Lovisa reports strong revenue growth with accelerating global expansion
Jewellery brand Lovisa saw a strong uplift in revenue for the fiscal first half along with new store openings and market entries.
The company’s revenue surged 18.2 per cent year on year to $373 million. Comparable store sales dropped 4.4 per cent but saw an improving trend later in the half.
The Australian-headquartered retailer opened 74 new stores and ended the half with a network of 854 across more than 40 markets. It also debuted in China and Vietnam as part of global expansion, adding to the 12 new markets opened in the prior year.
The Americas market was again a major driver of store network growth with 28 new stores opened. Europe also showed strong growth with 26 new locations, including 12 in France.
EBIT was $81.6 million, up 16.3 per cent, while net profit after tax rose 12 per cent to $53.5 million.
In a LinkedIn post, Herrero said the results reflect the “resilience and agility” of the company, as well as the unwavering commitment of its global team. He also expressed his gratitude to “every member of the Lovisa family” for their dedication and hard work.
“Together, we have not only achieved remarkable financial results but also continued to lay a solid foundation for sustainable growth in existing and new markets,” he added.
The company also provided its trading update for the first seven weeks of the second half, with total sales up 19.6 per cent and comparable store sales up 0.3 per cent on the same period last year.
Further reading: Lovisa opens 200th US store, in Florida
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