Lovisa Holdings Limited reported an 18.2% increase in revenue to $373m in HY24 compared to HY23.
Comparable store sales decreased by 4.4% in HY24 compared to HY23, but showed improvement in Q2.
Gross Margin increased by 40 basis points to 80.7% in HY24.
The company opened 74 new stores, reaching a total of 854 stores globally, including new entries in China and Vietnam.
EBIT rose by 16.3% to $81.6m, and Net Profit After Tax increased by 12.0% to $53.5m in HY24.
Operating cash flow improved by 29.1% to $150m, and the company reported a net cash position of $15.5m at the end of the period.
An interim dividend of 50.0 cents per share was announced, up from 38.0 cents in the previous year.
The company continues to focus on global expansion, with a footprint now in over 40 markets.
For the first 7 weeks of the second half of FY24, comparable store sales were up 0.3% year-on-year, with total sales up 19.6%.
Lovisa opened 9 new stores since the end of HY24, bringing the total to 860 stores, including a new market entry in Dublin, Ireland.
This article is a summary of the company approved ASX announcement on 22/2/2024.