Jewellery retailer, Lovisa, has seen impressive growth for its 2016 finical year, and in the wake of good results has set plans to open 20-30 stores in 2018.
Revenue increased by 16.5 percent to $178.7 million for the year ended 30 June on the addition of 38 stores to the company’s network, while same-store sales increased 10.3 per cent.
Analysts had only expected a single digit profit for the retailer, but were proved wrong by the 16.5 percent the company pulled in for the financial year.
With a strong start to 2018 trading, the retailer has its sights set upon another 20-30 international stores to open in the next 12 months.
CEO Steve Doyle, said the growth margin of 78.8 percent during the year was particularly unexpected.
“The continued strong comparable sales growth in the second half was particularly pleasing, as we had initially anticipated some softening following the cycling of retail price increases in 2016,” Doyle said.
“We continued to expand and optimise our store network to drive growth and performance…due diligence in other markets and opportunities to generate new country growth continues and we are optimistic about Lovisa’s global rollout plans.”
There are 18 Lovisa stores located in New Zealand, a small player for the retailer who has another 200+ international stores.
The location of the new stores are yet to be announced.