Low-price jeweller Lovisa has taken a hit to its share price following a less-than-expected global comparable sales growth in early FY26.
Ahead of its AGM shortly, Lovisa reported that its total global sales for the first 20 weeks of FY26 were up 26.2 per cent, driven by the opening of 44 net new stores in the period.
Lovisa then noted its global comp sales were up 3.5 per cent in the first 20 weeks of FY26 compared to the same time in FY25. This is down from a 5.6 per cent comp sales lift reported in the first eight weeks of FY26.
Comp sales are also below first-half expectations by financial analysts, with Citi recently telling investors in a note that it was conservatively forecasting a 4.8 per cent LFL sales growth for the first half of FY26. And that was slightly below VA consensus of a 5.4 per cent lift for the first half.
Lovisa’s short trading update this morning also noted that the company’s total store network – including Brett Blundy’s retail business Jewells in the United Kingdom – was at 1,075 across more than 50 markets. This includes 62 new store openings and 18 closures (including six relocations) in the first quarter of FY26.
“We continue to maintain our focus on expanding our global store footprint across all markets in which we operate,” Lovisa shared. “We are currently trading from 148 more stores than this time last year.”
In a positive step, Citi analysts had recently projected share price growth ahead for Lovisa and was telling investors to buy. The analysts expect Lovisa could benefit from the recent falter of Claire’s in the United States and the United Kingdom. Claire’s is a cheap accessories retailer, similar to Lovisa.
“Heading into the AGM on 21 November, our analysis suggests there is little risk that the store rollout disappoints with upside risk over the rest of FY26 in Europe following Claire’s closures,” Citi analysts told investors in a note in early November. “LFL sales become easier to cycle over 1H26, with store refurbishments and the Claire’s US situation also likely a benefit.
“While Australian competition remains a key risk we are focused on, we think this issue is likely masked by the aforementioned tailwinds and perhaps more reflected in the price following the 16 per cent share price fall since 29 August 2025.”