Lovisa finds profit abroad
The AFR reported that affordable jewellery chain Lovisa has emerged relatively unscathed from the rocky global retail environment, delivering "pleasing" profits courtesy of its aggressive push into overseas markets. Lovisa opened 36 stores overseas in the six months to December 31, which helped lift interim sales 12.3%. On Wednesday the retailer said it planned more store openings in the United States and France this financial year to add to the 12 opened there during the period. Investors sent Lovisa's share price rocketing up 26.6% to $9.80 by midmorning following its interim results. Lovisa's share price has flip-flopped in the past year, hitting a high of $12.53 in June but dropping 1.3% overall in the past year. It has relied heavily on retail expansion to drive profits, with comparable sales down 1.8% for the period because of difficulties in the Australian retail environment and strong sales growth in the same period a year ago.