Short sellers are under pressure after better-than-expected results from discount jewellery retailer Lovisa Holdings sent the stock soaring to all-time highs this morning.
The retail chain, which is backed by billionaire Brett Blundy, posted sales growth of 18.2 per cent to $373 million in the first half, underpinned by growth in its global store network, topping market expectations. Lovisa posted a 12 per cent rise in net profit to $53.5 million in the 26-week to the end of December.
Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
