Lovisa’s net profit increased in the first half after the opening of 43 new stores worldwide.

The jewellery and accessories retailer’s profit grew 6.5 per cent to $56.9 million as revenue climbed 8.8 per cent to $405.9 million and comparable store sales rose 0.1 per cent.

The company said its continued focus on pricing and promotion management helped expand gross margin to 82.4 per cent.

During the period, Lovisa opened its first franchise stores in Ivory Coast, Republic of Congo and Panama.

Lovisa noted that it experienced a higher cost of doing business in the first half as it invested in team structures and technology for expansion, along with increased spending on digital marketing and events and a mix of stores in higher-cost markets.

Since the end of the first half, the company has opened 16 new stores while closing two and relocating one. It expects to open its first Zambia store in the coming week, marking its 50th market globally.

For the first seven weeks of the second half, comparable store sales rose 3.7 per cent.

Last fiscal year, Lovisa’s net profit grew 20.9 per cent to $82.4 million.