Lovisa cuts final dividend, soft start to FY24
Key Points
- Why it matters: Budget jewellery retailer Lovisa’s FY24 trading is weaker on a same-store basis.
- A final dividend of 31¢ was declared, down from 37¢.
- Lovisa operates a network of 814 stores with the US being its largest market.
Shares in Lovisa fell more than 6 per cent on Thursday after the budget jewellery retailer backed by billionaire businessman Brett Blundy cut its dividend and flagged a fall in sales in the past two months.
Seven weeks into the new financial year, Lovisa said comparable store sales were down 5.8 per cent. Net profits for the 12 months to July 2 rose 16.7 per cent to $68.2 million – below market expectations – although earnings were better than many brokers had forecast. Sales rose 30 per cent to $596.4 million, underpinned by a larger store network.
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