Australian-born global jewellery brand Lovisa has reported a 10 per cent lift in total sales for the first 20 weeks of FY25 compared to the same time last year.
Alongside this, global comparable store sales were up by one per cent in same period.
According to the latest trading update by Lovisa, the lift in sales is being driven by continued growth in its store network over the past year.
“We continue to maintain our ongoing focus on expanding our global store footprint across all markets in which we operate, with 27 net new stores opened for the financial year to date, including 40 new stores opened and 13 closures,” the business reported.
The above includes two related to the conversion of its UAE franchise business to company-owned and two other relocations.
“This has taken the store network to 927 stores across 49 markets, with three new franchise markets opened for the year to date in Ivory Coast, Republic of Congo and Panama.
“Compared to this time last year we are currently trading from 91 more stores in 9 additional markets.”
The recent uptick follows a $102 million boom in annual sales for FY24, a lift of 17.1 per cent to $699 million.
Much of this surge was driven by its Europe and United States markets, each lifting 26.9 per cent and 38.5 per cent respectively.
Europe is now the company’s largest market by revenue size, which hit $230 million - $30 million more than Australia. Lovisa’s US market is closing in, surging up by nearly $50 million to $177.4 million in FY24.
The jeweller’s Australian market lifted by just 0.7 per cent for the financial year - or $2 million. Lovisa also reported a drop in revenue across its emerging Asia market by 0.9 per cent, while its Africa/Middle East market grew by seven per cent to $52 million.
Despite the yearly sales boom, the low-price jeweller’s comparable store sales were down 2 per cent for the financial year, with this metric swinging to positive in the second half.
Lovisa also recorded a gross profit surge of 18.7 per cent to $565.8 million, with earnings before interest and tax (EBIT) up by $20 million to $128.2 million.