What’s pushing the Lovisa share price higher on Thursday?

A woman stares directly ahead wearing diamond earrings, diamond necklace and diamond bracelet. as the Lovisa share price risesA woman stares directly ahead wearing diamond earrings, diamond necklace and diamond bracelet. as the Lovisa share price rises

Shares in Lovisa Holdings Ltd (ASX: LOV) are trading higher at $17.45 apiece after recovering from an initial dip at the market open on Thursday. The Lovisa share price is up 0.29% at the time of writing.

In wider market moves, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) is up 0.54%. The S&P/ASX All Ordinaries Index (ASX: XAO) is up 0.68%.

This morning, Lovisa released its presentation made at the Macquarie Australia Conference this week.

Strong year-on-year growth

In its presentation, Lovisa gave an in-depth overview of its results to date. It discussed a strong period of year-on-year growth, in addition to its vision moving forward.

“[T]rading for the first 8 weeks of the second half saw comparable store sales for that period of 12.1% on FY21, and total sales 61.7% on the same period in FY21,” according to the presentation.

“This sales momentum has continued through the second half to date to the end of April.”

Also noteworthy is that international stores now account for 74% of Lovisa’s network. This follows an increase of 168 new stores since June 2020.

Lovisa has also opened 38 new stores in the US this year to date.

Lovisa said its strategy is “continued” expansion, investment, and developing its markets and digital platforms.

The presentation stated: “12 years ago we set out to develop a fast fashion jewellery concept to meet customers’ needs… We remain excited about the future and we believe the present situation will provide future opportunities.”

Lovisa share price snapshot

In the past 12 months, the Lovisa share price has had a 19.5% gain. However, it has fallen by about 12% this year to date.

Lovisa has a market capitalisation of $1.86 billion based on the current share price. It has 107.5 million shares on issue.

The post What’s pushing the Lovisa share price higher on Thursday? appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Lovisa Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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