Lovisa’s net profit rises amid global expansion
Lovisa Holdings booked higher net profit amid a strong trading performance and global expansion in the last fiscal year.
The company’s net profit grew 20.9 per cent to $82.4 million, while revenue soared 17.1 per cent to $698.7 million.
The jewellery and accessories retailer ended the fiscal year with 900 stores globally after opening a net 128 new stores., including 19 in the US, 18 in France, and 13 in Australia. It has since added another net eight.
Lovisa also expanded into seven new markets: Ireland, Mainland China, Vietnam, Ecuador, Senegal, Guadeloupe, and Gabon.
“The company has once again delivered strong sales, gross margin and profit growth at the same time as investing in the structures to support our steady global expansion,” said Victor Herrero, Lovisa CEO.
“This positions us well to continue our growth in both existing and new markets.”
Meanwhile, Lovisa saw sales rise 12.7 per cent year over year in the first eight weeks of the current fiscal year.
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