Lulu Retail, following its record IPO, has released its first result as a public-listed company, announcing a 6.1 per cent year-on-year (YoY) revenue growth to $1.86bn in Q3 2024.
With strong sales performance across its key markets and product categories, the revenue for the first nine months of 2024 was up 5.7 per cent to $5.73bn. Like-for-like (LFL) sales in Q3 2024 increased by 1.2 per cent to $1.7bn, while LFL sales for the nine months in 2024 so far increased by 2.2 per cent to $5.3bn.
The UAE remained Lulu’s biggest market and saw strong revenue growth of 7.5 per cent during the quarter, mainly driven by healthy LFL growth of 4.7 per cent during the quarter and opening of three new stores during the first nine months.
Revenue in Saudi Arabia grew by 5.7 per cent to $369.3M in Q3 2024, driven by an improvement in its fresh food offer. Five new stores were opened in the Kingdom in the nine month period, including two Hypermarkets and two Express stores.
Yusuffali MA, Chairman of Lulu Retail, commented: “It has been a milestone period for our team, with our record listing on ADX and our first set of results as a listed company. The vision and ambition of nations across the GCC is enabling businesses like Lulu to thrive and creating opportunities for growth.
“The flexibility of our three-store format and growing e-commerce presence allows us to grow in diverse communities and to form strong partnerships across the region, as seen with the 12 stores we opened in the first nine months of this year and our recent partnership with Modon Holding.”
