Lovisa sales increase 19% in H1 | Finance News Network

Lovisa sales increase 19% in H1

Company News

by Kathy Skantzos

Fashion brand Lovisa (ASX:LOV) has recorded a 19 per cent increase in sales in the six months to December 2017, compared to the previous year.

Christmas and Boxing Day sales performed ahead of expectations, delivering comparable store sales growth of 7.4 per cent for the first half of the 2018 financial year.

The company has 319 stores in its network that traded during this period.

Based on this performance, the company expects EBIT for the first half year to December to be in the range of $34.5 to $35 million, a lift on the previous year between 22 and 24 per cent.

Chief Executive Officer Steve Doyle said it is pleasing that the business has been able to maintain the solid start to the year as the company continues to roll out its stores globally.

The final half year results for the 2018 financial year will be released on Wednesday 21 February 2018.

Shares in Lovisa (ASX:LOV) last traded 12 per cent higher to $7.56.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.