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Business

Sophia McCaughan

Lovisa's FY24 shines, but shares lose their sparkle

Costume jewellery chain Lovisa's shares were down 13.3 per cent, despite increased sales. (Angela Brkic/AAP PHOTOS)

Australian jewellery store chain Lovisa has seen its share price tank despite recording a $102 million dollar increase in sales for 2023/24.

The fast fashion retailer on Tuesday said its sales for the 12 months to June 30 increased by 17.1 per cent to $698.7 million, largely due to it opening 128 new stores globally during that time. Same-store sales were down two per cent.

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