Join our daily newsletter At The Bell to receive exclusive market insights
- Jewellery chain Lovisa (LOV) has seen a drop in its share price today as it closes its U.K. stores amid another lockdown
- Lovisa has closed all 42 U.K. stores as England and Scotland go into a strict lockdown to tackle COVID-19
- Last year, Lovisa opened four more stores in the U.K., and its European retailers brought in over $42 million in sales over FY20
- While its U.K. branches will shut up shop, Lovisa’s online store and other global retailers will remain open and trading
- On the market, Lovisa is down 3.96 per cent and trading at $11.16 per share
Lovisa (LOV) shares have dropped this morning as it temporarily closes its U.K. stores due to another lockdown.
The jewellery company has closed its 42 U.K. stores as England and Scotland go into a strict lockdown to tackle COVID-19 once again.
Last year, Lovisa opened four more stores in the U.K., citing continued growth in the region. Throughout Europe, the brand tabled a 14.7 per cent spike in sales over the 2020 financial year compared to FY19, bringing in over $42 million.
And while Lovisa retailers in the U.K. will shut up shop, the brand’s online store and other global vendors will remain open and trading.
Listed in Australia, Lovisa is a fashion jeweller which adds around 150 new styles to its stores each week.
U.K. lockdown
The United Kingdom has entered its third lockdown as a new COVID-19 strain is spreading rapidly.
While the lockdown will remain in place until at least mid-February, it’s unclear at this stage whether it will be extended past this point.
U.K. Prime Minister Borris Johnson has warned the coming weeks will be the “hardest yet” as there is expected to be a rise in surging cases and patient numbers.
He said those in the top four priority groups will be offered a first vaccine dose by the middle of next month.
On the market, Lovisa is down 3.96 per cent and trading at $11.16 per share at 12:35 pm AEDT.
