Image source: Shutterstock

Highlights

  • FY24 revenue of LOV increased by 17.1% YoY to AUD 698.7 million, despite a 2% decline in comparable store sales.
  • Net Profit After Tax (NPAT) in FY24 grew 20.8% YoY to AUD 82.4 million.
  • On 16 December 2024, State Street Corporation became a substantial shareholder with 5.10% voting rights
  • In FY25 so far, 27 new stores have been added, bringing the total to 927 locations across 49 markets.

Lovisa Holdings Limited (ASX:LOV) is an Australian-based global fashion jewellery retailer specialising in affordable, trend-driven accessories. For the 12 months ending 30 June 2024 (FY24), Lovisa delivered revenue of AUD 698.7 million, a 17.1% increase from FY23. The revenue growth was primarily attributed to the expanding store network, which offset a 2% annual decline in comparable store sales. Net profit after tax (NPAT) in FY24 rose to AUD 82.4 million, representing a significant growth of 20.8% year-over-year.

In the second half of the year, trading performance improved across the organisation and comparable store sales were positive in the second half.

Key Business Updates

On 19 December 2024, Lovisa announced that State Street Corporation and its subsidiaries had become a substantial holder in the company on 16 December, with 5.10% voting rights. Subsequently, State Street ceased to be a substantial holder on 17 December 2024.

Outlook and Store Expansion in FY25

Lovisa continues to focus on its international store footprint growth, and it is expecting to boost global comparable store sales. During the first 20 weeks of FY25, global comparable store sales jumped 1% YoY and total sales increased by 10%. During FY25 so far, 40 stores were opened and 13 stores closed, resulting in a net addition of 27 stores, some linked to franchise conversions and relocations.

The store network now spans 927 locations across 49 markets, with new franchises launched in the Ivory Coast, Republic of Congo, and Panama.

Overall, Lovisa is operating from 91 more stores in nine additional markets compared to the same period last year, reflecting its focus on sustainable international growth.

Top 10 shareholders of LOV

The top 10 shareholders of LOV have around 64.71% shareholding in the company. Brett Blundy has the maximum stake in the firm with a shareholding of nearly 39.03%. 

Share performance of LOV

LOV shares closed 0.76% higher at AUD 30.39 apiece on 2 December 2024. Over the past one year, LOV’s share price has declined by almost 28.88% and in the past three months, it has declined by approximately 14.37%.

52-week high of LOV is AUD 38.29, recorded on 26 August 2024 and 52-week low is AUD 21.91, recorded on 1 February 2024.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 02 January 2025. The reference data in this report has been partly sourced from REFINITIV.