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Company News Summary

Lovisa Holdings Provides Business Update for July 2020

02 Jul 2020  |  17:39:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Business Update July 2020

Lovisa Holdings updated was forced to progressively close its store network globally due to COVID19, with most stores closed by the end of March 2020. As reported, the Company announced that their business has re-opened beginning in mid-April with the Australian stores, and progressively across all the Company owned markets with the UK the last to re-open in late June. At the end of the financial year the Company trades from 434 stores (including franchise stores). Also, the Company stated that the e disruption to normal trading conditions throughout Q4 resulted in a significant reduction in sales for that period, with Sales Revenue (excluding Franchise Revenue) for the full year ended 28 June 2020 of $237 million, compared to $249m in FY19.

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