Lovisa (LOV) -12.8%: A miss for the half and softer early-2H trading is softer + there were concerns around adjustments to underlying earnings – a tough setup for a premium multiple retailer.
1H26 Highlights
- Net income: $58.4m (+2.6% y/y) – consensus $67m
- Revenue: $500.7m (+23% y/y) – consensus $486m
- EBIT: $98.3m (+8.9% y/y) – consensus $106m
- Comparable sales: +2.2% (first 7 weeks 2H comps +1.6%)
A softer 1H, plus the near-term sales momentum is below expectations. Trading on 25x, the result was not enough.
MM is now back to a neutral stance on LOV ~$27
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