Despite slow sales and decreases in profits, the brand has not been deterred from its international expansion plans.
Lovisa, fashion-forward jewellery brand were optimistic and started out well in FY20, with strong sales as a result of their new store openings across different markets. However, like many brands, Lovisa has seen a downward trajectory in profits due to the COVID-19 induced store closures. Revenue was reported to be down 3.2% in FY20 while profit took a hit of 47.8%.
“We are pleased with what our team has been able to achieve through the disruptions to our business over the past six months, and whilst it has had a temporary impact to sales and profitability, we remain confident in our growth objectives and have been able to maintain the balance sheet strength required to deliver on them. This leaves us very well placed for the future.” said Shane Fallscheer, Lovsia Managing Director.
