- Lovisa’s total sales surged 60% during the first 19 weeks of the financial year 2023.
- The company opened 47 new net stores for the year to date.
- Opening of first stores in Hungary, Mexico and Italy is due in coming weeks, shared Lovisa.
Fast fashion jewellery retailer Lovisa Holdings Limited (ASX:LOV) posted a 60% increase in total sales during the first 19 weeks of the financial year 2023 (FY23). The company provided the following trading update on 18 November 2022.
Details of the trading update
Lovisa informed the market that the global comparable store sales continued the “strong trajectory” for the first seven weeks of FY23. Comparable store sales are measured based on stores opened and traded. The stores which were temporarily closed because of government-related restrictions amid Covid-19-driven lockdowns are not included in the calculation.
Lovisa to expand its store network
Lovisa shared via the ASX filing that the group has opened 47 net new stores for the year to date. It includes the closure of 14 stores and the opening of 61 new stores. With this, the company now operates 676 stores across 26 countries. In comparison to prior corresponding period, Lovisa is trading over 100 additional stores in five more markets.
Recently, the company opened in four new markets; it includes Canada, Poland, Namibia, and Hong Kong.
According to ASX filling, the opening of the first stores in Hungary, Mexico and Italy can be expected in the coming weeks.
How did Lovisa perform in FY22?
In FY22, the company reported a 59.3% increase in revenue, an 86.6% increase in EBIT and a 116.3% rise in net profit after tax. Sales during the year increased by 59.3%, and gross profit grew by 63.7%. The net increase in stores was 85.
Recent dividend announcement by Lovisa
Lovisa’s board currently pay dividend twice. Once in respect of half years ending in December and second in respect of full year, ending in June.
The full-year dividend of Lovisa was 74 cents per share in FY22. AU$0.370 per share of the dividend was paid in the first half of 2022, and AU$0.370 was distributed as the final dividend.