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Lovisa releases figures early

Lovisa_Chadstone_store_frontAccessories retailer Lovisa says it has had a bumper Christmas, pre-empting its interim sales report by releasing unaudited sales for the six months ended 31 December on Friday morning.

Sales increased by 18.8 per cent in the first half, up 7.4 per cent on a comparable store basis, while the Christmas and Boxing Day period performed “ahead of expectations”.

The retailer now expects first half earnings growth of between 22 and 24 per cent to $34.5 – $35 million when it reports its full interim result in February.

Lovisa CEO Steve Doyle said he was pleased with the solid start to the year amid expansion into several overseas markets, including Spain and the US.

“It’s pleasing that the business has been able to maintain the solid start to the year as we continue our global rollout,” he said.

There are now 319 stores trading in Lovisa’s international network, with 15 stores opened since the end of October.

Lovisa had warned the market in an October trading update that it was cycling strong growth from the prior year, but with a traditionally first-half weighted sales calendar, it is now poised to deliver stronger full-year sales growth.

The jewellery firm said strong fashion trends during the first half of the 2017-18 financial year had assisted in cycling the strong trends of the prior year.

Lovisa’s share price was up more than 11 per cent to $7.50 in morning trading following the update, bringing total gains since August last year to over 95 per cent.

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