- Jewellery chain Lovisa (LOV) sees its revenue jump 59.3 per cent to $458.7 million in FY22 from $288 million in FY21
- Earnings before interest and tax (EBIT) increased 86.6 per cent to $79.7 million while gross profit was up 63.8 per cent to $361.8 million
- A further 85 stores were opened in the financial year with the store network consisting of 629 stores across 24 countries
- Trading for the first seven weeks of FY23 has continued the strong momentum with comparable sales up 21 per cent
- Lovisa shares have ended the day 6.16 per cent in the green at $19.82 each
Jewellery chain Lovisa (LOV) saw its revenue jump 59.3 per cent to $458.7 million in FY22 from $288 million in FY21.
Earnings before interest and tax (EBIT) increased 86.6 per cent to $79.7 million while gross profit was up 63.8 per cent to $361.8 million.
Furthermore, net profit after tax totalled $59.9 million, a 116.3 per cent jump from the prior corresponding period.
Lovisa credits the growth to price increases in Q3 in response to inflationary pressures as well as the growing market.
A further 85 stores were opened in the financial year with the store network consisting of 629 stores across 24 countries. Additionally, the Canada, Poland and Northern Ireland markets were entered with one store opened in each country.
Lovisa’s strong performance has allowed the company to announce a final dividend of 37 cents, taking the full year dividends to 74 cents.
As of June 30, Lovisa had net cash of $24.2 million with $50 million of cash debt facilities and $20 million of bank guarantee facilities.
Trading for the first seven weeks of FY23 has continued the strong momentum with comparable sales up 21 per cent.
“I’m thrilled with the acceleration in the performance of the business over this financial year,” CEO Victor Herrero said.
“The financial result the team have been able to achieve this year is very pleasing, with the business continuing to go from strength to strength and well placed to take advantage of future opportunities as they arise.”
Lovisa was up 6.16 per cent with shares trading at $19.82 at market close.