The Lovesac Company (NASDAQ: LOVE) announced its board of directors authorized the repurchase of up to an additional $40 million of outstanding common stock, expanding the existing share repurchase program to approximately $54.1 million.

The furniture company plans to fund the program through existing cash and future free cash flow. Executive Vice President and Chief Financial Officer Keith Siegner said the expansion reflects confidence in the business outlook and the company's position to fund growth initiatives while returning capital to shareholders.

The timing, manner, price and amount of repurchases will be determined by management based on market conditions and other factors. Repurchases may occur through open market purchases, privately negotiated transactions, and accelerated share repurchases.

The company noted that repurchases may be commenced or suspended at any time without prior notice, and the exact number of shares to be repurchased is not guaranteed.

Lovesac designs, manufactures and sells modular furniture including Sactionals couches, Sacs foam chairs, and StealthTech home theater systems. The company markets products primarily online and through branded showrooms and retail partnerships.