Australian-born jewellery brand Lovisa has recorded a 6.2% drop in global comparable store sales for the first 20 weeks of FY24.
The company’s total sales for the same period compared to last year were up 17%, with Lovisa citing the continued growth in its store network over the past year.
In the first half of FY24, the brand opened 35 net new stores. This includes 55 new stores opened and 20 closures, as well as 12 related to the conversion of its UAE franchise business to company owned.
The openings have taken the store network to 836 stores across 40 markets, with one new franchise market opened for the year to date in Ecuador in September.
Compared to this time last year, Lovisa is currently trading from 160 more stores in 14 additional markets and expects to open its first stores in Vietnam and mainland China over the coming month.