Atlanta, GA, July 19, 2018 (GLOBE NEWSWIRE) -- Luvu Brands, Inc., (OTCQB: LUVU), a designer, manufacturer and marketer of a portfolio of consumer lifestyle brands, today announced preliminary, unaudited, net sales for the fiscal year and three months ended June 30, 2018.
- Preliminary net sales for the fiscal year ended June 30, 2018 was $16.4 million, a decrease of 2.9% from the prior fiscal year.
- Preliminary net sales during the three months ended June 30, 2018 was $3.9 million, an increase of 7% from the prior year fourth quarter.
- Sales of the companies Jaxx and Avana brands (combined) increased approximately 34% in the current fiscal year to $6 million and partially offset the $2 million of sales of discontinued imported products from Japan. Excluding sales of the discontinued imported products from Japan in 2017, the year-over-year increase in net sales would have been 9.8%.
- Preliminary net sales of Liberator branded products for the fiscal year ended June 30, 2018 decreased 5% to $7.3 million from $7.7 million in the prior fiscal year.
Louis Friedman, Chairman and Chief Executive Officer, commented, “We are pleased with the continued strong growth in net sales of our Jaxx and Avana brands during the year ended June 30, 2018. The new Jaxx and Avana products that we introduced in fiscal 2017 and 2018 are yielding positive results. The markets for casual fashion furniture and inclined bed therapy products remain strong and we expect to see continued growth of these two product lines in fiscal 2019.”
Final audited financial results will be released with the filing of Luvu Brand’s Annual Report on Form 10-K, which will be filed with the U.S. Securities and Exchange Commission before the Company’s late-September 2018 deadline.
About Luvu Brands
Luvu Brands, Inc.designs, manufactures and markets a portfolio of consumer lifestyle brands through the Company’s websites, online mass / drug merchants and specialty retail stores worldwide. Brands include: Liberator®, a brand category of iconic products for enhancing sensuality and intimacy; Avana®, inclined bed therapy products, assistive in relieving medical conditions associated with acid reflux, surgery recovery and chronic pain; and Jaxx®, a diverse range of casual fashion daybeds, sofas and beanbags made from virgin and re-purposed polyurethane foam. Many of our products are offered flat-packed and vacuum compressed to save on shipping and reduce our carbon footprint. The Company is headquartered in Atlanta, Georgia in a 140,000 square foot vertically-integrated manufacturing facility that employs over 160 people. Bringing sewn products manufacturing back to the USA and creating innovative consumer brands are core to the Company's operating principles. The Company's brand sites include: www.liberator.com, www.jaxxliving.com, www.avanacomfort.complus other global e-commerce sites. For more information about Luvu Brands, please visit www.luvubrands.com.