Jewellery retailer, Lovisa, has reported a 9.8 per cent lift in gross profit of $113.6m, driven by increased revenue of 14.3 per cent to $152.5m.

Same store sales growth for FY16 was 5.5 per cent for the retailer, with 34 new stored opened to finish the year with 250 stores.

“While the lower AUD and depreciating South African Rand adversely affected our results we were pleased to deliver EBIT $24.2m particularly after the additional sale and markdowns in the first half,” said Shane Fallscheer, CEO, Lovisa.

Gross margins for the company were 74 per cent – in line with its guidance.

“Importantly, our UK pilot has proven successful to date,” said Fallscheer. “The board has resolved to proceed with the roll out strategy. We will leverage our product innovation skills and specialist retail expertise to build a larger UK network.”

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