Lovisa’s annual report shows record results

Company News

by Rachael Jones

Jewellery company Lovisa Holdings (ASX:LOV) has released their annual report for shareholders and it shows it has delivered another record result for the year ended 1 July 2018 with sales, profits, cash flow and dividends all significantly up on the prior year.

The company continued its international expansion with a net increase of 38 stores which included entry into two new markets, and closed the financial year with 54 per cent of the store network in markets outside Australia.

Revenue for the year was $217 million - a 21.4 per cent increase on the prior year.

Whilst store sales growth is positive – the company is currently trading below their long-term target range of 3-5 per cent for financial year 2019.

Shares in Lovisa Holdings (ASX:LOV) are trading 1.09 per cent lower to $10.