $0.9 million and an increase to accumulated deficit of $0.9 million at July 31, 2022. (e) Balance Sheet Reclassifications - The correction of these misstatements resulted in a decrease to prepaid expenses and other current assets of $5.1 million, a decrease to current operating lease liabilities (f) Income Taxes - The tax impact of all misstatements resulted in an increase to prepaid expenses and other current assets of less than $0.1 million, an increase to deferred tax asset of $0.3 million, an increase to accrued expenses of $0.3 million, and an increase to accumulated deficit of less than $0.1 million at July 31, 2022. THE LOVESAC COMPANY CONDENSED STATEMENT OF OPERATIONS (unaudited) For the Thirteen Weeks Ended July 31, 2022 (amounts in thousands, except per share data and share amounts) As Previously Reported Corrections Reference As Restated Net sales $ 148,534 $ — $ 148,534 Cost of merchandise sold 67,608 1,827 (a)(d) 69,435 Gross profit 80,926 (1,827) 79,099 Operating expenses Selling, general and administration expenses 48,866 (51) (b) 48,815 Advertising and marketing 19,088 — 19,088 Depreciation and amortization 3,076 — 3,076 Total operating expenses 71,030 (51) 70,979 Operating income (loss) 9,896 (1,776) 8,120 Interest income, net 3 — 3 Net income (loss) before taxes 9,899 (1,776) 8,123 (Provision for) benefit from income taxes (2,777) 503 (f) (2,274) Net income (loss) $ 7,122 $ (1,273) $ 5,849 Net income (loss) per common share: Basic $ 0.47 $ (0.09) $ 0.38 Diluted $ 0.45 $ (0.08) $ 0.37 Weighted average number of common shares outstanding: Basic 15,195,116 — 15,195,116 Diluted 16,004,061 — 16,004,061 The description of each error is described in Note 2. 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 (b) Leases - The correction of these misstatements resulted in a decrease to selling, general and administrative expenses of less than $0.1 million for the thirteen weeks ended July 31, 2022. (d) Supplier Rebates - The correction of these misstatements resulted in an increase to cost of merchandise sold of $0.9 million for the thirteen weeks ended July 31, 2022. (f) Income Taxes - The tax impact of all misstatements resulted in a decrease to provision for income taxes of $0.5 million for the thirteen weeks ended July 31, 2022. THE LOVESAC COMPANY CONDENSED STATEMENT OF OPERATIONS (unaudited) For the Twenty-Six Weeks Ended July 31, 2022 (amounts in thousands, except per share data and share amounts) As Previously Reported Corrections Reference As Restated Net sales $ 277,914 $ — $ 277,914 Cost of merchandise sold 130,880 1,961 (a)(d) 132,841 Gross profit 147,034 (1,961) 145,073 Operating expenses Selling, general and administration expenses 93,767 (34) (b) 93,733 Advertising and marketing 34,989 — 34,989 Depreciation and amortization 5,737 — 5,737 Total operating expenses 134,493 (34) 134,459 Operating income (loss) 12,541 (1,927) 10,614 Interest expense, net (32) — (32) Net income (loss) before taxes 12,509 (1,927) 10,582 (Provision for) benefit from income taxes (3,492) 545 (f) (2,947) Net income (loss) $ 9,017 $ (1,382) $ 7,635 Net income (loss) per common share: Basic $ 0.59 $ (0.09) $ 0.50 Diluted $ 0.56 $ (0.08) $ 0.48 Weighted average number of common shares outstanding: Basic 15,175,247 — 15,175,247 Diluted 16,032,731 — 16,032,731 The description of each error is described in Note 2. 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 (b) Leases - The correction of these misstatements resulted in a decrease to selling, general and administrative expenses of less than $0.1 million for the twenty-six weeks ended July 31, 2022. (d) Supplier Rebates - The correction of these misstatements resulted in an increase to cost of merchandise sold of $0.9 million for the twenty-six weeks ended July 31, 2022. (f) Income Taxes - The tax impact of all misstatements resulted in a decrease to provision for income taxes of $0.5 million for the twenty-six weeks ended July 31, 2022. THE LOVESAC COMPANY CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE THIRTEEN AND TWENTY-SIX WEEKS ENDED JULY 31, 2022 (unaudited) Common (amounts in thousands, except share amounts) Restatement Reference Shares Amount Additional paid-in capital Accumulated (deficit) earnings Total Shareholders' Equity As Previously Reported Balance - January 30, 2022 15,123,338 $ — $ 173,762 $ (17,536) $ 156,226 Net income — — — 1,895 1,895 Equity-based compensation — — 1,163 — 1,163 Issuance of common stock for restricted stock 1,704 — — — — Taxes paid for net share settlement of equity awards — — (47) — (47) Balance - May 1, 2022 15,125,042 $ — $ 174,878 $ (15,641) $ 159,237 Net income — — — 7,122 7,122 Equity-based compensation — — 1,034 — 1,034 Issuance of common stock for restricted stock 58,235 — — — — Taxes paid for net share settlement of equity awards — — (1,402) — (1,402) Balance - July 31, 2022 15,183,277 $ — $ 174,510 $ (8,519) $ 165,991 Restatement Impacts Balance - January 30, 2022 (a)(b)(f) — $ — $ — $ 1,588 $ 1,588 Net loss (a)(b)(f) — — — (109) (109) Equity-based compensation — — — — — Issuance of common stock for restricted stock — — — — — Taxes paid for net share settlement of equity awards — — — — — Balance - May 1, 2022 — $ — $ — $ 1,479 $ 1,479 Net loss (a)(b)(d)(f) — — — (1,273) (1,273) Equity-based compensation — — — — — Issuance of common stock for restricted stock — — — — — Taxes paid for net share settlement of equity awards — — — — — Balance - July 31, 2022 — $ — $ — $ 206 $ 206 As Restated Balance - January 30, 2022 15,123,338 $ — $ 173,762 $ (15,948) $ 157,814 Net income — — — 1,786 1,786 Equity-based compensation — — 1,163 — 1,163 Issuance of common stock for restricted stock 1,704 — — — Taxes paid for net share settlement of equity awards — — (47) — (47) Balance - May 1, 2022 15,125,042 $ — $ 174,878 $ (14,162) $ 160,716 Net income — — — 5,849 5,849 Equity-based compensation — — 1,034 — 1,034 Issuance of common stock for restricted stock 58,235 — — — — Taxes paid for net share settlement of equity awards — — (1,402) — (1,402) Balance - July 31, 2022 15,183,277 $ — $ 174,510 $ (8,313) $ 166,197 See descriptions of the net income (loss) impacts in the statements of operations for the thirteen and twenty-six weeks ended July 31, 2022 sections above. THE LOVESAC COMPANY CONDENSED STATEMENT OF CASH FLOWS (unaudited) For the Twenty-Six Weeks Ended July 31, 2022 As Previously Reported Corrections Reference As Restated Cash Flows from Operating Activities Net income (loss) $ 9,017 $ (1,382) (a)(b)(d)(f) $ 7,635 Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization of property and equipment 5,549 — 5,549 Amortization of other intangible assets 188 — 188 Amortization of deferred financing fees 71 — 71 Equity based compensation 2,197 — 2,197 Non-cash operating lease cost 8,711 — 8,711 Deferred income taxes 2,738 (425) (f) 2,313 Change in operating assets and liabilities: Trade accounts receivable (423) — (423) Merchandise inventories (38,133) 934 (d) (37,199) Prepaid expenses and other current assets (17,916) 1,406 (a)(b)(e)(f) (16,510) Other assets — (10) (e) (10) Accounts payable and accrued expenses (16,024) (2,496) (a)(f)(h) (18,520) Operating lease liabilities (8,501) (1,563) (b)(e) (10,064) Customer deposits (6,828) — (6,828) Net cash used in operating activities (59,354) (3,536) (62,890) Cash Flows from Investing Activities Purchase of property and equipment (13,461) 3,496 (h) (9,965) Payments for patents and trademarks (200) 40 (h) (160) Net cash (used in) provided by investing activities (13,661) 3,536 (10,125) Cash Flows from Financing Activities Taxes paid for net share settlement of equity awards (1,449) — (1,449) Payment of deferred financing costs (276) — (276) Net cash used in financing activities (1,725) — (1,725) Net change in cash and cash equivalents (74,740) — (74,740) Cash and cash equivalents - Beginning 92,392 — 92,392 Cash and cash equivalents - Ending $ 17,652 $ — $ 17,652 Supplemental Cash Flow Data: Cash paid for taxes $ 9,393 $ — $ 9,393 Cash paid for interest $ 34 $ — $ 34 Non-cash investing activities: Asset acquisitions not yet paid for at period end $ — $ 3,536 (h) $ 3,536 See descriptions of the net income (loss) impacts in the statement of operations for the twenty-six weeks ended July 31, 2022 section above. The cash flow classification, as described in item (h) in the description of misstatement adjustments section above, resulted in a decrease of $3.5 million in net cash provided by operating activities and an increase of $3.5 million in net cash provided by investing activities for the twenty-six weeks ended July 31, 2022. No other misstatements impacted the classifications between net operating, net investing, or net financing cash flow activities for the twenty-six weeks ended July 31, 2022. THE LOVESAC COMPANY CONDENSED BALANCE SHEET (unaudited) May 1, 2022 (amounts in thousands, except share and per share amounts) As Previously Reported Corrections Reference As Restated Assets Current Assets Cash and cash equivalents $ 64,380 $ — $ 64,380 Trade accounts receivable 6,413 — 6,413 Merchandise inventories, net 123,008 — 123,008 Prepaid expenses and other current assets 16,384 (3,971) (a)(b)(e)(f) 12,413 Total Current Assets 210,185 (3,971) 206,214 Property and equipment, net 37,455 — 37,455 Operating lease right-of-use assets 107,930 — 107,930 Other Assets Goodwill 144 — 144 Intangible assets, net 1,452 — 1,452 Deferred financing costs, net 97 — 97 Deferred tax asset 9,313 (84) (f) 9,229 Other assets — 1,074 (e) 1,074 Total Other Assets 11,006 990 11,996 Total Assets $ 366,576 $ (2,981) $ 363,595 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 29,764 $ — $ 29,764 Accrued expenses 39,431 494 (a)(f) 39,925 Payroll payable 5,188 — 5,188 Customer deposits 7,607 — 7,607 Current operating lease liabilities 17,530 (4,954) (b)(e) 12,576 Sales taxes payable 4,339 — 4,339 Total Current Liabilities 103,859 (4,460) 99,399 Operating Lease Liability, long-term 103,480 — 103,480 Line of Credit — — — Total Liabilities 207,339 (4,460) 202,879 Stockholders’ Equity Preferred Stock $0.00001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of May 1, 2022 — — — Common Stock $0.00001 par value, 40,000,000 shares authorized, 15,125,042 shares issued and outstanding as of May 1, 2022 — — — Additional paid-in capital 174,878 — 174,878 Accumulated (deficit) earnings (15,641) 1,479 (a)(b)(f) (14,162) Stockholders' Equity 159,237 1,479 160,716 Total Liabilities and Stockholders' Equity $ 366,576 $ (2,981) $ 363,595 The description of each error is described in Note 2. 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 prepaid expenses and other current assets of $0.1 million, an increase to accrued expenses of less than $0.1 million, and a decrease to accumulated deficit of less than $0.1 million at May 1, 2022. (b) Leases - The correction of these misstatements resulted in an increase to prepaid expenses and other current assets of $0.3 million, a decrease to current operating lease liabilities (e) Balance Sheet Reclassifications - The correction of these misstatements resulted in a decrease to prepaid expenses and other current assets of $4.4 million, a decrease to current operating lease liabilities (f) Income Taxes - The tax impact of all misstatements resulted in an increase to prepaid expenses and other current assets of less than $0.1 million, a decrease to deferred tax asset of $0.1 million, an increase to accrued expenses of $0.4 million, and an increase to accumulated deficit of $0.5 million at May 1, 2022. THE LOVESAC COMPANY CONDENSED STATEMENT OF OPERATIONS (unaudited) For the Thirteen Weeks Ended May 1, 2022 (amounts in thousands, except per share data and share amounts) As Previously Reported Corrections Reference As Restated Net sales $ 129,380 $ — $ 129,380 Cost of merchandise sold 63,272 134 (a) 63,406 Gross profit 66,108 (134) 65,974 Operating expenses Selling, general and administration expenses 44,901 17 (b) 44,918 Advertising and marketing 15,901 — 15,901 Depreciation and amortization 2,661 — 2,661 Total operating expenses 63,463 17 63,480 Operating income (loss) 2,645 (151) 2,494 Interest expense, net (35) — (35) Net income (loss) before taxes 2,610 (151) 2,459 (Provision for) benefit from income taxes (715) 42 (f) (673) Net income (loss) $ 1,895 $ (109) $ 1,786 Net income (loss) per common share: Basic $ 0.13 $ (0.01) $ 0.12 Diluted $ 0.12 $ (0.01) $ 0.11 Weighted average number of common shares outstanding: Basic 15,155,378 — 15,155,378 Diluted 16,173,339 — 16,173,339 The description of each error is described in Note 2. 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 (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 May 1, 2022. (f) Income Taxes - The tax impact of all misstatements resulted in a decrease to provision for income taxes of less than $0.1 million for the thirteen weeks ended May 1, 2022. THE LOVESAC COMPANY CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE THIRTEEN WEEKS ENDED MAY 1, 2022 (unaudited) Common (amounts in thousands, except share amounts) Restatement Reference Shares Amount Additional paid-in capital Accumulated (deficit) earnings Total Shareholders' Equity As Previously Reported Balance - January 30, 2022 15,123,338 $ — $ 173,762 $ (17,536) $ 156,226 Net income — — — 1,895 1,895 Equity-based compensation — — 1,163 — 1,163 Issuance of common stock for restricted stock 1,704 — — — — Taxes paid for net share settlement of equity awards — — (47) — (47) Balance - May 1, 2022 15,125,042 $ — $ 174,878 $ (15,641) $ 159,237 Restatement Impacts Balance - January 30, 2022 (a)(b)(f) — $ — $ — $ 1,588 $ 1,588 Net loss (a)(b)(f) — — — (109) (109) Equity-based compensation — — — — — Issuance of common stock for restricted stock — — — — — Taxes paid for net share settlement of equity awards — — — — — Balance - May 1, 2022 — $ — $ — $ 1,479 $ 1,479 As Restated Balance - January 30, 2022 15,123,338 $ — $ 173,762 $ (15,948) $ 157,814 Net income — — — 1,786 1,786 Equity-based compensation — — 1,163 — 1,163 Issuance of common stock for restricted stock 1,704 — — — — Taxes paid for net share settlement of equity awards — — (47) — (47) Balance - May 1, 2022 15,125,042 $ — $ 174,878 $ (14,162) $ 160,716 See descriptions of the net income (loss) impacts in the statement of operations for the thirteen

Basis of Presentation, and Summ

Basis of Presentation, and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jan. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe financial statements of the Company as of January 29, 2023 and January 30, 2022 and for the years ended January 29, 2023, January 30, 2022 and January 31, 2021 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission.
Fiscal Year	Fiscal YearThe Company’s fiscal year is determined on a 52/53 week basis ending on the Sunday closest to February 1. Hereinafter, fiscal years ended January 29, 2023, January 30, 2022 and January 31, 2021 are referred to as fiscal 2023, 2022 and 2021, respectively. Fiscal 2023, 2022 and 2021 were 52-week fiscal years.
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.
Revenue Recognition	Revenue Recognition Our revenue consists substantially of product sales. The Company reports product sales net of discounts and recognized at a point in time when control transfers to the customer, which occurs when products are shipped. The Company excludes from the measurement of the transaction price all taxes assessed by governmental authorities collected from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). The Company applies the practical expedient for contracts with duration of one year or less and therefore does not consider the effects of the time value of money. 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. Shipping and handling costs were $159.7 million in fiscal 2023, $112.7 million in fiscal 2022, and $63.1 million in fiscal 2021. Estimated refunds for returns are recorded using our historical return patterns, adjusting for any changes in returns policies and current product performance. 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 statement of operations and an increase in inventory and customers return liability on the balance sheet. As of January 29, 2023 and January 30, 2022, we recorded a return liability of $4.5 million and $2.0 million within accrued expenses, and a corresponding asset for the net realizable value of inventory to be returned for $1.0 million and $0.4 million, respectively, in merchandise inventories on our Balance Sheet. In some cases, deposits are received before the Company transfers control, resulting in the recognition of contract liabilities, reported as customer deposits on our Balance Sheet. As of January 29, 2023, and January 30, 2022, the Company recorded customer deposit liabilities the amount of $6.8 million and $13.3 million, respectively. During the years ended January 29, 2023, and January 30, 2022, the Company recognized $13.3 million and $6.0 million related to customer deposits from fiscal 2022 and 2021.
Barter Arrangements	Barter ArrangementsThe 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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity at purchase of three months or less to be cash equivalents. The Company has deposits with financial institutions that maintain Federal Deposit Insurance Corporation “FDIC” deposit insurance up to $250,000 per depositor. The portion of the deposit in excess of this limit represents a credit risk to the Company. Due to the high cash balance maintained by the Company, the Company does maintain depository balances in excess of the insured amounts.
Trade Accounts Receivable, net	Trade Accounts Receivable, net Trade accounts receivable are stated at their estimated realizable amount and do not bear interest for which collectability is reasonably assured. Management determines the allowance for doubtful accounts by regularly evaluating individual customer accounts, considering the customer’s financial condition, and credit history, and general and industry current economic conditions. Trade accounts receivables are evaluated for collectability on a regular basis and an allowance is recorded, if necessary. Recoveries of amounts previously written off are recorded when received. Historically, collection losses have been immaterial as a significant portion of the Company’s receivables are related to individual credit card transactions and two wholesale customers. The Company recognized $0.4 million related to bad debt write-offs for fiscal 2023,and 2022, and recognized $0.8 million for fiscal 2021, respectively.
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets The Company recognizes payments made for goods and services to be received in the near future as prepaid expenses and other current assets. Prepaid expenses and other current assets consist primarily of payments related to insurance premiums, deposits, prepaid rent, prepaid inventory, and other costs.
Merchandise Inventories, net	Merchandise Inventories, net Merchandise inventories are comprised of finished goods which are carried at the lower of cost or net realizable value. Cost is determined on a weighted-average method basis. Merchandise inventories consist primarily of foam filled furniture, sectional couches, and related accessories. The Company adjusts its inventory for obsolescence based on historical trends, aging reports, specific identification and its estimates of future retail sales prices. In addition, the Company includes capitalized freight and warehousing costs in inventory relative to the finished goods in inventory.
Gift Certificates and Merchandise Credits	Gift Certificates and Merchandise Credits The Company sells gift certificates and issues merchandise credits to its customers in the showrooms and through its website. Revenue associated with gift certificates and merchandise credits is deferred until redemption of the gift certificate and merchandise credits. The Company did not recognize any breakage revenue in fiscal 2023, fiscal 2022 or fiscal 2021 as the Company continues to honor all outstanding gift certificates.
Property and Equipment, net	Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation and amortization. Office and showroom furniture and equipment, software and vehicles are depreciated using the straight-line method over their estimated useful lives. Leasehold improvements are amortized using the straight-line method over their expected useful lives or lease term, whichever is shorter. Expenditures for repairs and maintenance are charged to expense as incurred. For assets sold or otherwise disposed of, the cost and related accumulated depreciation or amortization is removed from the accounts, and any resulting gain or loss is reflected in operations for the period. The disposals generally relate to the decommissioning of aged assets, remodeled showrooms, and fixtures used during pop-up-shops. Expenditures for major betterments that extend the useful lives of property and equipment are capitalized.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the fair value of the identified net assets of each business acquired. Goodwill and other indefinite-lived intangible assets are tested annually for impairment in the fourth fiscal quarter and in interim periods if certain events occur indicating that the carrying amounts may be impaired. If a qualitative assessment is used and the Company determines that the fair value of a reporting unit or indefinite-lived intangible asset is more likely than not (i.e., a likelihood of more than 50%) less than its carrying amount, a quantitative impairment test will be performed. If goodwill is quantitatively assessed for impairment, a two-step approach is applied. There were no impairments during fiscal 2023, 2022, or 2021.
Intangible Assets, net	Intangible Assets, net Intangible assets with finite useful lives, including patents, trademarks, and other intangible assets are being amortized on a straight-line basis over their estimated lives of 10 years, 3 years, and 5 years, respectively. Intangible assets with finite useful lives are reviewed for impairment whenever events or circumstances indicate that the carrying amount of the asset might not be recovered. There were no impairments during fiscal 2023, 2022, or 2021.
Impairment of Long Lived Assets	Impairment of Long Lived Assets Our long-lived assets consist of property and equipment and right-of-use assets from leases. Property and equipment includes leasehold improvements, and other tangible assets. Long-lived assets are reviewed for potential impairment at such time that events or changes in circumstances indicate that the carrying amount of an asset might not be recovered. We evaluate for impairment at the individual showroom level, which is the lowest level at which individual cash flows can be identified. When evaluating long-lived assets for potential impairment, we will first compare the carrying amount of the assets to the future undiscounted cash flows for the respective long-lived asset. If the estimated future cash flows are less than the carrying amounts of the assets, an impairment loss is measured as the excess of the carrying value over its fair value. We estimate fair value based on future discounted cash flow based on our historical operations of the showroom and estimates of future showroom profitability and economic conditions. These estimates include factors such as sales growth, gross margin, employment costs, lease escalation, and overall macroeconomic conditions, and are therefore subject to variability. Actual future results may differ from those estimates. If required, an impairment loss is recorded for that portion of the assets' carrying value in excess of fair value. In fiscal 2023, the Company did not recognize any impairment charges associated with showroom-level right of use lease assets. Durin g fiscals 2022 and 2021, the Company recorded impairment charges of $0.6 million and $0.2 million, respectively, associated with the assets of an underperforming retail locations. The impairments were recorded in selling, general and administrative in the Company’s Statements of Operations.
Product Warranty	Product Warranty Depending on the type of merchandise, the Company offers either a three-year limited warranty or a lifetime warranty. The Company’s warranties require it to repair or replace defective products at no cost to the customer. At the time product revenue is recognized, the Company reserves for estimated future costs that may be incurred under its warranties based on historical experience. The Company periodically reviews the adequacy of its recorded warranty liability. Product warranty expense, without any reserve adjustments, was approximately $0.7 million, $0.5 million, and $0.7 million in fiscal 2023, 2022, and 2021. The increase in fiscal 2023 is related to an increase in warranty claims related to an increase in net sales. Warranty reserve was $0.7 million as of January 29, 2023 and January 30, 2022.
Leases	Leases The Company adopted Accounting Standards Update (ASU) No.2016-02, Leases (ASC 842) during fiscal 2022. The Company leases its office, warehouse facilities and retail showrooms under operating lease agreements which expire at various dates through January 2034. Leases with an initial term of twelve months or less are not recorded on the balance sheet and are expensed on a straight-line basis over the lease term in the Statements of Operations. The Company determines if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all of the economic benefits from the use of that identified asset. Operating right-of-use assets represents the right to use an underlying asset pursuant to the lease for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease, both of which are recognized based on the present value of future minimum lease payments over the lease term at the commencement date, Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. We combine lease and non-lease components for our showroom real estate leases in determining the lease payments subject to the initial present value calculation. The lease payments are discounted at the Company's incremental borrowing rate as the implicit rate in the lease is not readily determinable for most of the Company's leases, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. We determine incremental borrowing rates as of the first day of each fiscal year and analyze changes in interest rates and the Company's credit profile to determine if the rates need to be updated during the fiscal year. We recognize operating lease cost over the estimated term of the lease, which includes options to extend lease terms that are reasonably certain of being exercised, starting when possession of the property is taken from the landlord, which normally includes a construction period prior to the showroom opening. When a lease contains a predetermined fixed escalation of the fixed rent, we recognize the related operating lease cost on a straight-line basis over the lease term. In addition, certain of our lease agreements include variable lease payments, such as payments based on a percentage of net sales that are in excess of a predetermined level and/or increases based on a change in the consumer price index or fair market value. These variable lease payments are excluded from minimum lease payments and are included in the determination of net lease cost when it is probable that the expense has been incurred and the amount can be reasonably estimated. If an operating lease asset is impaired, the remaining operating lease asset will be amortized on a straight-line basis over the remaining lease term.
Fair Value Measurements	Fair Value Measurements The carrying amount of the Company’s financial instruments classified as current assets and current liabilities approximate fair values based on the short-term nature of the accounts.
Selling, General and Administrative Expenses	Selling, General and Administrative Expenses Selling, general and administrative expenses include all operating costs, other than advertising and marketing expense, not included in cost of merchandise sold. These expenses include all payroll and payroll-related expenses; showroom expenses, including occupancy costs related to showroom operations, such as rent and common area maintenance; occupancy and expenses related to many of our operations at our headquarters, including utilities, equity based compensation, financing related expenses and public company expenses; and credit card transaction fees. Selling, general and administrative expenses as a percentage of net sales is usually higher in lower volume quarters and lower in higher volume quarters because a significant portion of the costs are relatively fixed.
Employee Benefit Plan	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 employees of the Company will be eligible to participate in the 401(k) Plan in the month following one (1) month of service and the employee is over age 21. Participants are able to contribute up to 100% of their eligible compensation to the 401(k) Plan subject to limitations with the IRS. Employer contributions to the 401(k) Plan for fiscal 2023, fiscal 2022, and fiscal 2021 were approximately $1.3 million, $0.8 million, and $0.5 million, respectively.
Advertising and Marketing Expenses	Advertising and Marketing Expenses Advertising and marketing expense include digital, social, and traditional advertising and marketing initiatives, that cover all of our business channels. All advertising costs are expensed as incurred, or upon the release of the initial advertisement.
Showroom Preopening and Closing Costs	Showroom Preopening and Closing Costs Non-capital expenditures incurred in preparation for opening new retail showrooms are expensed as incurred and included in selling, general and administrative expenses. The Company continually evaluates the profitability of its showrooms. When the Company closes or relocates a showroom, the Company incurs unrecoverable costs, including the net book value of abandoned fixtures and leasehold improvements, lease termination payments, costs to transfer inventory and usable fixtures and other costs of vacating the leased location. Such costs are expensed as incurred and are included in selling, general and administrative expenses.
Equity-Based Compensation	Equity-Based Compensation The Company adopted the 2017 Equity Plan which provides for awards in the form of 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. Vesting is typically over a three The fair value of the restricted stock units is determined based on the closing price of the Company's common stock on the grant date and the expense is recognized over the service period. For performance based restricted stock units, the number of units received will depend on the achievement of financial metrics relative to the approved performance targets. For performance based restricted stock units, stock-based compensation expense is recognized based on expected achievement of performance targets. The Company recognizes forfeitures as they occur.
Income Taxes	Income Taxes The Company accounts for uncertainty in income taxes using a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies the liability for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. Deferred income taxes are provided on temporary differences between the income tax basis of assets and liabilities and the amounts reported in the financial statements and on net operating loss and tax credit carry forwards. A valuation allowance is provided for that portion of deferred income tax assets not likely to be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Basic and Diluted Net Income (Loss) Per Common Share	Basic and Diluted Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding and common stock equivalents outstanding during the period. Diluted net income (loss) 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 fiscal 2023, the effects of 640,256 unvested restricted stock units, and 281,750 common stock warrants were included in the diluted share calculation. The effects of 495,366 stock options were excluded in the diluted net income per common share calculation because the effects of including theses potentially dilutive shares was antidilutive. In fiscal 2022, the effects of 533,333 unvested restricted stock units, 495,366 stock options and 281,750 common stock warrants were included in the diluted share calculation. In fiscal 2021, the effects of 655,558 unvested restricted stock units and 293,973 common stock warrants were included in the diluted share calculation. The effects of 495,366 stock were excluded in the diluted net loss per common share calculation as the effects of including theses potentially dilutive shares was antidilutive.
Recent Accounting Pronouncements	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.

Basis of Presentation, and Su_2

Basis of Presentation, and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Jan. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Disaggregation of revenue	The following represents sales disaggregated by channel: (in thousands) 2023 2022 2021 (As Restated) Showrooms $ 398,184 $ 298,989 $ 146,150 Internet 176,519 150,622 151,065 Other 76,476 48,628 23,523 Total net sales $ 651,179 $ 498,239 $ 320,738
Schedule of accounts receivable	Breakdown of trade accounts receivable is as follows: (in thousands) As of January 29, 2023 As of January 30, 2022 (As Restated) Credit card receivables $ 4,703 $ 3,186 Wholesale receivables 4,400 5,361 Total trade receivable, net $ 9,103 $ 8,547

Restatement and Other Correct_2

Restatement and Other Corrections of Previously Issued Consolidated Financial Statements (Tables)	12 Months Ended
	Jan. 29, 2023
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	A summary of the impacts of the adjustments on the previously reported financial statements are included below. Note 13. Quarterly Financial Data (Unaudited) discloses the impact of the adjustments on the Company’s unaudited condensed financial information for each interim period within the fiscal year ended January 29, 2023. Year Ended January 29, 2023 January 30, 2022 (in thousands) As Previously Reported As Restated As Previously Reported As Revised Net sales $ 651,545 $ 651,179 $ 498,239 $ 498,239 Gross profit 345,826 343,651 273,345 273,532 Operating income 39,017 36,966 38,441 40,578 Net income 28,242 26,488 45,900 47,488 As of January 29, 2023 January 30, 2022 (in thousands) As Previously Reported As Restated As Previously Reported As Revised Total current assets $ 194,041 $ 187,715 $ 225,158 $ 221,731 Total non-current assets 224,013 220,911 146,421 147,353 Total assets 418,054 408,626 371,579 369,084 Total current liabilities 88,839 82,041 118,779 114,696 Total non-current liabilities 135,955 133,491 96,574 96,574 Total liabilities 224,794 215,532 215,353 211,270 Total equity 193,260 193,094 156,226 157,814 BALANCE SHEET January 29, 2023 (amounts in thousands, except share and per share amounts) As Previously Reported Corrections Reference As Restated Assets Current Assets Trade accounts receivable 9,469 (366) (c) 9,103 Merchandise inventories, net 119,962 (335) (g) 119,627 Prepaid expenses and other current assets 21,077 (5,625) (a)(b)(e)(f) 15,452 Total Current Assets 194,041 (6,326) 187,715 Operating lease right-of-use assets 138,271 (2,860) (b) 135,411 Other Assets Deferred tax asset 9,420 (743) (f) 8,677 Other assets 21,863 501 (e) 22,364 Total Other Assets 32,838 (242) 32,596 Total Assets $ 418,054 $ (9,428) $ 408,626 Liabilities and Stockholders' Equity Current Liabilities Accrued expenses 23,392 2,025 (a)(b)(f) 25,417 Current operating lease liabilities 21,898 (8,823) (b)(e) 13,075 Total Current Liabilities 88,839 (6,798) 82,041 Operating Lease Liability, long-term 135,955 (2,464) (b) 133,491 Total Liabilities 224,794 (9,262) 215,532 Stockholders’ Equity Accumulated earnings (deficit) 10,706 (166) (a)(b)(c)(f)(g) 10,540 Stockholders' Equity 193,260 (166) 193,094 Total Liabilities and Stockholders' Equity $ 418,054 $ (9,428) $ 408,626 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 prepaid expenses and other current assets of $1.0 million, an increase to accrued expenses of $2.3 million, and a decrease to accumulated earnings of $1.3 million at January 29, 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, a decrease to operating lease right-of-use assets current operating lease liabilities (c) Buyer’s Remorse - The correction of these misstatements resulted in a decrease to trade accounts receivable of $0.4 million and a decrease to accumulated earnings of $0.4 million at January 29, 2023. (e) Balance Sheet Reclassifications - The correction of these misstatements resulted in a decrease to prepaid expenses and other current assets of $6.7 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 $0.7 million, a decrease to accrued expenses of $0.5 million, and a decrease to accumulated earnings of $0.2 million at January 29, 2023. (g) Inventory and Cost of Goods Sold - The correction of these misstatements resulted in a decrease to merchandise inventories, net of $0.3 million and a decrease to accumulated earnings of $0.3 million at January 29, 2023. THE LOVESAC COMPANY STATEMENT OF OPERATIONS For the Year Ended January 29, 2023 (amounts in thousands, except per share data and share amounts) As Previously Reported Corrections Reference As Restated Net sales $ 651,545 $ (366) (c) $ 651,179 Cost of merchandise sold 305,719 1,809 (a)(g) 307,528 Gross profit 345,826 (2,175) 343,651 Operating expenses Selling, general and administration expenses 216,103 (124) (b) 215,979 Total operating expenses 306,809 (124) 306,685 Operating income (loss) 39,017 (2,051) 36,966 Net income (loss) before taxes 38,900 (2,051) 36,849 (Provision for) benefit from income taxes (10,658) 297 (f) (10,361) Net income (loss) $ 28,242 $ (1,754) $ 26,488 Net income (loss) per common share: Basic $ 1.86 $ (0.12) $ 1.74 Diluted $ 1.77 $ (0.11) $ 1.66 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 (b) Leases - The correction of these misstatements resulted in a decrease to selling, general and administrative expenses of $0.1 million for the year ended January 29, 2023. (c) Buyer’s Remorse - The correction of these misstatements resulted in a decrease to net sales of $0.4 million for the year ended January 29, 2023. (f) Income Taxes - The tax impact of all misstatements resulted in a decrease to provision for income taxes of $0.3 million for the year ended January 29, 2023. (g) Inventory and Cost of Goods Sold - The correction of these misstatements resulted in an increase to cost of merchandise sold of $0.3 million for the year ended January 29, 2023. BALANCE SHEET January 30, 2022 (amounts in thousands, except share and per share amounts) As Previously Reported Revisions Reference As Revised Assets Current Assets Prepaid expenses and other current assets 15,726 (3,427) (a)(b)(e)(f) 12,299 Total Current Assets 225,158 (3,427) 221,731 Other Assets Deferred tax asset 9,836 (115) (f) 9,721 Other assets — 1,047 (e) 1,047 Total Other Assets 11,393 932 12,325 Total Assets $ 371,579 $ (2,495) $ 369,084 Liabilities and Stockholders' Equity Current Liabilities Accrued expenses 40,497 362 (a)(f) 40,859 Current operating lease liabilities 16,382 (4,445) (b)(e) 11,937 Total Current Liabilities 118,779 (4,083) 114,696 Total Liabilities 215,353 (4,083) 211,270 Stockholders’ Equity Accumulated (deficit) earnings (17,536) 1,588 (a)(b)(f) (15,948) Stockholders' Equity 156,226 1,588 157,814 Total Liabilities and Stockholders' Equity $ 371,579 $ (2,495) $ 369,084 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 prepaid expenses and other current assets of $0.1 million, a decrease to accrued expenses of $0.1 million, and a decrease to accumulated deficit of $0.2 million at January 30, 2022. (b) Leases - The correction of these misstatements resulted in an increase to prepaid expenses and other current assets of $0.3 million, a decrease to current operating lease liabilities (e) Balance Sheet Reclassifications - The correction of these misstatements resulted in a decrease to prepaid expenses and other current assets of $3.8 million, a decrease to current operating lease liabilities (f) Income Taxes - The tax impact of all misstatements resulted in an increase to prepaid expenses and other current assets of less than $0.1 million, a decrease to deferred tax asset of $0.1 million, an increase to accrued expenses of $0.5 million, and an increase to accumulated deficit of $0.5 million at January 30, 2022.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Jan. 29, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of other prepaid and other current assets	A summary of other prepaid and other current assets follows (in thousands): 2023 2022 (As Restated) (As Revised) Barter credits 3,770 3,407 Rebate receivable 2,780 226 Prepaid insurance 2,009 1,667 Prepaid catalog costs and related 1,557 4,794 Prepaid taxes 1,000 — Prepaid software licenses 945 790 Deposits 662 16 Prepaid rent 536 348 Prepaid inventory 49 475 Other 2,144 576 $ 15,452 $ 12,299

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Jan. 29, 2023
Payables and Accruals [Abstract]
Summary of Accrued Expenses	A summary of accrued expenses follows (in thousands): 2023 2022 (As Restated) (As Revised) Accrued warehouse expenses $ 5,625 $ 2,671 Customer return liability 4,483 2,026 Accrued professional fees 2,167 2,268 Accrued freight and shipping 4,432 23,594 Accrued occupancy 1,278 1,284 Accrued income taxes 687 1,458 Accrued insurance 1,026 973 Accrued credit card fees 770 542 Accrued advertising fees 739 4,150 Warranty liability 721 689 Other accrued expenses 3,489 1,204 $ 25,417 $ 40,859

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jan. 29, 2023
Income Tax Disclosure [Abstract]
Schedule of federal, state and local corporate income taxes	The components of the provision for income taxes reflected on the statements of operations are set forth below: 2023 2022 2021 (As Restated) (As Revised) Current taxes: U.S. federal $ 6,127 $ 412 $ — State and local 3,190 2,220 86 Total current tax expense $ 9,317 $ 2,632 $ 86 Deferred taxes: U.S. federal $ 1,767 $ (7,222) $ — State and local (723) (2,499) — Total deferred tax expense (benefit) 1,044 (9,721) — Total tax provision $ 10,361 $ (7,089) $ 86
Schedule of effective income tax rate reconciliation	A reconciliation of income taxes at the federal statutory corporate rate to the effective rate is as follows: 2023 2022 2021 (As Restated) (As Revised) Provision (benefit) at federal Statutory rates 21.0 % 21.0 % 21.0 % State tax, net of federal provision (benefit) 4.9 % 4.9 % 3.3 % Non-deductible executive compensation 1.8 % 1.8 % — % Permanent adjustments 0.2 % — % 0.1 % Equity-based compensation 0.1 % (4.4) % (2.8) % Federal true-ups 0.1 % (0.4) % 0.4 % Change in valuation allowance — % (40.4) % (21.4) % Income tax provision 28.1 % (17.5) % 0.6 %
Schedule of deferred income taxes	Significant components of the Company's deferred tax assets are as follows (in thousands): 2023 2022 (As Restated) (As Revised) Deferred Income Tax Assets Federal net operating loss carryforward $ — $ 2,399 State net operating loss carryforward 440 1,399 Intangible assets 403 397 Accrued liabilities 2,952 3,242 Equity-based compensation 3,247 2,032 Merchandise inventories 724 689 Charitable Contributions — 12 R&D Capitalization 1,920 — Operating Lease Liabilities 39,488 28,702 Total Deferred Income Tax Assets 49,174 38,872 Deferred Income Tax Liabilities Operating Lease Right of Use Asset (35,484) (26,726) Property and equipment (5,013) (2,425) Total Deferred Tax Liabilities (40,497) (29,151) Net Deferred Income Tax Asset $ 8,677 $ 9,721

Leases (Tables)

Leases (Tables)	12 Months Ended
	Jan. 29, 2023
Leases [Abstract]
Schedule of components of lease expense	Components of lease expense were as follows (in thousands): 2023 2022 (As Restated) (As Revised) Operating lease expense $ 24,173 $ 18,902 Variable lease expense 16,082 10,489 Short term lease expense 721 336 Total lease expense $ 40,976 $ 29,727 Supplemental cash flow information and non-cash activity related to our operating leases is as follows (in thousands): 2023 2022 (As Restated) Operating cash flow information: Cash paid for operating lease liabilities $ 23,724 $ 14,400 Non-cash activities Net additions to right-of-use assets obtained in exchange for lease obligations $ 53,239 $ 116,048
Schedule of lease terms and rates	The Company’s weighted average lease term and weighted average discount rates are as follows: For the year ended 2023 2022 Weighted average remaining lease term (in years) Operating Leases 7.4 6.29 Weighted average discount rate Operating Leases 4.10 % 3.44 %
Schedule of expected future annual minimum rental payments	Future minimum lease payments under non-cancelable leases as of January 29, 2023 were as follows (in thousands): (As Restated) 2024 $ 21,511 2025 26,759 2026 24,447 2027 22,083 2028 19,747 Thereafter 57,705 Total undiscounted future minimum lease payments 172,252 Less: imputed interest (25,686) Total present value of lease obligations 146,566 Less: current operating lease liability (13,075) Operating lease liability- long term $ 133,491

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Jan. 29, 2023
Segment Reporting [Abstract]
Schedule of operating segments	The Company’s sales by product which are considered one segment are as follows: 2023 2022 2021 (As Restated) Sactionals $ 584,449 $ 436,588 $ 271,018 Sacs 55,145 52,478 44,975 Other 11,585 9,173 4,745 Total net sales $ 651,179 $ 498,239 $ 320,738

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Jan. 29, 2023
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The net impact of the restatement on our quarterly financial data for 2023 is summarized as follows: For the Thirteen Weeks Ended January 29, 2023 October 30, 2022 July 31, 2022 May 1, 2022 (in thousands) As Previously Reported As Restated As Previously Reported As Restated As Previously Reported As Restated As Previously Reported As Restated Net sales $ 238,847 $ 238,481 $ 134,784 $ 134,784 $ 148,534 $ 148,534 $ 129,380 $ 129,380 Gross profit 135,220 133,674 63,572 64,904 80,926 79,099 66,108 65,974 Operating income (loss) 38,071 36,477 (11,595) (10,125) 9,896 8,120 2,645 2,494 Net income (loss) 27,644 26,215 (8,419) (7,362) 7,122 5,849 1,895 1,786 As of January 29, 2023 October 30, 2022 July 31, 2022 May 1, 2022 (in thousands) As Previously Reported As Restated As Previously Reported As Restated As Previously Reported As Restated As Previously Reported As Restated Total current assets $ 194,041 $ 187,715 $ 215,537 $ 209,264 $ 209,259 $ 203,491 $ 210,185 $ 206,214 Total non-current assets 224,013 220,911 191,859 191,787 164,655 165,422 156,391 157,381 Total assets 418,054 408,626 407,396 401,051 373,914 368,913 366,576 363,595 Total current liabilities 88,839 82,041 118,997 111,389 98,059 92,852 103,859 99,399 Total non-current liabilities 135,955 133,491 130,229 130,229 109,864 109,864 103,480 103,480 Total liabilities 224,794 215,532 249,226 241,618 207,923 202,716 207,339 202,879 Total equity 193,260 193,094 158,170 159,433 165,991 166,197 159,237 160,716 The net impact of the restatement on our quarterly and year-to-date unaudited condensed financial statements as of and for the thirteen weeks and thirty-nine weeks ended October 30, 2022, as of and for the thirteen and twenty-six weeks ended July 31, 2023 and as of and for the thirteen weeks ended May 1, 2022 is summarized as follows: THE LOVESAC COMPANY CONDENSED BALANCE SHEET (unaudited) October 30, 2022 (amounts in thousands, except share and per share amounts) As Previously Reported Corrections Reference As Restated Assets Current Assets Cash and cash equivalents $ 3,832 $ — $ 3,832 Trade accounts receivable 15,357 — 15,357 Merchandise inventories, net 154,481 — 154,481 Prepaid expenses and other current assets 41,867 (6,273) (a)(b)(e)(f) 35,594 Total Current Assets 215,537 (6,273) 209,264 Property and equipment, net 47,477 — 47,477 Operating lease right-of-use assets 133,075 (1,100) (b) 131,975 Other Assets Goodwill 144 — 144 Intangible assets, net 1,395 — 1,395 Deferred financing costs, net 73 — 73 Deferred tax asset 9,695 (12) (f) 9,683 Other assets — 1,040 (e) 1,040 Total Other Assets 11,307 1,028 12,335 Total Assets $ 407,396 $ (6,345) $ 401,051 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 47,267 $ — $ 47,267 Accrued expenses 33,126 1,533 (a)(f) 34,659 Payroll payable 7,199 — 7,199 Customer deposits 5,861 — 5,861 Current operating lease liabilities 20,774 (9,141) (b)(e) 11,633 Sales taxes payable 4,770 — 4,770 Total Current Liabilities 118,997 (7,608) 111,389 Operating Lease Liability, long-term 130,229 — 130,229 Line of Credit — — — Total Liabilities 249,226 (7,608) 241,618 Stockholders’ Equity Preferred Stock $0.00001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of October 30, 2022 — — — Common Stock $0.00001 par value, 40,000,000 shares authorized, 15,192,134 shares issued and outstanding as of October 30, 2022 — — — Additional paid-in capital 175,108 — 175,108 Accumulated (deficit) earnings (16,938) 1,263 (a)(b)(f) (15,675) Stockholders' Equity 158,170 1,263 159,433 Total Liabilities and Stockholders' Equity $ 407,396 $ (6,345) $ 401,051 The description of each error is described in Note 2. 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 prepaid expenses and other current assets of $0.7 million, an increase to accrued expenses of $1.1 million, and an increase to accumulated deficit of $0.4 million at October 30, 2022. (b) Leases - The correction of these misstatements resulted in an decease to prepaid expenses and other current assets of less than $0.1 million, a decrease to operating lease right-of-use assets of $1.1 million, a decrease to current operating lease liabilities (e) Balance Sheet Reclassifications - The correction of these misstatements resulted in a decrease to prepaid expenses and other current assets of $6.9 million, a decrease to current operating lease liabilities (f) Income Taxes - The tax impact of all misstatements resulted in an increase to prepaid expenses and other current assets of less than $0.1 million, a decrease to deferred tax asset of less than $0.1 million, an increase to accrued expenses of $0.4 million, and an increase to accumulated deficit of $0.4 million at October 30, 2022.

Basis of Presentation, and Su_3

Basis of Presentation, and Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Jan. 29, 2023 USD ($) showroom shares	Jan. 30, 2022 USD ($) shares	Jan. 31, 2021 USD ($) shares
Operations and Significant Accounting Policies (Details) [Line Items]
Number of showrooms | showroom	195
Shipping and handling costs	$ 159,700,000	$ 112,700,000	$ 63,100,000
Accrued expenses	4,500,000	2,000,000
Sales return	1,000,000	400,000
Customer deposit liabilities	6,800,000	13,300,000
Revenue recognized from customer deposits	13,300,000	6,000,000
Inventory exchanged for media credits	21,300,000	3,500,000
Unused media credits	25,200,000	3,400,000
Bad debt write-offs	400,000	400,000	800,000
Goodwill impairment	0	0	0
Intangible asset impairment	0	0	0
Impairment of long-lived assets	$ 0	554,000	245,000
Product warranty period	3 years
Warranty expense	$ 700,000	500,000	700,000
Warranty reserve	$ 700,000	700,000
Contributions plan, percentage	100%
Defined contribution plan, cost	$ 1,300,000	800,000	500,000
Advertising expenses	$ 79,900,000	$ 65,100,000	$ 41,900,000
Restricted stock units
Operations and Significant Accounting Policies (Details) [Line Items]
Unvested outstanding (in shares) | shares			655,558
Warrants Activity
Operations and Significant Accounting Policies (Details) [Line Items]
Unvested outstanding warrants (in shares) | shares			293,973
2017 Equity Incentive Plan
Operations and Significant Accounting Policies (Details) [Line Items]
Granted term	10 years
2017 Equity Incentive Plan | Minimum
Operations and Significant Accounting Policies (Details) [Line Items]
Granted shares, vesting term	3 years
2017 Equity Incentive Plan | Maximum
Operations and Significant Accounting Policies (Details) [Line Items]
Granted shares, vesting term	4 years
Patents
Operations and Significant Accounting Policies (Details) [Line Items]
Weighted-Average Remaining Life (in years)	10 years
Trademarks
Operations and Significant Accounting Policies (Details) [Line Items]
Weighted-Average Remaining Life (in years)	3 years
Other intangibles
Operations and Significant Accounting Policies (Details) [Line Items]
Weighted-Average Remaining Life (in years)	5 years
Restricted stock units
Operations and Significant Accounting Policies (Details) [Line Items]
Potentially dilutive shares (in shares) | shares	640,256	533,333
Stock options
Operations and Significant Accounting Policies (Details) [Line Items]
Potentially dilutive shares (in shares) | shares		495,366	495,366
Warrants
Operations and Significant Accounting Policies (Details) [Line Items]
Potentially dilutive shares (in shares) | shares		281,750
Wholesale Receivables | Customer Concentration Risk | Two Customers
Operations and Significant Accounting Policies (Details) [Line Items]
Concentration risk	100%
Foreign Countries (less than) | Revenue Benchmark | Geographic Concentration Risk
Operations and Significant Accounting Policies (Details) [Line Items]
Concentration risk	1%	1%	1%

Basis of Presentation, and Su_4

Basis of Presentation, and Summary of Significant Accounting Policies (Details) - Disaggregation of revenue - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 651,179	$ 498,239	$ 320,738
Showrooms
Disaggregation of Revenue [Line Items]
Total net sales	398,184	298,989	146,150
Internet
Disaggregation of Revenue [Line Items]
Total net sales	176,519	150,622	151,065
Other
Disaggregation of Revenue [Line Items]
Total net sales	$ 76,476	$ 48,628	$ 23,523

Basis of Presentation, and Su_5

Basis of Presentation, and Summary of Significant Accounting Policies (Details) - Schedule of accounts receivable - USD ($) $ in Thousands	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jan. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Credit card receivables	$ 4,703				$ 3,186
Wholesale receivables	4,400				5,361
Trade accounts receivable	$ 9,103	$ 15,357	$ 8,970	$ 6,413	$ 8,547

Restatement and Other Correct_3

Restatement and Other Corrections of Previously Issued Consolidated Financial Statements - Additional Details (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jul. 31, 2022	Oct. 30, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold	$ 69,880	$ 69,435	$ 63,406	$ 132,841	$ 202,721	$ 307,528	$ 224,707	$ 145,966
Income tax expense	(2,832)	2,274	673	2,947	115	10,361	(7,089)	$ 86
Deferred tax asset	9,683	7,408	9,229	7,408	9,683	8,677	9,721
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold	(1,332)	1,827	134	1,961	629	1,809	(187)
Income tax expense	413	(503)	(42)	(545)	(132)	(297)	549
Deferred tax asset	$ (12)	$ 310	$ (84)	$ 310	$ (12)	(743)	(115)
Shipping and Handling | Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold						2,200
Income tax expense						$ 300	$ 500

Restatement and Other Correct_4

Restatement and Other Corrections of Previously Issued Consolidated Financial Statements - Schedule of Impacts on Previously Issued Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jul. 31, 2022	Oct. 30, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	$ 238,481	$ 134,784	$ 148,534	$ 129,380	$ 277,914	$ 412,698	$ 651,179	$ 498,239	$ 320,738
Gross profit	133,674	64,904	79,099	65,974	145,073	209,977	343,651	273,532	174,772
Operating income (loss)	36,477	(10,125)	8,120	2,494	10,614	489	36,966	40,578	14,880
Net income	26,215	(7,362)	5,849	1,786	7,635	273	26,488	47,488	$ 14,727
Total current assets	187,715	209,264	203,491	206,214	203,491	209,264	187,715	221,731
Total non-current assets	220,911	191,787	165,422	157,381	165,422	191,787	220,911	147,353
Total assets	408,626	401,051	368,913	363,595	368,913	401,051	408,626	369,084
Total current liabilities	82,041	111,389	92,852	99,399	92,852	111,389	82,041	114,696
Total non-current liabilities	133,491	130,229	109,864	103,480	109,864	130,229	133,491	96,574
Total liabilities	215,532	241,618	202,716	202,879	202,716	241,618	215,532	211,270
Total equity	193,094	159,433	166,197	160,716	166,197	159,433	193,094	157,814
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	238,847	134,784	148,534	129,380	277,914	412,698	651,545	498,239
Gross profit	135,220	63,572	80,926	66,108	147,034	210,606	345,826	273,345
Operating income (loss)	38,071	(11,595)	9,896	2,645	12,541	946	39,017	38,441
Net income	27,644	(8,419)	7,122	1,895	9,017	598	28,242	45,900
Total current assets	194,041	215,537	209,259	210,185	209,259	215,537	194,041	225,158
Total non-current assets	224,013	191,859	164,655	156,391	164,655	191,859	224,013	146,421
Total assets	418,054	407,396	373,914	366,576	373,914	407,396	418,054	371,579
Total current liabilities	88,839	118,997	98,059	103,859	98,059	118,997	88,839	118,779
Total non-current liabilities	135,955	130,229	109,864	103,480	109,864	130,229	135,955	96,574
Total liabilities	224,794	249,226	207,923	207,339	207,923	249,226	224,794	215,353
Total equity	$ 193,260	$ 158,170	$ 165,991	$ 159,237	$ 165,991	$ 158,170	$ 193,260	$ 156,226

Restatement and Other Correct_5

Restatement and Other Corrections of Previously Issued Consolidated Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jan. 30, 2022
Current Assets
Trade accounts receivable	$ (9,103)	$ (15,357)	$ (8,970)	$ (6,413)	$ (8,547)
Merchandise inventories, net	(119,627)	(154,481)	(145,692)	(123,008)	(108,493)
Prepaid expenses and other current assets	(15,452)	(35,594)	(31,177)	(12,413)	(12,299)
Total Current Assets	187,715	209,264	203,491	206,214	221,731
Operating lease right-of-use assets	(135,411)	(131,975)	(113,223)	(107,930)	(100,891)
Other Assets
Deferred tax asset	(8,677)	(9,683)	(7,408)	(9,229)	(9,721)
Other assets	22,364	1,040	1,057	1,074	1,047
Total Other Assets	32,596	12,335	10,150	11,996	12,325
Total Assets	408,626	401,051	368,913	363,595	369,084
Current Liabilities
Accrued expenses	(25,417)	(34,659)	(30,773)	(39,925)	(40,859)
Current operating lease liabilities	(13,075)	(11,633)	(11,906)	(12,576)	(11,937)
Total Current Liabilities	82,041	111,389	92,852	99,399	114,696
Operating Lease Liabilities, long term	(133,491)	(130,229)	(109,864)	(103,480)	(96,574)
Total Liabilities	215,532	241,618	202,716	202,879	211,270
Stockholders’ Equity
Accumulated earnings (deficit)	(10,540)	15,675	8,313	14,162	15,948
Stockholders’ Equity	193,094	159,433	166,197	160,716	157,814
Total Liabilities and Stockholders’ Equity	$ 408,626	$ 401,051	$ 368,913	$ 363,595	$ 369,084
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current operating lease liabilities	Current operating lease liabilities	Current operating lease liabilities	Current operating lease liabilities	Current operating lease liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease right-of-use assets
Previously Reported
Current Assets
Trade accounts receivable	$ (9,469)	$ (15,357)	$ (8,970)	$ (6,413)
Merchandise inventories, net	(119,962)	(154,481)	(146,626)	(123,008)
Prepaid expenses and other current assets	(21,077)	(41,867)	(36,011)	(16,384)	$ (15,726)
Total Current Assets	194,041	215,537	209,259	210,185	225,158
Operating lease right-of-use assets	(138,271)	(133,075)	(113,823)	(107,930)
Other Assets
Deferred tax asset	(9,420)	(9,695)	(7,098)	(9,313)	(9,836)
Other assets	21,863	0	0	0	0
Total Other Assets	32,838	11,307	8,783	11,006	11,393
Total Assets	418,054	407,396	373,914	366,576	371,579
Current Liabilities
Accrued expenses	(23,392)	(33,126)	(29,372)	(39,431)	(40,497)
Current operating lease liabilities	(21,898)	(20,774)	(18,514)	(17,530)	(16,382)
Total Current Liabilities	88,839	118,997	98,059	103,859	118,779
Operating Lease Liabilities, long term	(135,955)	(130,229)	(109,864)	(103,480)
Total Liabilities	224,794	249,226	207,923	207,339	215,353
Stockholders’ Equity
Accumulated earnings (deficit)	(10,706)	16,938	8,519	15,641	17,536
Stockholders’ Equity	193,260	158,170	165,991	159,237	156,226
Total Liabilities and Stockholders’ Equity	418,054	407,396	373,914	366,576	371,579
Revision of Prior Period, Error Correction, Adjustment
Current Assets
Trade accounts receivable	366	0	0	0
Merchandise inventories, net	335	0	934	0
Prepaid expenses and other current assets	5,625	6,273	4,834	3,971	3,427
Total Current Assets	(6,326)	(6,273)	(5,768)	(3,971)	(3,427)
Operating lease right-of-use assets	2,860	1,100	600	0
Other Assets
Deferred tax asset	743	12	(310)	84	115
Other assets	501	1,040	1,057	1,074	1,047
Total Other Assets	(242)	1,028	1,367	990	932
Total Assets	(9,428)	(6,345)	(5,001)	(2,981)	(2,495)
Current Liabilities
Accrued expenses	(2,025)	(1,533)	(1,401)	(494)	(362)
Current operating lease liabilities	8,823	9,141	6,608	4,954	4,445
Total Current Liabilities	(6,798)	(7,608)	(5,207)	(4,460)	(4,083)
Operating Lease Liabilities, long term	2,464	0	0	0
Total Liabilities	(9,262)	(7,608)	(5,207)	(4,460)	(4,083)
Stockholders’ Equity
Accumulated earnings (deficit)	166	(1,263)	(206)	(1,479)	(1,588)
Stockholders’ Equity	(166)	1,263	206	1,479	1,588
Total Liabilities and Stockholders’ Equity	(9,428)	(6,345)	(5,001)	(2,981)	(2,495)
Revision of Prior Period, Error Correction, Adjustment | Retail Related Inventory, Merchandise
Current Assets
Merchandise inventories, net	300
Current Liabilities
Accrued expenses	(300)
Revision of Prior Period, Error Correction, Adjustment | Receivables, Net, Current
Current Assets
Trade accounts receivable	400
Stockholders’ Equity
Accumulated earnings (deficit)	(400)
Revision of Prior Period, Error Correction, Adjustment | Deferred Income Tax Asset, Net
Current Assets
Prepaid expenses and other current assets	(100)	(100)	(100)	(100)	(100)
Other Assets
Deferred tax asset	700	(100)	(300)	(100)	100
Current Liabilities
Accrued expenses	500	(400)	(300)	(400)	(500)
Stockholders’ Equity
Accumulated earnings (deficit)	(200)	(400)	(100)	(500)	500
Revision of Prior Period, Error Correction, Adjustment | Last Mile Freight | Retail Related Inventory, Merchandise
Current Assets
Prepaid expenses and other current assets	(1,000)				(100)
Current Liabilities
Accrued expenses	(2,300)				100
Stockholders’ Equity
Accumulated earnings (deficit)	(1,300)				(200)
Revision of Prior Period, Error Correction, Adjustment, Leases
Current Assets
Operating lease right-of-use assets	2,900	1,100	600
Current Liabilities
Current operating lease liabilities	2,700	3,300	2,600	1,700	1,700
Operating Lease Liabilities, long term	2,500
Revision of Prior Period, Error Correction, Adjustment, Leases | Operating Lease, Right Of Use Asset
Current Assets
Prepaid expenses and other current assets	(100)	(100)	(100)	(300)	(300)
Stockholders’ Equity
Accumulated earnings (deficit)	2,100	(2,200)	(2,000)	(2,000)	(2,000)
Revision of Prior Period, Error Correction, Adjustment, Leases | Accrued Liabilities
Current Liabilities
Accrued expenses	(200)
Revision of Prior Period, Error Correction, Adjustment, Balance Sheet Reclassification
Current Liabilities
Current operating lease liabilities	(6,200)	(5,900)	(4,000)	(3,300)	(2,800)
Revision of Prior Period, Error Correction, Adjustment, Balance Sheet Reclassification | Other Assets
Current Assets
Prepaid expenses and other current assets	6,700	(6,900)	(5,100)	(4,400)	3,800
Other Assets
Other assets	$ 500	$ 1,000	$ 1,100	$ 1,100	$ 1,000

Restatement and Other Correct_6

Restatement and Other Corrections of Previously Issued Consolidated Financial Statements - Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jul. 31, 2022	Oct. 30, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	$ (238,481)	$ (134,784)	$ (148,534)	$ (129,380)	$ (277,914)	$ (412,698)	$ (651,179)	$ (498,239)	$ (320,738)
Cost of merchandise sold		69,880	69,435	63,406	132,841	202,721	307,528	224,707	145,966
Gross profit	133,674	64,904	79,099	65,974	145,073	209,977	343,651	273,532	174,772
Operating expenses
Selling, general and administration expenses		(53,520)	(48,815)	(44,918)	(93,733)	(147,253)	(215,979)	(160,017)	(111,354)
Total operating expenses		75,029	70,979	63,480	134,459	209,488	306,685	232,954	159,892
Operating income	36,477	(10,125)	8,120	2,494	10,614	489	36,966	40,578	14,880
Net income before taxes		(10,194)	8,123	2,459	10,582	388	36,849	40,399	14,813
(Provision for) benefit from income taxes		2,832	(2,274)	(673)	(2,947)	(115)	(10,361)	7,089	(86)
Net income	26,215	$ (7,362)	$ 5,849	$ 1,786	$ 7,635	$ 273	$ 26,488	$ 47,488	$ 14,727
Net income per common share:
Basic (in dollars per share)		$ (0.48)	$ 0.38	$ 0.12	$ 0.50	$ 0.02	$ 1.74	$ 3.14	$ 1.01
Diluted (in dollars per share)		$ (0.48)	$ 0.37	$ 0.11	$ 0.48	$ 0.02	$ 1.66	$ 2.96	$ 0.96
Cost, Product and Service [Extensible Enumeration]		Cost of merchandise sold	Cost of merchandise sold	Cost of merchandise sold	Cost of merchandise sold	Cost of merchandise sold		Cost of merchandise sold
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	(238,847)	$ (134,784)	$ (148,534)	$ (129,380)	$ (277,914)	$ (412,698)	$ (651,545)	$ (498,239)
Cost of merchandise sold		71,212	67,608	63,272	130,880	202,092	305,719	224,894
Gross profit	135,220	63,572	80,926	66,108	147,034	210,606	345,826	273,345
Operating expenses
Selling, general and administration expenses		(53,658)	(48,866)	(44,901)	(93,767)	(147,425)	(216,103)	(161,967)
Total operating expenses		75,167	71,030	63,463	134,493	209,660	306,809	234,904
Operating income	38,071	(11,595)	9,896	2,645	12,541	946	39,017	38,441
Net income before taxes		(11,664)	9,899	2,610	12,509	845	38,900	38,262
(Provision for) benefit from income taxes		3,245	(2,777)	(715)	(3,492)	(247)	(10,658)	7,638
Net income	$ 27,644	$ (8,419)	$ 7,122	$ 1,895	$ 9,017	$ 598	$ 28,242	$ 45,900
Net income per common share:
Basic (in dollars per share)		$ (0.55)	$ 0.47	$ 0.13	$ 0.59	$ 0.04	$ 1.86	$ 3.04
Diluted (in dollars per share)		$ (0.55)	$ 0.45	$ 0.12	$ 0.56	$ 0.04	$ 1.77	$ 2.86
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales		$ 0	$ 0	$ 0	$ 0	$ 0	$ 366
Cost of merchandise sold		(1,332)	1,827	134	1,961	629	1,809	$ (187)
Gross profit		1,332	(1,827)	(134)	(1,961)	(629)	(2,175)	187
Operating expenses
Selling, general and administration expenses		138	51	(17)	34	172	124	1,950
Total operating expenses		(138)	(51)	17	(34)	(172)	(124)	(1,950)
Operating income		1,470	(1,776)	(151)	(1,927)	(457)	(2,051)	2,137
Net income before taxes		1,470	(1,776)	(151)	(1,927)	(457)	(2,051)	2,137
(Provision for) benefit from income taxes		(413)	503	42	545	132	297	(549)
Net income		$ 1,057	$ (1,273)	$ (109)	$ (1,382)	$ (325)	$ (1,754)	$ 1,588
Net income per common share:
Basic (in dollars per share)		$ 0.07	$ (0.09)	$ (0.01)	$ (0.09)	$ (0.02)	$ (0.12)	$ 0.10
Diluted (in dollars per share)		$ 0.07	$ (0.08)	$ (0.01)	$ (0.08)	$ (0.02)	$ (0.11)	$ 0.10
Revision of Prior Period, Error Correction, Adjustment | Cost of Goods and Services Sold
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold		$ (400)	$ 900	$ 100	$ 1,000	$ 600	$ 300	$ (200)
Revision of Prior Period, Error Correction, Adjustment | Selling, General and Administrative Expenses
Operating expenses
Selling, general and administration expenses		(100)	(100)	(100)	(100)	$ (200)	(100)	2,000
Revision of Prior Period, Error Correction, Adjustment | Revenues
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales							(400)
Revision of Prior Period, Error Correction, Adjustment | Income Tax Expense (Benefit)
Operating expenses
(Provision for) benefit from income taxes		$ (400)	$ (500)	$ (100)	$ (500)		300	500
Revision of Prior Period, Error Correction, Adjustment | Shipping and Handling
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold							2,200
Operating expenses
(Provision for) benefit from income taxes							(300)	$ (500)
Revision of Prior Period, Error Correction, Adjustment | Shipping and Handling | Cost of Goods and Services Sold
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold							$ (1,500)

Restatement and Other Correct_7

Restatement and Other Corrections of Previously Issued Consolidated Financial Statements - Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance	$ 166,197	$ 160,716	$ 157,814	$ 157,814	$ 107,946	$ 90,155
Net income (loss)	(7,362)	5,849	1,786	26,488	47,488	14,727
Balance	$ 159,433	$ 166,197	$ 160,716	$ 193,094	$ 157,814	$ 107,946
Common Shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance (in shares)	15,183,277	15,125,042	15,123,338	15,123,338	15,011,556	14,472,611
Balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares)	15,192,134	15,183,277	15,125,042	15,195,698	15,123,338	15,011,556
Balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Additional Paid-in Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance	174,510	174,878	173,762	173,762	171,382	168,318
Balance	175,108	174,510	174,878	182,554	173,762	171,382
Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance	(8,313)	(14,162)	(15,948)	(15,948)	(63,436)	(78,163)
Net income (loss)	(7,362)	5,849	1,786	26,488	47,488	14,727
Balance	(15,675)	(8,313)	(14,162)	10,540	(15,948)	(63,436)
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance	165,991	159,237	156,226	156,226	107,946
Net income (loss)	(8,419)	7,122	1,895	28,242	45,900
Balance	$ 158,170	$ 165,991	$ 159,237	$ 193,260	$ 156,226	$ 107,946
Previously Reported | Common Shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance (in shares)	15,183,277	15,125,042	15,123,338	15,123,338	15,011,556
Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares)	15,192,134	15,183,277	15,125,042	15,195,698	15,123,338	15,011,556
Balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Previously Reported | Additional Paid-in Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance	174,510	174,878	173,762	173,762	171,382
Balance	175,108	174,510	174,878	182,554	173,762	171,382
Previously Reported | Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance	(8,519)	(15,641)	(17,536)	(17,536)	(63,436)
Net income (loss)	(8,419)	7,122	1,895	28,242	45,900
Balance	(16,938)	(8,519)	(15,641)	10,706	(17,536)	(63,436)
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance	206	1,479	1,588	1,588	0
Net income (loss)	1,057	(1,273)	(109)	(1,754)	1,588
Balance	$ 1,263	$ 206	$ 1,479	$ (166)	$ 1,588	$ 0
Revision of Prior Period, Error Correction, Adjustment | Common Shares
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance (in shares)	0	0	0	0	0
Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares)	0	0	0	0	0	0
Balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Revision of Prior Period, Error Correction, Adjustment | Additional Paid-in Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance	0	0	0	0	0
Balance	0	0	0	0	0	0
Revision of Prior Period, Error Correction, Adjustment | Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance	206	1,479	1,588	1,588	0
Net income (loss)	1,057	(1,273)	(109)	(1,754)	1,588
Balance	$ 1,263	$ 206	$ 1,479	$ (166)	$ 1,588	$ 0

Restatement and Other Correct_8

Restatement and Other Corrections of Previously Issued Consolidated Financial Statements - Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jul. 31, 2022	Oct. 30, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	$ 26,215	$ (7,362)	$ 5,849	$ 1,786	$ 7,635	$ 273	$ 26,488	$ 47,488	$ 14,727
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Deferred income taxes				492	2,313	38	1,044	(9,721)	0
Changes in operating assets and liabilities:
Trade accounts receivable				2,134	(423)	(6,810)	(555)	(4,034)	2,675
Merchandise inventories				(14,515)	(37,199)	(45,988)	(11,135)	(56,819)	(14,017)
Prepaid expenses and other current assets				813	(16,510)	(17,701)	3,087	968	(2,060)
Other assets				(26)	(10)	7	(20,913)	(1,047)	0
Accounts payable and accrued expenses				(11,768)	(18,520)	1,208	(31,338)	38,187	19,584
Operating lease liabilities				(4,571)	(10,064)	(16,823)	(22,263)	(18,845)	0
Net Cash (Used in) Provided by Operating Activities				(23,327)	(62,890)	(68,386)	(21,375)	32,648	40,521
Cash Flows from Investing Activities
Purchase of property and equipment				(4,450)	(9,965)	(18,115)	(25,242)	(14,615)	(8,374)
Payments for patents and trademarks				(27)	(160)	(200)	(307)	(503)	(678)
Net Cash Used in Investing Activities				(4,477)	(10,125)	(18,315)	(25,549)	(15,118)	(9,052)
Cash Flows from Financing Activities
Net Cash Used in Financing Activities				(208)	(1,725)	(1,859)	(1,935)	(3,479)	(1,667)
Net Change in Cash and Cash Equivalents				(28,012)	(74,740)	(88,560)	(48,859)	14,051	29,802
Cash and Cash Equivalents - Beginning	3,832	17,652	64,380	92,392	92,392	92,392	92,392	78,341	48,539
Cash and Cash Equivalents - End	43,533	3,832	17,652	64,380	17,652	3,832	43,533	92,392	78,341
Non-cash investing activities:
Asset acquisitions not yet paid for at end of year				1,541	3,536	3,244	4,103	1,370	0
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	27,644	(8,419)	7,122	1,895	9,017	598	28,242	45,900
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Deferred income taxes				523	2,738	141	416	(9,836)
Changes in operating assets and liabilities:
Trade accounts receivable				2,134	(423)	(6,810)	(921)
Merchandise inventories				(14,515)	(38,133)	(45,988)	(11,470)
Prepaid expenses and other current assets				270	(17,916)	(20,547)	890	(2,459)
Other assets				0	0	0	(21,459)	0
Accounts payable and accrued expenses				(10,359)	(16,024)	3,281	(33,002)	39,195
Operating lease liabilities				(4,062)	(8,501)	(13,227)	(18,281)	(14,400)
Net Cash (Used in) Provided by Operating Activities				(21,786)	(59,354)	(65,142)	(21,375)	34,018
Cash Flows from Investing Activities
Purchase of property and equipment				(5,893)	(13,461)	(21,292)		(15,887)
Payments for patents and trademarks				(125)	(200)	(267)		(601)
Net Cash Used in Investing Activities				(6,018)	(13,661)	(21,559)	(25,549)	(16,488)
Cash Flows from Financing Activities
Net Cash Used in Financing Activities				(208)	(1,725)	(1,859)	(1,935)	(3,479)
Net Change in Cash and Cash Equivalents				(28,012)	(74,740)	(88,560)	(48,859)	14,051
Cash and Cash Equivalents - Beginning	3,832	17,652	64,380	92,392	92,392	92,392	92,392	78,341
Cash and Cash Equivalents - End	43,533	3,832	17,652	64,380	17,652	3,832	43,533	92,392	78,341
Non-cash investing activities:
Asset acquisitions not yet paid for at end of year				0	0	0		0
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		1,057	(1,273)	(109)	(1,382)	(325)	(1,754)	1,588
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Deferred income taxes				(31)	(425)	(103)	628	115
Changes in operating assets and liabilities:
Trade accounts receivable				0	0	0	366
Merchandise inventories				0	934	0	335
Prepaid expenses and other current assets				543	1,406	2,846	2,197	3,427
Other assets				(26)	(10)	7	546	(1,047)
Accounts payable and accrued expenses				(1,409)	(2,496)	(2,073)	1,664	(1,008)
Operating lease liabilities				(509)	(1,563)	(3,596)	(3,982)	(4,445)
Net Cash (Used in) Provided by Operating Activities				(1,541)	(3,536)	(3,244)	0	(1,370)
Cash Flows from Investing Activities
Purchase of property and equipment				1,443	3,496	3,177		1,272
Payments for patents and trademarks				98	40	67		98
Net Cash Used in Investing Activities				1,541	3,536	3,244	0	1,370
Cash Flows from Financing Activities
Net Cash Used in Financing Activities				0	0	0	0	0
Net Change in Cash and Cash Equivalents				0	0	0	0	0
Cash and Cash Equivalents - Beginning	0	0	0	0	0	0	0	0
Cash and Cash Equivalents - End	$ 0	$ 0	$ 0	0	0	0	$ 0	0	$ 0
Non-cash investing activities:
Asset acquisitions not yet paid for at end of year				$ 1,541	$ 3,536	$ 3,244		$ 1,370

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - Schedule of other prepaid and other current assets - USD ($) $ in Thousands	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jan. 30, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Barter credits	$ 3,770				$ 3,407
Rebate receivable	2,780				226
Prepaid insurance	2,009				1,667
Prepaid catalog costs and related	1,557				4,794
Prepaid taxes	1,000				0
Prepaid software licenses	945				790
Deposits	662				16
Prepaid rent	536				348
Prepaid inventory	49				475
Other	2,144				576
Total prepaid expenses and other current assets	$ 15,452	$ 35,594	$ 31,177	$ 12,413	$ 12,299

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jan. 30, 2022
Payables and Accruals [Abstract]
Accrued warehouse expenses	$ 5,625				$ 2,671
Customer return liability	4,483				2,026
Accrued professional fees	2,167				2,268
Accrued freight and shipping	4,432				23,594
Accrued occupancy	1,278				1,284
Accrued income taxes	687				1,458
Accrued insurance	1,026				973
Accrued credit card fees	770				542
Accrued advertising fees	739				4,150
Warranty liability	721				689
Other accrued expenses	3,489				1,204
Total accrued expenses	$ 25,417	$ 34,659	$ 30,773	$ 39,925	$ 40,859

Income Taxes - Schedule of fede

Income Taxes - Schedule of federal, state and local corporate income taxes (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jul. 31, 2022	Oct. 30, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Current taxes:
U.S. federal						$ 6,127	$ 412	$ 0
State and local						3,190	2,220	86
Total current tax expense						9,317	2,632	86
Deferred taxes:
U.S. federal						1,767	(7,222)	0
State and local						(723)	(2,499)	0
Total deferred tax expense (benefit)			$ 492	$ 2,313	$ 38	1,044	(9,721)	0
Total tax provision	$ (2,832)	$ 2,274	$ 673	$ 2,947	$ 115	$ 10,361	$ (7,089)	$ 86

Income Taxes - Schedule of effe

Income Taxes - Schedule of effective income tax rate reconciliation (Details)	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Income Tax Disclosure [Abstract]
Provision (benefit) at federal Statutory rates	21%	21%	21%
State tax, net of federal provision (benefit)	4.90%	4.90%	3.30%
Non-deductible executive compensation	1.80%	1.80%	0%
Permanent adjustments	0.20%	0%	0.10%
Equity-based compensation	0.10%	(4.40%)	(2.80%)
Federal true-ups	0.10%	(0.40%)	0.40%
Change in valuation allowance	0%	(40.40%)	(21.40%)
Income tax provision	28.10%	(17.50%)	0.60%

Income Taxes - Schedule of defe

Income Taxes - Schedule of deferred income taxes (Details) - USD ($) $ in Thousands	Jan. 29, 2023	Jan. 30, 2022
Deferred Income Tax Assets
Federal net operating loss carryforward	$ 0	$ 2,399
State net operating loss carryforward	440	1,399
Intangible assets	403	397
Accrued liabilities	2,952	3,242
Equity-based compensation	3,247	2,032
Merchandise inventories	724	689
Charitable Contributions	0	12
R&D Capitalization	1,920	0
Operating Lease Liabilities	39,488	28,702
Total Deferred Income Tax Assets	49,174	38,872
Deferred Income Tax Liabilities
Operating Lease Right of Use Asset	(35,484)	(26,726)
Property and equipment	(5,013)	(2,425)
Total Deferred Tax Liabilities	(40,497)	(29,151)
Net Deferred Income Tax Asset	$ 8,677	$ 9,721

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022
Income Tax Disclosure [Abstract]
Net operating loss carryforwards available for federal income tax		$ 11.4
State net operating loss carryforwards	$ 7.1	22.2
Increased (decreased) the valuation allowance	$ 7.7	$ (16.4)

Leases - Schedule of components

Leases - Schedule of components of lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022
Leases [Abstract]
Operating lease expense	$ 24,173	$ 18,902
Variable lease expense	16,082	10,489
Short term lease expense	721	336
Total lease expense	$ 40,976	$ 29,727

Leases - Schedule of lease term

Leases - Schedule of lease terms and rates (Details)	Jan. 29, 2023	Jan. 30, 2022
Leases [Abstract]
Weighted average remaining lease term, operating leases	7 years 4 months 24 days	6 years 3 months 14 days
Weighted average discount rate, operating leases	4.10%	3.44%

Leases (Details)

Leases (Details) - USD ($)	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Leases [Abstract]
Impairment charges	$ 0	$ 600,000	$ 0

Leases - Schedule of future min

Leases - Schedule of future minimum payments for operating leases (Details) - USD ($) $ in Thousands	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jan. 30, 2022
Leases [Abstract]
2024	$ 21,511
2025	26,759
2026	24,447
2027	22,083
2028	19,747
Thereafter	57,705
Total undiscounted future minimum lease payments	172,252
Less: imputed interest	(25,686)
Total present value of lease obligations	146,566
Current operating lease liabilities	(13,075)	$ (11,633)	$ (11,906)	$ (12,576)	$ (11,937)
Operating Lease Liabilities, long term	$ 133,491	$ 130,229	$ 109,864	$ 103,480	$ 96,574

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022
Leases [Abstract]
Cash paid for operating lease liabilities	$ 23,724	$ 14,400
Net additions to right-of-use assets obtained in exchange for lease obligations	$ 53,239	$ 116,048

Commitments, Contingencies an_2

Commitments, Contingencies and Related Parties - Narrative (Details) - USD ($)	12 Months Ended
	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Commitments, Contingencies and Related Parties (Details) [Line Items]
Inventory disposal		$ 600,000
Proceeds from insurance settlement		1,200,000
Gain on recovery of insurance proceeds - lost profit margin	$ 0	632,000	$ 0
Mistral Capital Management, LLC
Commitments, Contingencies and Related Parties (Details) [Line Items]
Management fees and expenses	0	0	400,000
Amounts payable to related parties	0	0	100,000
Satori Capital, LLC
Commitments, Contingencies and Related Parties (Details) [Line Items]
Management fees and expenses	0	0	100,000
Amounts payable to related parties	0	0	100,000
Blueport Commerce
Commitments, Contingencies and Related Parties (Details) [Line Items]
Amounts payable to related parties	0	0	0
Fees incurred sales transactions	$ 0	$ 0	2,100,000
Fee incurred, termination of contract			$ 700,000

Segment Information (Details)

Segment Information (Details)	12 Months Ended
	Jan. 29, 2023 segment
Segment Reporting [Abstract]
Number of reporting segments	1

Segment Information (Details) -

Segment Information (Details) - Schedule of operating segments - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jul. 31, 2022	Oct. 30, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 238,481	$ 134,784	$ 148,534	$ 129,380	$ 277,914	$ 412,698	$ 651,179	$ 498,239	$ 320,738
Sactionals
Segment Reporting Information [Line Items]
Net sales							584,449	436,588	271,018
Sacs
Segment Reporting Information [Line Items]
Net sales							55,145	52,478	44,975
Other
Segment Reporting Information [Line Items]
Net sales							$ 11,585	$ 9,173	$ 4,745

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jul. 31, 2022	Oct. 30, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	$ 238,481	$ 134,784	$ 148,534	$ 129,380	$ 277,914	$ 412,698	$ 651,179	$ 498,239	$ 320,738
Gross profit	133,674	64,904	79,099	65,974	145,073	209,977	343,651	273,532	174,772
Operating income (loss)	36,477	(10,125)	8,120	2,494	10,614	489	36,966	40,578	14,880
Net income	26,215	(7,362)	5,849	1,786	7,635	273	26,488	47,488	$ 14,727
Total current assets	187,715	209,264	203,491	206,214	203,491	209,264	187,715	221,731
Total non-current assets	220,911	191,787	165,422	157,381	165,422	191,787	220,911	147,353
Total assets	408,626	401,051	368,913	363,595	368,913	401,051	408,626	369,084
Total current liabilities	82,041	111,389	92,852	99,399	92,852	111,389	82,041	114,696
Total non-current liabilities	133,491	130,229	109,864	103,480	109,864	130,229	133,491	96,574
Total liabilities	215,532	241,618	202,716	202,879	202,716	241,618	215,532	211,270
Total equity	193,094	159,433	166,197	160,716	166,197	159,433	193,094	157,814
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	238,847	134,784	148,534	129,380	277,914	412,698	651,545	498,239
Gross profit	135,220	63,572	80,926	66,108	147,034	210,606	345,826	273,345
Operating income (loss)	38,071	(11,595)	9,896	2,645	12,541	946	39,017	38,441
Net income	27,644	(8,419)	7,122	1,895	9,017	598	28,242	45,900
Total current assets	194,041	215,537	209,259	210,185	209,259	215,537	194,041	225,158
Total non-current assets	224,013	191,859	164,655	156,391	164,655	191,859	224,013	146,421
Total assets	418,054	407,396	373,914	366,576	373,914	407,396	418,054	371,579
Total current liabilities	88,839	118,997	98,059	103,859	98,059	118,997	88,839	118,779
Total non-current liabilities	135,955	130,229	109,864	103,480	109,864	130,229	135,955	96,574
Total liabilities	224,794	249,226	207,923	207,339	207,923	249,226	224,794	215,353
Total equity	$ 193,260	$ 158,170	$ 165,991	$ 159,237	$ 165,991	$ 158,170	$ 193,260	$ 156,226

Quarterly Financial Data (Una_4

Quarterly Financial Data (Unaudited) - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jan. 30, 2022
Current Assets
Cash and cash equivalents	$ 43,533	$ 3,832	$ 17,652	$ 64,380	$ 92,392
Trade accounts receivable	9,103	15,357	8,970	6,413	8,547
Merchandise inventories, net	(119,627)	(154,481)	(145,692)	(123,008)	(108,493)
Prepaid expenses and other current assets	15,452	35,594	31,177	12,413	12,299
Total current assets	187,715	209,264	203,491	206,214	221,731
Property and equipment, net	52,904	47,477	42,049	37,455	34,137
Operating lease right-of-use assets	(135,411)	(131,975)	(113,223)	(107,930)	(100,891)
Other Assets
Goodwill	144	144	144	144	144
Intangible assets, net	1,411	1,395	1,425	1,452	1,413
Deferred financing costs, net		73	116	97
Deferred tax asset	8,677	9,683	7,408	9,229	9,721
Other assets	22,364	1,040	1,057	1,074	1,047
Other Assets, Noncurrent	32,596	12,335	10,150	11,996	12,325
Total assets	408,626	401,051	368,913	363,595	369,084
Current Liabilities
Accounts payable	24,576	47,267	34,238	29,764	33,247
Accrued expenses	25,417	34,659	30,773	39,925	40,859
Payroll payable	6,783	7,199	5,056	5,188	9,978
Customer deposits	6,760	5,861	6,488	7,607	13,316
Current operating lease liabilities	(13,075)	(11,633)	(11,906)	(12,576)	(11,937)
Sales taxes payable	5,430	4,770	4,391	4,339	5,359
Total current liabilities	82,041	111,389	92,852	99,399	114,696
Operating Lease Liabilities, long term	133,491	130,229	109,864	103,480	96,574
Line of Credit	0	0	0	0	0
Total liabilities	215,532	241,618	202,716	202,879	211,270
Stockholders’ Equity
Preferred Stock, Value, Issued	0	0	0	0	0
Common Stock, Value, Issued	0	0	0	0	0
Additional paid-in capital	182,554	175,108	174,510	174,878	173,762
Accumulated earnings (deficit)	10,540	(15,675)	(8,313)	(14,162)	(15,948)
Total equity	193,094	159,433	166,197	160,716	157,814
Liabilities and Equity	$ 408,626	$ 401,051	$ 368,913	$ 363,595	$ 369,084
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0		0	0
Preferred stock, shares outstanding (in shares)	0	0	0	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000
Common stock, shares outstanding (in shares)	15,195,698	15,192,134	15,183,277	15,125,042	15,123,338
Common stock, shares issued (in shares)	15,195,698	15,192,134	15,183,277	15,125,042	15,123,338
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current operating lease liabilities	Current operating lease liabilities	Current operating lease liabilities	Current operating lease liabilities	Current operating lease liabilities
Previously Reported
Current Assets
Cash and cash equivalents		$ 3,832	$ 17,652	$ 64,380
Trade accounts receivable	$ 9,469	15,357	8,970	6,413
Merchandise inventories, net	(119,962)	(154,481)	(146,626)	(123,008)
Prepaid expenses and other current assets	21,077	41,867	36,011	16,384	$ 15,726
Total current assets	194,041	215,537	209,259	210,185	225,158
Property and equipment, net		47,477	42,049	37,455
Operating lease right-of-use assets	(138,271)	(133,075)	(113,823)	(107,930)
Other Assets
Goodwill		144	144	144
Intangible assets, net		1,395	1,425	1,452
Deferred financing costs, net		73	116	97
Deferred tax asset	9,420	9,695	7,098	9,313	9,836
Other assets	21,863	0	0	0	0
Other Assets, Noncurrent	32,838	11,307	8,783	11,006	11,393
Total assets	418,054	407,396	373,914	366,576	371,579
Current Liabilities
Accounts payable		47,267	34,238	29,764
Accrued expenses	23,392	33,126	29,372	39,431	40,497
Payroll payable		7,199	5,056	5,188
Customer deposits		5,861	6,488	7,607
Current operating lease liabilities	(21,898)	(20,774)	(18,514)	(17,530)	(16,382)
Sales taxes payable		4,770	4,391	4,339
Total current liabilities	88,839	118,997	98,059	103,859	118,779
Operating Lease Liabilities, long term	135,955	130,229	109,864	103,480
Line of Credit		0	0	0
Total liabilities	224,794	249,226	207,923	207,339	215,353
Stockholders’ Equity
Preferred Stock, Value, Issued		0	0	0
Common Stock, Value, Issued		0	0	0
Additional paid-in capital		175,108	174,510	174,878
Accumulated earnings (deficit)	10,706	(16,938)	(8,519)	(15,641)	(17,536)
Total equity	193,260	158,170	165,991	159,237	156,226
Liabilities and Equity	418,054	407,396	373,914	366,576	371,579
Revision of Prior Period, Error Correction, Adjustment
Current Assets
Cash and cash equivalents		0	0	0
Trade accounts receivable	(366)	0	0	0
Merchandise inventories, net	335	0	934	0
Prepaid expenses and other current assets	(5,625)	(6,273)	(4,834)	(3,971)	(3,427)
Total current assets	(6,326)	(6,273)	(5,768)	(3,971)	(3,427)
Property and equipment, net		0	0	0
Operating lease right-of-use assets	2,860	1,100	600	0
Other Assets
Goodwill		0	0	0
Intangible assets, net		0	0	0
Deferred financing costs, net		0	0	0
Deferred tax asset	(743)	(12)	310	(84)	(115)
Other assets	501	1,040	1,057	1,074	1,047
Other Assets, Noncurrent	(242)	1,028	1,367	990	932
Total assets	(9,428)	(6,345)	(5,001)	(2,981)	(2,495)
Current Liabilities
Accounts payable		0	0	0
Accrued expenses	2,025	1,533	1,401	494	362
Payroll payable		0	0	0
Customer deposits		0	0	0
Current operating lease liabilities	8,823	9,141	6,608	4,954	4,445
Sales taxes payable		0	0	0
Total current liabilities	(6,798)	(7,608)	(5,207)	(4,460)	(4,083)
Operating Lease Liabilities, long term	(2,464)	0	0	0
Line of Credit		0	0	0
Total liabilities	(9,262)	(7,608)	(5,207)	(4,460)	(4,083)
Stockholders’ Equity
Preferred Stock, Value, Issued		0	0	0
Common Stock, Value, Issued		0	0	0
Additional paid-in capital		0	0	0
Accumulated earnings (deficit)	(166)	1,263	206	1,479	1,588
Total equity	(166)	1,263	206	1,479	1,588
Liabilities and Equity	(9,428)	(6,345)	(5,001)	(2,981)	(2,495)
Revision of Prior Period, Error Correction, Adjustment | Deferred Income Tax Asset, Net
Current Assets
Prepaid expenses and other current assets	100	100	100	100	100
Other Assets
Deferred tax asset	(700)	100	300	100	(100)
Current Liabilities
Accrued expenses	(500)	400	300	400	500
Stockholders’ Equity
Accumulated earnings (deficit)	200	400	100	500	(500)
Revision of Prior Period, Error Correction, Adjustment | Retail Related Inventory, Merchandise
Current Assets
Merchandise inventories, net	300
Current Liabilities
Accrued expenses	300
Revision of Prior Period, Error Correction, Adjustment | Shipping and Handling | Prepaid Expenses and Other Current Assets
Current Assets
Prepaid expenses and other current assets		700		100
Current Liabilities
Accrued expenses		1,100		100
Stockholders’ Equity
Accumulated earnings (deficit)		400		100
Revision of Prior Period, Error Correction, Adjustment | Shipping and Handling | Retail Related Inventory, Merchandise
Current Assets
Prepaid expenses and other current assets			200
Current Liabilities
Accrued expenses			1,000
Stockholders’ Equity
Accumulated earnings (deficit)			800
Revision of Prior Period, Error Correction, Adjustment | Supplier Rebates
Current Assets
Merchandise inventories, net			900
Stockholders’ Equity
Accumulated earnings (deficit)			900
Revision of Prior Period, Error Correction, Adjustment, Leases
Current Assets
Operating lease right-of-use assets	2,900	1,100	600
Current Liabilities
Current operating lease liabilities	2,700	3,300	2,600	1,700	1,700
Operating Lease Liabilities, long term	(2,500)
Revision of Prior Period, Error Correction, Adjustment, Leases | Operating Lease, Right Of Use Asset
Current Assets
Prepaid expenses and other current assets	100	100	100	300	300
Stockholders’ Equity
Accumulated earnings (deficit)	(2,100)	2,200	2,000	2,000	2,000
Revision of Prior Period, Error Correction, Adjustment, Balance Sheet Reclassification
Current Liabilities
Current operating lease liabilities	(6,200)	(5,900)	(4,000)	(3,300)	(2,800)
Revision of Prior Period, Error Correction, Adjustment, Balance Sheet Reclassification | Other Assets
Current Assets
Prepaid expenses and other current assets	(6,700)	6,900	5,100	4,400	(3,800)
Other Assets
Other assets	$ 500	$ 1,000	$ 1,100	$ 1,100	$ 1,000

Quarterly Financial Data (Una_5

Quarterly Financial Data (Unaudited) - Condensed Statement Of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jul. 31, 2022	Oct. 30, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	$ 238,481	$ 134,784	$ 148,534	$ 129,380	$ 277,914	$ 412,698	$ 651,179	$ 498,239	$ 320,738
Cost of merchandise sold		(69,880)	(69,435)	(63,406)	(132,841)	(202,721)	(307,528)	(224,707)	(145,966)
Gross profit	133,674	64,904	79,099	65,974	145,073	209,977	343,651	273,532	174,772
Selling, general and administration expenses		53,520	48,815	44,918	93,733	147,253	215,979	160,017	111,354
Advertising and marketing		19,050	19,088	15,901	34,989	54,039	79,864	65,078	41,925
Depreciation and amortization		2,459	3,076	2,661	5,737	8,196	10,842	7,859	6,613
Operating Expenses		75,029	70,979	63,480	134,459	209,488	306,685	232,954	159,892
Operating income (loss)	36,477	(10,125)	8,120	2,494	10,614	489	36,966	40,578	14,880
Interest expense, net		(69)	3	(35)	(32)	(101)	(117)	(179)	(67)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		(10,194)	8,123	2,459	10,582	388	36,849	40,399	14,813
Income tax expense		(2,832)	2,274	673	2,947	115	10,361	(7,089)	86
Net income	26,215	$ (7,362)	$ 5,849	$ 1,786	$ 7,635	$ 273	$ 26,488	$ 47,488	$ 14,727
Basic (in dollars per share)		$ (0.48)	$ 0.38	$ 0.12	$ 0.50	$ 0.02	$ 1.74	$ 3.14	$ 1.01
Diluted (in dollars per share)		$ (0.48)	$ 0.37	$ 0.11	$ 0.48	$ 0.02	$ 1.66	$ 2.96	$ 0.96
Basic (in shares)		15,220,593	15,195,116	15,155,378	15,175,247	15,190,079	15,198,754	15,107,958	14,610,617
Diluted (in shares)		15,220,593	16,004,061	16,173,339	16,032,731	16,067,066	15,955,668	16,058,111	15,332,998
Cost, Product and Service [Extensible Enumeration]		Cost of merchandise sold	Cost of merchandise sold	Cost of merchandise sold	Cost of merchandise sold	Cost of merchandise sold		Cost of merchandise sold
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	238,847	$ 134,784	$ 148,534	$ 129,380	$ 277,914	$ 412,698	$ 651,545	$ 498,239
Cost of merchandise sold		(71,212)	(67,608)	(63,272)	(130,880)	(202,092)	(305,719)	(224,894)
Gross profit	135,220	63,572	80,926	66,108	147,034	210,606	345,826	273,345
Selling, general and administration expenses		53,658	48,866	44,901	93,767	147,425	216,103	161,967
Advertising and marketing		19,050	19,088	15,901	34,989	54,039
Depreciation and amortization		2,459	3,076	2,661	5,737	8,196
Operating Expenses		75,167	71,030	63,463	134,493	209,660	306,809	234,904
Operating income (loss)	38,071	(11,595)	9,896	2,645	12,541	946	39,017	38,441
Interest expense, net		(69)	3	(35)	(32)	(101)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		(11,664)	9,899	2,610	12,509	845	38,900	38,262
Income tax expense		(3,245)	2,777	715	3,492	247	10,658	(7,638)
Net income	$ 27,644	$ (8,419)	$ 7,122	$ 1,895	$ 9,017	$ 598	$ 28,242	$ 45,900
Basic (in dollars per share)		$ (0.55)	$ 0.47	$ 0.13	$ 0.59	$ 0.04	$ 1.86	$ 3.04
Diluted (in dollars per share)		$ (0.55)	$ 0.45	$ 0.12	$ 0.56	$ 0.04	$ 1.77	$ 2.86
Basic (in shares)		15,220,593	15,195,116	15,155,378	15,175,247	15,190,079
Diluted (in shares)		15,220,593	16,004,061	16,173,339	16,032,731	16,067,066
Revision of Prior Period, Error Correction, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales		$ 0	$ 0	$ 0	$ 0	$ 0	$ (366)
Cost of merchandise sold		1,332	(1,827)	(134)	(1,961)	(629)	(1,809)	$ 187
Gross profit		1,332	(1,827)	(134)	(1,961)	(629)	(2,175)	187
Selling, general and administration expenses		(138)	(51)	17	(34)	(172)	(124)	(1,950)
Advertising and marketing		0	0	0	0	0
Depreciation and amortization		0	0	0	0	0
Operating Expenses		(138)	(51)	17	(34)	(172)	(124)	(1,950)
Operating income (loss)		1,470	(1,776)	(151)	(1,927)	(457)	(2,051)	2,137
Interest expense, net		0	0	0	0	0
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		1,470	(1,776)	(151)	(1,927)	(457)	(2,051)	2,137
Income tax expense		413	(503)	(42)	(545)	(132)	(297)	549
Net income		$ 1,057	$ (1,273)	$ (109)	$ (1,382)	$ (325)	$ (1,754)	$ 1,588
Basic (in dollars per share)		$ 0.07	$ (0.09)	$ (0.01)	$ (0.09)	$ (0.02)	$ (0.12)	$ 0.10
Diluted (in dollars per share)		$ 0.07	$ (0.08)	$ (0.01)	$ (0.08)	$ (0.02)	$ (0.11)	$ 0.10
Basic (in shares)		0	0	0	0	0
Diluted (in shares)		0	0	0	0	0
Revision of Prior Period, Error Correction, Adjustment | Shipping and Handling
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold							$ (2,200)
Income tax expense							300	$ 500
Revision of Prior Period, Error Correction, Adjustment | Income Tax Expense (Benefit)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest expense, net						$ 100
Income tax expense		$ 400	$ 500	$ 100	$ 500		(300)	(500)
Revision of Prior Period, Error Correction, Adjustment | Cost of Goods and Services Sold
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold		400	(900)	(100)	(1,000)	(600)	(300)	200
Revision of Prior Period, Error Correction, Adjustment | Cost of Goods and Services Sold | Shipping and Handling
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold							1,500
Revision of Prior Period, Error Correction, Adjustment | Cost of Goods and Services Sold | Supplier Rebates
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of merchandise sold		(900)	(900)		(900)
Revision of Prior Period, Error Correction, Adjustment | Selling, General and Administrative Expenses
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Selling, general and administration expenses		$ 100	$ 100	$ 100	$ 100	$ 200	$ 100	$ (2,000)

Quarterly Financial Data (Una_6

Quarterly Financial Data (Unaudited) - Condensed Statement Of Changes In Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 166,197	$ 160,716	$ 157,814	$ 157,814	$ 107,946	$ 90,155
Net income (loss)	(7,362)	5,849	1,786	26,488	47,488	14,727
Equity-based compensation	732	1,034	1,163	10,450	5,859	4,681
Taxes paid for net share settlement of equity awards	(134)	(1,402)	(47)	(1,658)	(3,583)	(1,717)
Balance	$ 159,433	$ 166,197	$ 160,716	$ 193,094	$ 157,814	$ 107,946
Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	15,183,277	15,125,042	15,123,338	15,123,338	15,011,556	14,472,611
Balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Issuance of common stock for restricted stock (in shares)	8,857	58,235	1,704	72,360	100,826	99,498
Balance (in shares)	15,192,134	15,183,277	15,125,042	15,195,698	15,123,338	15,011,556
Balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	174,510	174,878	173,762	173,762	171,382	168,318
Equity-based compensation	732	1,034	1,163	10,450	5,859	4,681
Taxes paid for net share settlement of equity awards	(134)	(1,402)	(47)	(1,658)	(3,583)	(1,717)
Balance	175,108	174,510	174,878	182,554	173,762	171,382
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(8,313)	(14,162)	(15,948)	(15,948)	(63,436)	(78,163)
Net income (loss)	(7,362)	5,849	1,786	26,488	47,488	14,727
Balance	(15,675)	(8,313)	(14,162)	10,540	(15,948)	(63,436)
Previously Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	165,991	159,237	156,226	156,226	107,946
Net income (loss)	(8,419)	7,122	1,895	28,242	45,900
Equity-based compensation	732	1,034	1,163
Taxes paid for net share settlement of equity awards	(134)	(1,402)	(47)
Balance	$ 158,170	$ 165,991	$ 159,237	$ 193,260	$ 156,226	$ 107,946
Previously Reported | Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	15,183,277	15,125,042	15,123,338	15,123,338	15,011,556
Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Issuance of common stock for restricted stock (in shares)	8,857	58,235	1,704
Balance (in shares)	15,192,134	15,183,277	15,125,042	15,195,698	15,123,338	15,011,556
Balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Previously Reported | Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	174,510	174,878	173,762	173,762	171,382
Equity-based compensation	732	1,034	1,163
Taxes paid for net share settlement of equity awards	(134)	(1,402)	(47)
Balance	175,108	174,510	174,878	182,554	173,762	171,382
Previously Reported | Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(8,519)	(15,641)	(17,536)	(17,536)	(63,436)
Net income (loss)	(8,419)	7,122	1,895	28,242	45,900
Balance	(16,938)	(8,519)	(15,641)	10,706	(17,536)	(63,436)
Revision of Prior Period, Error Correction, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	206	1,479	1,588	1,588	0
Net income (loss)	1,057	(1,273)	(109)	(1,754)	1,588
Balance	$ 1,263	$ 206	$ 1,479	$ (166)	$ 1,588	$ 0
Revision of Prior Period, Error Correction, Adjustment | Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance (in shares)	0	0	0	0	0
Balance	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares)	0	0	0	0	0	0
Balance	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Revision of Prior Period, Error Correction, Adjustment | Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	0	0	0	0	0
Balance	0	0	0	0	0	0
Revision of Prior Period, Error Correction, Adjustment | Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	206	1,479	1,588	1,588	0
Net income (loss)	1,057	(1,273)	(109)	(1,754)	1,588
Balance	$ 1,263	$ 206	$ 1,479	$ (166)	$ 1,588	$ 0

Quarterly Financial Data (Una_7

Quarterly Financial Data (Unaudited) - Condensed Statement Of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Jan. 29, 2023	Oct. 30, 2022	Jul. 31, 2022	May 01, 2022	Jul. 31, 2022	Oct. 30, 2022	Jan. 29, 2023	Jan. 30, 2022	Jan. 31, 2021
Cash Flows from Operating Activities
Net income	$ 26,215	$ (7,362)	$ 5,849	$ 1,786	$ 7,635	$ 273	$ 26,488	$ 47,488	$ 14,727
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization of property and equipment				2,575	5,549	7,911	10,454	7,154	6,100
Amortization of intangible assets				86	188	285	388	705	513
Amortization of deferred financing fees				29	71	117	164	91	88
Net loss on disposal of property and equipment						41	45	464	5
Equity-based compensation				1,163	2,197	2,929	10,450	5,859	4,681
Non-cash lease expense				4,184	8,711	13,582	19,265	14,953	0
Deferred income taxes				492	2,313	38	1,044	(9,721)	0
Changes in operating assets and liabilities:
Trade accounts receivable				2,134	(423)	(6,810)	(555)	(4,034)	2,675
Merchandise inventories				(14,515)	(37,199)	(45,988)	(11,135)	(56,819)	(14,017)
Prepaid expenses and other current assets				813	(16,510)	(17,701)	3,087	968	(2,060)
Other assets				(26)	(10)	7	(20,913)	(1,047)	0
Accounts payable and accrued expenses				(11,768)	(18,520)	1,208	(31,338)	38,187	19,584
Operating lease liabilities				(4,571)	(10,064)	(16,823)	(22,263)	(18,845)	0
Customer deposits				(5,709)	(6,828)	(7,455)	(6,556)	7,323	4,339
Net Cash (Used in) Provided by Operating Activities				23,327	62,890	68,386	21,375	(32,648)	(40,521)
Cash Flows from Investing Activities
Purchase of property and equipment				(4,450)	(9,965)	(18,115)	(25,242)	(14,615)	(8,374)
Payments for patents and trademarks				(27)	(160)	(200)	(307)	(503)	(678)
Net Cash Used in Investing Activities				(4,477)	(10,125)	(18,315)	(25,549)	(15,118)	(9,052)
Cash Flows from Financing Activities
Taxes paid for net share settlement of equity awards				(47)	(1,449)	(1,583)	(1,658)	(3,583)	(1,717)
Payment of deferred financing costs				(161)	(276)	(276)	(277)	0	(50)
Net Cash Used in Financing Activities				(208)	(1,725)	(1,859)	(1,935)	(3,479)	(1,667)
Net Change in Cash and Cash Equivalents				(28,012)	(74,740)	(88,560)	(48,859)	14,051	29,802
Cash and Cash Equivalents - Beginning	3,832	17,652	64,380	92,392	92,392	92,392	92,392	78,341	48,539
Cash and Cash Equivalents - End	43,533	3,832	17,652	64,380	17,652	3,832	43,533	92,392	78,341
Supplemental Cash Flow Disclosures
Cash paid for taxes				905	9,393	9,811	10,670	1,121	86
Cash paid for interest				33	34	65	192	95	85
Non-cash investing activities:
Asset acquisitions not yet paid for at end of year				1,541	3,536	3,244	4,103	1,370	0
Previously Reported
Cash Flows from Operating Activities
Net income	27,644	(8,419)	7,122	1,895	9,017	598	28,242	45,900
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization of property and equipment				2,575	5,549	7,911
Amortization of intangible assets				86	188	285
Amortization of deferred financing fees				29	71	117
Net loss on disposal of property and equipment						41
Equity-based compensation				1,163	2,197	2,929
Non-cash lease expense				4,184	8,711	13,582
Deferred income taxes				523	2,738	141	416	(9,836)
Changes in operating assets and liabilities:
Trade accounts receivable				2,134	(423)	(6,810)	(921)
Merchandise inventories				(14,515)	(38,133)	(45,988)	(11,470)
Prepaid expenses and other current assets				270	(17,916)	(20,547)	890	(2,459)
Other assets				0	0	0	(21,459)	0
Accounts payable and accrued expenses				(10,359)	(16,024)	3,281	(33,002)	39,195
Operating lease liabilities				(4,062)	(8,501)	(13,227)	(18,281)	(14,400)
Customer deposits				(5,709)	(6,828)	(7,455)
Net Cash (Used in) Provided by Operating Activities				21,786	59,354	65,142	21,375	(34,018)
Cash Flows from Investing Activities
Purchase of property and equipment				(5,893)	(13,461)	(21,292)		(15,887)
Payments for patents and trademarks				(125)	(200)	(267)		(601)
Net Cash Used in Investing Activities				(6,018)	(13,661)	(21,559)	(25,549)	(16,488)
Cash Flows from Financing Activities
Taxes paid for net share settlement of equity awards				(47)	(1,449)	(1,583)
Payment of deferred financing costs				(161)	(276)	(276)
Net Cash Used in Financing Activities				(208)	(1,725)	(1,859)	(1,935)	(3,479)
Net Change in Cash and Cash Equivalents				(28,012)	(74,740)	(88,560)	(48,859)	14,051
Cash and Cash Equivalents - Beginning	3,832	17,652	64,380	92,392	92,392	92,392	92,392	78,341
Cash and Cash Equivalents - End	43,533	3,832	17,652	64,380	17,652	3,832	43,533	92,392	78,341
Supplemental Cash Flow Disclosures
Cash paid for taxes				905	9,393	9,811
Cash paid for interest				33	34	65
Non-cash investing activities:
Asset acquisitions not yet paid for at end of year				0	0	0		0
Revision of Prior Period, Error Correction, Adjustment
Cash Flows from Operating Activities
Net income		1,057	(1,273)	(109)	(1,382)	(325)	(1,754)	1,588
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization of property and equipment				0	0	0
Amortization of intangible assets				0	0	0
Amortization of deferred financing fees				0	0	0
Net loss on disposal of property and equipment						0
Equity-based compensation				0	0	0
Non-cash lease expense				0	0	0
Deferred income taxes				(31)	(425)	(103)	628	115
Changes in operating assets and liabilities:
Trade accounts receivable				0	0	0	366
Merchandise inventories				0	934	0	335
Prepaid expenses and other current assets				543	1,406	2,846	2,197	3,427
Other assets				(26)	(10)	7	546	(1,047)
Accounts payable and accrued expenses				(1,409)	(2,496)	(2,073)	1,664	(1,008)
Operating lease liabilities				(509)	(1,563)	(3,596)	(3,982)	(4,445)
Customer deposits				0	0	0
Net Cash (Used in) Provided by Operating Activities				1,541	3,536	3,244	0	1,370
Cash Flows from Investing Activities
Purchase of property and equipment				1,443	3,496	3,177		1,272
Payments for patents and trademarks				98	40	67		98
Net Cash Used in Investing Activities				1,541	3,536	3,244	0	1,370
Cash Flows from Financing Activities
Taxes paid for net share settlement of equity awards				0	0	0
Payment of deferred financing costs				0	0	0
Net Cash Used in Financing Activities				0	0	0	0	0
Net Change in Cash and Cash Equivalents				0	0	0	0	0
Cash and Cash Equivalents - Beginning	0	0	0	0	0	0	0	0
Cash and Cash Equivalents - End	$ 0	$ 0	$ 0	0	0	0	$ 0	0	$ 0
Supplemental Cash Flow Disclosures
Cash paid for taxes				0	0	0
Cash paid for interest				0	0	0
Non-cash investing activities:
Asset acquisitions not yet paid for at end of year				$ 1,541	$ 3,536	$ 3,244		$ 1,370