Sydney-based fashion jewellery retailer Lovisa has reported a 44.8 per cent increase in revenue for the first half of the 2023 financial year.
Total sales reached $315.5 million while profit increased by 48.4 per cent to $47.7 million.
In response to inflation, Lovisa increased prices during the third quarter of the 2022 financial year while also expanding into seven new markets – Namibia, Hong Kong, Mexico, Italy, Hungary, Romania, and Colombia.
A total of 86 new stores were opened including 39 in the US, which is now Lovisa’s most significant individual market.
CEO Victor Herrero has come under public pressure in recent months; however, in light of these results he said Lovisa has created positive momentum amid a turbulent economy.
“We are very pleased that we have been able to increase the momentum of our store rollout during the half, which has again delivered us strong top-line sales improvement, and combined with continued double-digit comparable store sales has resulted in an excellent financial result for the period,” he said.
“The company has been able to continue to invest in the structures to support our global expansion ahead of the growth curve while continuing to deliver profit increases, which leaves us well-placed as we move forward with store rollout in both existing and new markets.”
Lovisa’s global store count is now 746 including 31 new stores opened in the second half of the financial year to date.