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Lovisa to launch e-commerce site

Jewellery retailer Lovisa has revealed plans to launch an e-commerce site in FY19.

Efforts to create a more efficient supply chain through a new logistics partner and migrate its third party logistics hub from Hong Kong to Qingdao, China, are already underway, and should help the new site appeal to an international audience.

The company earned $217 million in revenue for the 2017-18 financial year, a 21.4 per cent increase over the previous year’s $178.7 million, while net profit after tax rose by 23.8 per cent to reach $36 million, compared to $29 million in the year prior.

Earnings per share grew to 34.2 cents, compared to 27.7 cents last year.

“We have been able to continue the momentum from the very strong start to the year through the second half in the face of some great ranges from prior year and four years of strong comps to deliver another excellent result,” Lovisa managing director Shane Fallscheer said.

“It’s pleasing that we were able to continue to invest into the structures to support our global expansion and at the same time continue to deliver strong results from existing markets.”

The retailer saw sales grow across all regions, both on a total and same-store basis, with established territories Australia/NZ and Asia performing well while growth in South Africa was driven by the acquisition of the Klines business in May 2017.

Store rollout in the UK accelerated growth in the European region with 13 stores added for the year, alongside five in Spain and two in France.

The impact of continued investment into the international structure of the business and entry into new markets was offset by continued strong operating cost control, with cost of doing business maintained at 53 per cent of sales.

This story originally ran on sister site Inside Retail Australia.

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