Full Year 2026 Lovisa Holdings Ltd Earnings Call

August 26, 2026

Operator 2: Thank you for standing by, and welcome to the Lovisa Holdings Limited FY26 full year results briefing. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. To withdraw your question, press the star one again. For operator assistance throughout the call, please press star zero. Finally, I would like to advise all participants that this call is being recorded. I would now like to welcome John Cheston, Global CEO, to begin the presentation. John, over to you.

Operator: Thank you for standing by, and welcome to the Lovisa Holdings Limited FY 2026 Full Year Results Briefing. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. To withdraw your question, press the star one again. For operator assistance throughout the call, please press star zero. Finally, I would like to advise all participants that this call is being recorded. I would now like to welcome John Cheston, Global CEO, to begin the presentation. John, over to you.

Speaker #1: After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad.

Speaker #1: And to withdraw your question, press star 1 again. For operator assistance throughout the call, please press star 0. Finally, I would like to advise all participants that this call is being recorded.

Speaker #1: I'd now like to welcome John Cheston, Global CEO, to begin the presentation. John, over to you.

Speaker #2: Many thanks, Paulie. Good morning, everyone, and thank you for taking the time to dial in today. On the call today, you have our Executive Deputy Chairman, Mark McGinnis; our Group CFO, Chris Lauder; and myself, John Cheston, Global CEO.

John Cheston: Many thanks, Paulie. Good morning, everyone, and thank you for taking the time to dial in today. On the call today, you have our Executive Deputy Chairman, Mark McInnes, our Group CFO, Chris Lauder, and myself, John Cheston, the Global CEO. As you are aware, this morning we published our full year results to the ASX, and we would like to talk you through them now. I will do a page turn through the highlights of the presentation, and we are happy to take questions at the end. If we firstly turn to page 3, we will talk through some of the highlights of the year. I am pleased today to present another strong result for FY26.

John Cheston: Many thanks, Paulie. Good morning, everyone, and thank you for taking the time to dial in today. On the call today, you have our Executive Deputy Chairman, Mark McInnes, our Group CFO, Chris Lauder, and myself, John Cheston, the Global CEO. As you are aware, this morning we published our full year results to the ASX, and we would like to talk you through them now. I will do a page turn through the highlights of the presentation, and we are happy to take questions at the end. If we firstly turn to page three, we will talk through some of the highlights of the year. I am pleased today to present another strong result for FY26.

Speaker #2: As you're aware, this morning we published our full-year results to the ASX, and we would like to talk you through them now. I'll do a page-turn through the highlights of the presentation, and we're happy to take questions at the end.

Speaker #2: If we firstly turn to page 3, we will talk through some of the highlights of the year. I'm pleased today to present another strong result for FY26.

Speaker #2: Our store rollout maintained the momentum built in the first half, opening 75 new stores in the second half to take the full-year count to 160 new stores opened, and now taking the store network to 1,136 stores at financial year end.

John Cheston: Our store rollout maintained the momentum built in the H1, opening 75 new stores in the H2 to take the full year count to 160 new stores opened, and now taking the store network to 1,136 stores at financial year-end. This allowed us to deliver growth in total sales of 17.6%, which including comparable store sales, up 2% on prior year. A highlight of this performance was the delivery of close to 30% growth in both the Americas and European markets, reflecting the focus on growing these markets with quality stores. Our gross margin continued its consistent growth, up 60 basis points to 82.6%. We continue to invest in the cost structure of the business to support ongoing growth in stores and online.

Speaker #2: This allowed us to deliver growth in total sales of 17.6%, which included comparable store sales up 2% on the prior year. A highlight of this performance was the delivery of close to 30% growth in both the Americas and European markets, reflecting the focus on growing these markets with quality stores.

Speaker #2: Our gross margin continued its consistent growth, up 60 basis points to 82.6%. We continue to invest in the cost structure of the business to support ongoing growth in stores and online, with all of this combining to deliver EBIT of $158.2 million, up 14.1%, and NPAT of $95.6 million, up 10.7%.

John Cheston: With all of this combining to deliver EBIT of AUD 158.2 million, up 14.1%, and NPAT of AUD 95.6 million, up 10.7%, which has allowed the board to announce an increased final dividend of AUD 0.33, up 22% on prior year to be paid in October. As you all know, we opened the first trial stores of our potential new global brand, Jewels, in the UK in June last year, and the results of the Jewels business are included in the reported FY26 results for the full period in the current year that I just noted and we will talk to further today. As Jewels continues to be in its start-up phase, we will not specifically be talking about its performance as part of today's results. However, its impact is included in the numbers we will be talking to.

Speaker #2: This has allowed the board to announce an increased final dividend of 33 cents, up 22% on the prior year, to be paid in October. As you'll all know, we opened the first trial stores of our potential new global brand, Jewels, in the UK in June last year.

Speaker #2: And the results of the Jewels business are included in the reported FY26 results for the full period in the current year that I just noted, and we'll walk through and we will talk to that further today.

Speaker #2: As Jewels continues to be in its startup phase, we will not specifically be talking about its performance as part of today's results. However, its impact is included in the numbers we will be discussing.

Speaker #2: If we turn to page 5, you can see the sales performance for the period, which shows the benefit of our continued store network expansion with consistent sales growth over a number of years.

John Cheston: If we turn to page 5, you can see the sales performance for the period that shows the benefit of our continued store network expansion with consistent sales growth over a number of years. Looking to our regions, growth was once again strong in the European and Americas markets at close to 30% for each market for the financial year. With those regions continued to provide consistent new store growth. The APAC regions continue to be our biggest opportunity through a renewed focus on operational excellence with structural changes to our operations team in place and now starting to deliver benefits. I'd now like to hand over to Chris Lauder, our CFO, to talk through our financials. Thanks, Chris.

Speaker #2: Looking to our regions, growth was once again strong in the European and Americas markets at close to 30% for each market for the financial year, with those regions continuing to provide consistent new store growth.

Speaker #2: The APAC regions continue to be our biggest opportunity through a renewed focus on operational excellence, with structural changes to our operations team in place and now starting to deliver benefits.

Speaker #2: I'd now like to hand over to Chris Lauder, our CFO, to talk through our financials. Thanks, Chris.

Speaker #3: Thanks, John. Morning all. If we turn to page 6, gross profit was $775.3 million at an 82.6% gross margin, up on last year by 60 basis points and representing a continuation of the strong year-on-year margin growth we've seen over a sustained period, with 270 basis points of improvement since FY23 alone.

Chris Lauder: Thanks, John. Morning, all. If we turn to page 6, gross profit was AUD 775.3 million at an 82.6% gross margin, up on last year by 60 basis points and represents the continuation of the strong year-on-year margin growth we've seen over a sustained period, with 270 basis points of improvement since FY23 alone. This result has been delivered from our continued focus on sourcing, ongoing promotional efficiency, and improved shrinkage. We've continued to focus on the efficiency of our inventory position and are very pleased that we've been able to maintain our inventory in a good space. Turning to page 7, I'll talk about profit.

Speaker #3: This result has been delivered from our continued focus on sourcing, ongoing promotional efficiency, and improved shrinkage. We've continued to focus on the efficiency of our inventory position and are very pleased that we've been able to maintain our inventory in a good state.

Speaker #3: Turning to page 7, I'll talk to our profit. As you can see, we've again been able to deliver strong growth in profit, continuing the consistent trend over a number of years, while continuing to invest into the business with a focus on service and management structures, technology, and supply chains as part of our constantly growing business.

Chris Lauder: As you can see, we've again been able to deliver strong growth in profit, continuing the consistent trend over a number of years, while continuing to invest into the business with a focus on service and management structures, technology, and supply chains has caught our constantly growing business. While at the same time, also being able to invest in the start-up phase of the Jewels business. Turning to page 8, you'll see that the cash generated by the business has again been a highlight, with cash from operations before interest and tax at AUD 294.5 million for the financial year, up 21%, reflecting tight management of our working capital and the continuing operational strength of the business. Cash capital expenditure for the period was AUD 58.5 million, predominantly for new store fit outs as well as store refurbishments and investment into support technology.

Speaker #3: While at the same time also being able to invest in the startup phase of the Jewels business. Turning to page 8, you'll see that the cash generated by the business has again been a highlight, with cash from operations before interest and tax at $294.5 million for the financial year, up 21%, reflecting tight management of our working capital and the continuing operational strength of the business.

Speaker #3: Cash capital expenditure for the period was $58.5 million, predominantly for new store fit-outs as well as store refurbishments and investment into support technology.

Chris Lauder: Cash capital expenditure for the period was AUD 58.5 million, predominantly for new store fit outs as well as store refurbishments and investment into support technology.

Speaker #3: Cash interest and lease payments were also higher than the prior year due to the growth in the store network. Turning to page 9, you'll see that the balance sheet remains strong, with a clean inventory position and significant liquidity available to fund growth.

Chris Lauder: Cash interest and lease payments were also higher than prior year due to the growth in the store network. Turning to page 9, you will see that the balance sheet remains strong with a clean inventory position and significant liquidity available to fund growth. The strong profit result for the period and continued strong cash flow and balance sheet position has allowed the board to announce a final dividend of AUD 0.33 per share, up AUD 0.22 on prior year, so 22% on prior year, taking full-year dividends to AUD 0.86 and representing the distribution of 100% of earnings for the financial year. I am going to hand back to John.

Speaker #3: The strong profit result for the period and continued strong cash flow and balance sheet position has allowed the board to announce a final dividend of 33 cents per share, up 22 cents on prior year, so 22% on prior year, taking full year dividends to 86 cents and representing the distribution of 100% of earnings for the financial year.

Speaker #3: I'll now hand back to John.

Speaker #2: Thank you, Chris. So, if we turn to page 10, a quick update on store numbers. The key driver of future growth for Lovisa continues to be our global store rollout.

John Cheston: Thank you, Chris. If we turn to page 10, a quick update on store numbers. The key driver of future growth for Lovisa continues to be in our global store rollout. We finished the financial year with 1,136 stores trading in over 50 markets with 160 new stores opened in the financial year. We remain focused on continuing to grow the store network globally, and we are pleased that we were able to maintain the momentum from the H1 through the H2 of FY26. The strong base we have built in the European market allowed that market to deliver the largest share of new store growth for the period with 76 new stores, including 34 in the United Kingdom and 20 in Germany, and provides us with a very strong base to continue to expand from.

Speaker #2: We've finished the financial year with 1,136 stores trading in over 50 markets, with 160 new stores opened in the financial year. We remain focused on continuing to grow the store network globally, and we're pleased that we were able to maintain the momentum from the first half through the second half of FY26.

Speaker #2: The strong base we have built in the European market allowed that market to deliver the largest share of new store growth for the period, with 76 new stores, including 34 in the United Kingdom and 20 in Germany, and provides us with a very strong base to continue to expand from.

Speaker #2: In the Americas region, we were able to continue the momentum in our US and Canadian store rollout, with 44 new stores opened in the Americas during the period.

John Cheston: In the Americas region, we were able to continue the momentum in our US and Canadian store rollout with 44 new stores open in the Americas during the period. We were also able to open six new franchisee markets in Reunion, Mauritius, Ghana, Kenya, Burkina Faso, and Iraq. Turning to pages 11 through 16, you will see some images of our latest store fit-out concept, which we call Series Five, which we have continued to roll out to new and refurbished stores around the world. This concept is designed to give a more refined and elevated feel to our stores and adds a new piercing studio store install concept, along with new elements such as digital screens. To date, we have opened 53 stores under this concept with a strong pipeline of further investment in store look and feel coming for FY27.

Speaker #2: We were also able to open six new franchisee markets in Réunion, Mauritius, Ghana, Kenya, Burkina Faso, and Iraq. Turning to pages 11 through 16, you will see some images of our latest store fit-out concept, which we call Series 5, which we have continued to roll out to new and refurbished stores around the world.

Speaker #2: This concept is designed to give a more refined and elevated feel to our stores, and adds a new piercing studio store-in-store concept, along with new elements such as digital screens.

John Cheston: This concept is designed to give a more refined and elevated feel to our stores and adds a new piercing studio store install concept, along with new elements such as digital screens. To date, we have opened 53 stores under this concept with a strong pipeline of further investment in store look and feel coming for FY27.

Speaker #2: To date, we have opened 53 stores under this concept, with a strong pipeline of further investment in store look and feel coming for FY27.

Speaker #2: On page 17, I will talk to the trading update for the first 8 weeks of FY27. Trading for the first 8 weeks of the new financial year saw total sales on a constant currency basis up 16.4% on the same period in FY26, with comparable store sales for this period up 3%, and showing improving momentum through the month of August.

John Cheston: On page 17, I will talk to the trading update for the first eight weeks of FY27. Trading for the first eight weeks of the new financial year saw total sales on a constant currency basis up 16.4% on the same period in FY26, with comparable store sales for this period up +3% and showing an improving momentum through the month of August. We continue to focus on opportunities for expanding both our physical and digital store network with a long new store runway supporting continued store rollout momentum. Our balance sheet remains strong with available cash and debt facilities supporting continued investment in growth. To summarize the financial year on slide 18, we were able to again deliver strong sales growth for the period with store network growth combined with comp sales up 2% to deliver total sales growth of +17.6.

Speaker #2: We continue to focus on opportunities for expanding both our physical and digital store network, with a long new-store runway supporting continued store rollout momentum. Our balance sheet remains strong, with available cash and debt facilities supporting continued investment in growth.

John Cheston: Our balance sheet remains strong with available cash and debt facilities supporting continued investment in growth. To summarize the financial year on slide 18, we were able to again deliver strong sales growth for the period with store network growth combined with comp sales up 2% to deliver total sales growth of +17.6.

Speaker #2: To summarize the financial year on slide 18, we were able to again deliver strong sales growth for the period, with store network growth combined with comp sales up 2%, to deliver total sales growth of plus 17.6%. Our global expansion delivered 160 new stores opened in the financial year, finishing the year with a total network of 1,136 stores. Gross margins were again outstanding at 82.6%, an improvement of 60 basis points on the prior year, which was achieved along with a clean inventory position.

John Cheston: Our global expansion delivered 160 new stores opened in the financial year, finishing the year with a total network of 1,136 stores. Gross margins were again outstanding at 82.6%, an improvement of 60 basis points on the prior year, which was achieved along with a clean inventory position. This combined to deliver strong profit growth with EBITDA of AUD 301 million, up 20.9% on the prior year, EBIT of AUD 158.2 million, up 14.1%, and NPAT of AUD 95.6 million, up 10.7%, with our strong cash flow and balance sheet position allowing the board to announce a final dividend of AUD 0.33 per share to be paid in October. We are also very pleased to be able to announce a solid start to the new financial year with total sales up 16.4% and comp sales up 3% for the first eight weeks.

Speaker #2: This combined to deliver strong profit growth, with EBITDA of $301 million, up 20.9% on the prior year; EBIT of $158.2 million, up 14.1%; and NPAT of $95.6 million, up 10.7%. Our strong cash flow and balance sheet position allowed the board to announce a final dividend of 33 cents per share to be paid in October.

Speaker #2: We're also very pleased to be able to announce a solid start to the new financial year, with total sales up 16.4% and comp sales up 3% for the first 8 weeks.

John Cheston: We are also very pleased to be able to announce a solid start to the new financial year with total sales up 16.4% and comp sales up 3% for the first eight weeks.

Speaker #2: I'd like to take this opportunity to thank our entire global team for the outstanding work they are doing to deliver these results. With that, I'd like to invite you today to ask any questions you have.

John Cheston: I would like to take this opportunity to thank our entire global team for the outstanding work they are doing to deliver these results. With that, I would like to invite you today to ask any questions you have. Many thanks.

Speaker #2: Many thanks.

Speaker #1: Thank you. As mentioned, we will now begin the Q&A session. For those listening by phone and who would like to ask a question, please press star, followed by 1, on your telephone keypad to raise your hand and join the queue.

Operator 2: Thank you. As mentioned, we will now begin the Q&A session. For those listening by phone and would like to ask a question, please press Star, followed by One on your telephone keypad to raise your hand and join the queue. To withdraw your question, simply press Star One again. When called upon, please use your handset, ensure your line is unmuted, and be ready to ask your question. Today, we kindly ask that you limit your questions to one per person, and if time permits, we will take any follow-ups. Your first question is from the line of James Wilson of Macquarie. Please go ahead.

Operator: Thank you. As mentioned, we will now begin the Q&A session. For those listening by phone and would like to ask a question, please press Star, followed by One on your telephone keypad to raise your hand and join the queue. To withdraw your question, simply press Star One again. When called upon, please use your handset, ensure your line is unmuted, and be ready to ask your question. Today, we kindly ask that you limit your questions to one per person, and if time permits, we will take any follow-ups. Your first question is from the line of James Wilson of Macquarie. Please go ahead.

Speaker #1: And to withdraw your question, simply press star 1 again. When called upon, please use your handset to ensure your line is unmuted and be ready to ask your question.

Speaker #1: Today, we kindly ask that you limit your questions to one per person. If time permits, we will take any follow-ups. Your first question is from the line of James Wilson of Macquarie.

Speaker #1: Please go ahead.

Speaker #3: Hi, guys. Firstly, I'm conscious that you said you're not going to give us any specific numbers around Jules, but can you give us a sense of whether the trial was loss-making or profit-making in the second half of the year, please?

James Wilson: Hi, guys. Just firstly, I am conscious you said that you are not going to give us any specific numbers around Jewels, but can you give us a sense of whether the trial was loss-making or profit-making in the H2 of the year, please?

John Cheston: Thank you, James. We've not disclosed the H2. We did disclose it in the H1. I think our view would be, it's a similar number in the H2 to the H1. What we would say is we're excited with the new trial that we've got in our Brent Cross store in North London. We're seeing some very encouraging results coming through from that concept. It is a somewhat different iteration to the first concept, and the initial signs are very encouraging. Then once we're in a position to give some more color on Jewels, we'll do so. But I think that's all I would say on that today.

Speaker #4: Thank you, James. We've not disclosed the second half. We did disclose it in the first half. I think our view would be it's a similar number in the second half to the first half.

Speaker #4: What we would say is we're excited with the new trial that we've got in our brand-new concept store in North London. We're seeing some very encouraging results coming through from that concept.

Speaker #4: It is a somewhat different iteration from the first concept, and the initial signs are very encouraging. Once we're in a position to give some more color on Jules, we'll do so.

Speaker #4: But I think that's all we'd say on that today.

Speaker #1: And your next question comes from the line of Garth Francis of MST Marquee. Your line is open.

Operator 2: Your next question comes from the line of Garth Francis of MST Marquee. Your line is open.

Operator: Your next question comes from the line of Garth Francis of MST Marquee. Your line is open.

Speaker #5: Good morning, John, Chris, and Mark. The pace of stores slowed in the second half, and I appreciate that you made some commentary around making sure that any lease renewals were entered into with specific return hurdles in mind.

Garth Francis: Good morning, John, Chris, and Mark. The pace of stores slowed in the H2, and I appreciate that you made some commentary around making sure that any lease renewals were entered into with specific return hurdles in mind. Does that mean that we should expect a similar pace of stores, sort of a 1.5 per week net openings for FY27?

Speaker #5: Does that mean we should expect a similar pace of stores, sort of 1.5 per week net openings for FY27?

Speaker #4: I mean, look, we opened 160 over the financial year. I would be looking to a similar number to that in FY27. We've got a good pipeline established.

John Cheston: Look, we opened 160 over the financial year. I would be looking to a similar number to that in the FY27. We've got a good pipeline established. We're focused on the markets we wish to open our stores. We know where we're getting good traction. So I would see a similar number of stores in FY27 to that of FY26.

Speaker #4: We're focused on the markets we wish to open, our stores. We know where we're getting good traction, so I would see a similar number of stores in FY27 to that of FY26.

Speaker #5: So, a similar pace of closures as well, then?

Garth Francis: So a similar pace of closures as well then?

Speaker #4: No, no, no. I mean, I'm talking to the store openings. As I said, we set 160 last year, and we'll be looking for a similar 160 for the new financial year.

John Cheston: No, I am talking to the store openings. As I said, we set 160 last year. We will be looking for similar 160 for the new financial year. We assess all of our stores in terms of their profit. We will take a decision on stores if we need to close some, if we need to refit some, we need to relocate some. But I really wish for you to focus more on, we are looking at 160 new store openings for FY27.

Speaker #4: We assess all of our stores in terms of their profits. We'll take a decision on stores if we need to close some, if we need to refit some, or if we need to relocate some.

Speaker #4: But I really wish for you to focus more on—we're looking at 160 new store openings for FY27.

Speaker #5: Thank you.

Garth Francis: Thank you.

Speaker #6: How are you? Yeah, we're on.

Operator 2: Your next question is from the line of Chami Ratnapala of Bell Potter Securities. Please go ahead.

Operator: Your next question is from the line of Chami Ratnapala of Bell Potter Securities. Please go ahead.

Speaker #1: Your next question is from the line of Tommy Ratnapala of Bell Potter Securities. Please go ahead.

Speaker #6: Thank you. Good morning, John and Chris. Thanks for taking my question. I just want to focus on the A and Z region. The A and Z store performance looks like the average store revenue in the second half is down more than in the first half.

Chami Ratnapala: Thank you. Good morning, John and Chris. Thanks for taking my question. Just want to focus on the ANZ region. The NZ store performance looks like the average store revenue in the H2 is down more than in the H1. Could you talk to what's driving this? Has there been any improvement as we go into FY27 with the global comms more reflecting a quite strong level?

Speaker #6: Could you talk to what's driving this, and has there been any improvement as we go into FY27, with the global comms more reflecting a quite strong level?

Speaker #4: I think the most important thing I'd like everybody to acknowledge is we're a global business. We've got over 1,100 stores, and we've seen 30% growth in the Americas.

John Cheston: I think the most important thing I'd like everybody to acknowledge is we're a global business. We've got over 1,100 stores. We've seen 30% growth in the Americas. We've seen 30% growth in Europe. We've got a very long runway of store openings. So we look at our business in a global perspective. We are fortunate in some regards that over the years we've built a global business, one of only very few Australian global businesses. So we look to talk to the global number and the growth that we've delivered over the financial year. We're insulated in some regards, and we're naturally hedged in some regards to the business over in Australia and New Zealand. So I'd really prefer people to look at us as a global business and the great growth we're delivering as a global entity.

Speaker #4: We've seen 30% growth in Europe, and we've got a very, very long runway of store openings. So we look at our business from a global perspective.

Speaker #4: We are fortunate, in some regards, that over the years we've built a global business—one of only very few Australian global businesses. So we look to talk to the global number and the growth that we've delivered over the financial year.

Speaker #4: We're insulated in some regards, and we're naturally hedged in some regards to the business over in Australia and New Zealand. So I'd really prefer people to look at us as a global business and the great growth we're delivering as a global entity.

Speaker #1: Your next question is from the line of Sam Teiger at Citi. Please go ahead.

Operator 2: Your next question is from the line of Sam Teeger at Citi. Please go ahead.

Operator: Your next question is from the line of Sam Teeger at Citi. Please go ahead.

Speaker #3: Oh, hi guys. I wanted to ask about working capital. It seemed pretty strong, with a 13% reduction in inventory despite 18% sales growth. Has there been any structural efficiency in inventory management that we could consider going forward, or were there some one-off benefits in FY26?

Sam Teeger: Hi, guys. I wanted to ask on working capital. It seemed pretty strong with this 13% reduction in inventory despite 18% sales growth. Has there been any structural efficiencies in inventory efficiency that we should think about going forward? Are there some one-off benefits in 2026?

Speaker #4: Yeah, we're always looking to improve our inventory efficiency, down to, let's just say, PAU, and we've definitely made some improvements there. But a big part of that movement is just the movement in spot translation rates at the end of the financial year.

Chris Lauder: Yeah, we're always looking to improve our inventory efficiency down to that SKU, and we've definitely made some improvements there. But a big part of that movement is just the movement in spot translation rates at the end of the financial year. So if you just look at the rates, that's core. You can see equivalent decrease in trade creditors and inventory. So it's on both sides of the balance sheet.

Speaker #4: So, if you just look at the rates, that's cool. You can see an equivalent decrease in trade creditors and inventory. So, it's on both sides of the balance sheet.

Speaker #1: Thanks. Your next question is from the line of Alan Franklin of Canaccord Genuity. Please go ahead.

Sam Teeger: Thanks.

Operator 2: Your next question is from the line of Allan Franklin of Canaccord Genuity. Please go ahead.

Operator: Your next question is from the line of Allan Franklin of Canaccord Genuity. Please go ahead.

Speaker #3: Thank you. Good morning. Just a question on the efficiency of the business as you see it today. I understand you're talking at a global profile, so let's do that.

Allan Franklin: Thank you. Good morning. Just a question on the efficiency of the business as you see it today. I understand you're talking at a global profile, so let's do that. You have invested hard into the cost base in FY26 setting up support structures and other structures globally. Obviously, noting the inventory comment you just talked to, but to what extent do you feel you have now invested heavily in the business and may be willing to let more operating leverage flow through in forward-looking periods?

Speaker #3: You have invested hard into the cost base in FY26, setting up support structures and other structures globally. Obviously, noting the inventory comment you just sort of talked to, but to what extent do you feel you have now invested heavily in the business and may be willing to let more sort of operating leverage flow through in forward-looking periods?

Speaker #4: Look, our focus has always been to manage our cost of doing business as tightly as we can. We're fully okay with that as a business that has a strong margin.

Mark McInnes: Well, our focus is always to manage our cost of doing business as tightly as we can. We're fully okay as a business that has a strong margin. If we can deliver comp sales growth which are acceptable, if we can continue that strong margin delivery that we continue to execute, and we can manage our CODB tightly, we're all fully aware that the operating leverage of that will filter down to the bottom line. So our focus has remained and will always remain on comp sales, on managing costs, on managing our margin, and seeing that filter through to the bottom line.

John Cheston: Well, our focus is always to manage our cost of doing business as tightly as we can. We're fully okay as a business that has a strong margin. If we can deliver comp sales growth which are acceptable, if we can continue that strong margin delivery that we continue to execute, and we can manage our CODB tightly, we're all fully aware that the operating leverage of that will filter down to the bottom line. So our focus has remained and will always remain on comp sales, on managing costs, on managing our margin, and seeing that filter through to the bottom line.

Speaker #4: If we can deliver comp sales growth—which are acceptable—if we can continue with that strong margin delivery, that we continue to execute, and we can manage our CODB tightly, we're all fully aware that the operating leverage of that will filter down to the bottom line.

Speaker #4: So our focus has remained, and will always remain, on comp sales, on managing costs, on managing our margin, and seeing that filter through to the bottom line.

Speaker #1: And your next question comes from the line of Arian Navroti of Jardens. Please go ahead.

Operator 2: Your next question comes from the line of Ari Neurosi of Jarden. Please go ahead.

Operator: Your next question comes from the line of Ari Neurosi of Jarden. Please go ahead.

Speaker #5: Hi, guys. Hi to you all. I'll be sneaking in and sneaking in two little ones. Just on the result, you had about $8 million in impairment losses.

Ari Neurosi: Hi, guys. Hope you are obviously seeing two little ones. Just on the result, you had about AUD 8 million in impairment losses, and loss on sale on PP&E in H2 2026, which obviously hurt the result. To what extent is that sort of repeatable? Also, did you book a tariff benefit in the gross margin in H2, please?

Aryan Norozi: Hi, guys. Hope you are obviously seeing two little ones. Just on the result, you had about AUD 8 million in impairment losses, and loss on sale on PP&E in H2 2026, which obviously hurt the result. To what extent is that sort of repeatable? Also, did you book a tariff benefit in the gross margin in H2, please?

Speaker #5: And loss on sale of PP&E in the second half of '26, which obviously hurt the result. To what extent is that sort of repeatable?

Speaker #5: And then also, did you book a tariff benefit in the gross margin in the second half, please?

Speaker #4: Yeah, Ari, you can obviously see in the store count that we closed 43 stores in the financial year and relocated, I think, 12.

Mark McInnes: Yes. Ari, you can obviously see in the store count that we closed 43 stores in the financial year and relocated, I think it is 12. That is mainly, you said loss on sales, just loss on disposal where you close stores and you still have a written down value, so you have to write it off. That and the ongoing review process of our store network that we always do means that some stores will close, and we will have to raise impairment provisions against or write off. Basically, that number is just reflective of that number of store closures for the period. What was your second question?

Speaker #4: So, that's mainly, you said, loss on sales—just loss on disposal. We closed stores, and you've still got a written-down value, so you're going to write it off.

Speaker #4: So that, and the ongoing review process of our store network that we always do, means that some stores will close, and we'll have to raise impairment provisions against, or write off.

Speaker #4: So, that's basically—that number is just reflective of that number of store closures for the period. So, what was your second question?

Speaker #5: And oh, sorry, the tariff—did you benefit from tariff refunds in the second half, and to what extent did that help the 83% gross margin, please?

Ari Neurosi: Oh, sorry, the tariff. Did you benefit from tariff refunds in H2? To what extent did that help the 83% gross margin, please?

Aryan Norozi: Oh, sorry, the tariff. Did you benefit from tariff refunds in H2? To what extent did that help the 83% gross margin, please?

Speaker #4: Yeah, well, I mean, on a quarterly basis, the tariffs are in there, and then they came back. So there's no impact from the tariffs on the full financial year.

Mark McInnes: Well, on a whole year basis, the tariffs are in there, then they came back. So there's no impact from the tariffs on the full financial year. So there's a little bit of movement between the H1 and the H2. But it's full year, not an impact.

Speaker #4: So there's a little bit of movement between the first half and the second half, but yeah, it's full year, but not an impact.

Speaker #5: All right. Thank you, guys.

Ari Neurosi: All right. Thank you, guys.

Mark McInnes: All right. Thank you, guys.

Mark McInnes: Thanks.

Speaker #4: Thanks.

Speaker #1: Your next question is from the line of Tony Wang of Morgan Stanley. Your line is open.

Operator 2: Your next question is from the line of Tony Wang of Morgan Stanley. Your line is open.

Operator: Your next question is from the line of Tony Wang of Morgan Stanley. Your line is open.

Speaker #5: Oh, hi guys. Thanks for taking my question. I just wanted to see if we could get an update on how the new Series 5 stores are trading versus the existing fleet, and maybe what that uplift looks like.

Tony Wang: Hi, guys. Thanks for taking my question. Just wanted to see if we could get an update on how the new Series Five stores are trading versus the existing fleet and maybe what that uplift looks like. I guess maybe secondarily to that, just given you've rolled out that concept globally, interested in the consistency of the uplift across regions. Thank you.

Chenny Wang: Hi, guys. Thanks for taking my question. Just wanted to see if we could get an update on how the new Series Five stores are trading versus the existing fleet and maybe what that uplift looks like. I guess maybe secondarily to that, just given you've rolled out that concept globally, interested in the consistency of the uplift across regions. Thank you.

Speaker #5: And I guess, maybe secondarily to that, just given you've rolled out that concept globally, I'm interested in the consistency of the uplift across regions? Thank you.

John Cheston: We don't give color in terms of the uplift we get from a Series Five or whatever iteration. We don't give that level of detail. Obviously, it's sufficiently acceptable for us to be rolling out 53 stores and to continue to roll it out in the next financial year. I take that as a positive. Chris quite rightly always says it's part of doing business. You have to keep reinvesting in your fleet and keep relevant. Some of it is a necessity to do just to ensure we're relevant to our customers. But clearly, it's been sufficiently acceptable for us to continue to roll this proposition out.

Speaker #4: We don't give color in terms of the uplift we get from a Series 5 or whatever its duration. We don't give that level of detail.

Speaker #4: Obviously, it's sufficiently acceptable for us to be rolling out 53 stores and to continue to roll it out in the next financial year. So I'd take that as a positive.

Speaker #4: Chris, quite rightly, always says it's part of doing business. I mean, you have to keep reinvesting in your fleet and keep relevant. So some of it is a necessity to do, just to ensure we're relevant to our customers.

Speaker #4: But clearly, it's been sufficiently acceptable for us to continue to roll this proposition out.

Speaker #5: Got it. Thanks, guys.

Tony Wang: Got it. Thanks, guys.

Chenny Wang: Got it. Thanks, guys.

Speaker #1: There is a question from the line of John Campbell at Jefferies. Please go ahead.

Operator 2: There is a question from the line of John Campbell at Jefferies. Please go ahead.

Operator: There is a question from the line of John Campbell at Jefferies. Please go ahead.

Speaker #5: Thanks for that. So just back to store rollout, a few years ago I believe you were struggling to open stores in the US that basically met your return hurdles.

John Campbell: Thanks for that. Just back to store rollout. A few years ago, I believe you were struggling to open stores in the US that basically met your return hurdles effectively, as I understand it, because rents were too high, and they required key money and larger footprints and other things. But that seems to have turned around in probably the last year or so, and you're opening more stores in North America. Can you just comment on whether leasing terms have got better over there and it's generally easier for you?

Speaker #5: Effectively, as I understand it, because rents were too high and they required key money and larger footprints and other things. But that seems to have turned around in the last period, or probably the last year or so, and you're opening more stores in North America.

Speaker #5: Can you just comment on whether leasing terms have gotten better over there, and if it's generally easier for you?

Speaker #4: I think we will own—we would own and will continue to own—that it's on us, in terms of what we can do inside our house, and that is to do with product allocation, marketing, and retail operational standards.

Mark McInnes: I think we would own, and we will continue to own that it is on us in terms of what we can do inside our house, and that is to do with product allocation, marketing, and retail operational standards. Rather than talk to what is happening with landlords and rents, we believe we have done an improved job. We wanted to, and we have delivered on that. We have got a capable team. We have got a motivated team. I would look to the continued rollout in the Americas in terms of our improving efficiency and our operational standards.

Speaker #4: So rather than talk to what's happening with landlords and rents, we believe we've done an improved job. We wanted to, and we've delivered on that.

Speaker #4: We've got a capable team. We've got a motivated team. I would look to the continued rollout in the Americas in terms of our improving efficiency and our operational standards.

Speaker #5: Okay. No real impediments, I guess, is what you're saying because of your performance?

John Campbell: Okay. No real impediments, I guess, is what you are saying because of your performance.

Speaker #4: No. We're a well-represented brand over there. We are coveted by landlords to come into the centers. We've got a proposition they like. We've got good standards of stores, good operational standards.

Mark McInnes: No, we are a well-represented brand over there. We are coveted by landlords to come into the centers. We have got a proposition they like. We have got good standards of stores, good operational standards. I have recently been over in the US for five or six weeks, and I have got a landlord base who are hungry for a Lovisa business to be in their centers.

Speaker #4: And I've recently been over in the US for five or six weeks, and I've got a landlord base who are hungry for a Lovisa business to be in their centers.

John Campbell: Yes. Thanks for that.

Speaker #5: Yes. Thanks for that.

Speaker #4: Pleasure.

Mark McInnes: Pleasure.

Speaker #1: You have a follow-up question from James Wilson at Macquarie. Your line is open.

Operator 2: You have a follow-up question from James Wilson at Macquarie. Your line is open.

Operator: You have a follow-up question from James Wilson at Macquarie. Your line is open.

Speaker #5: Hi guys. Conscious that you wanted to talk on a global level, but I'll just ask about the refurb and CAPEX program in ANZ in particular.

James Wilson: Hi, guys. Conscious you wanted to talk on a global level, but could I just ask about the refurb and CapEx program in ANZ in particular. Can you just run us through maybe how much of a drag closures for refurbishments might have been in the H2, and whether they were weighted to earlier in the half or later to the half?

Speaker #5: Can you just run us through, maybe, how much of a drag our closures for refurbishments might have been in the second half, and whether they were weighted more to earlier in the half or later in the half?

Speaker #4: Well, there's not really a lot to see there. I mean, we renovate or refit a store when the lease comes up, when we've negotiated with the landlords for a renewal, when we've got some tenure so that we can depreciate the capital.

John Cheston: Well, there's not really a lot to see there. We renovate or refit a store when the lease comes up, when we've negotiated with the landlords for a renewal, when we've got some tenure so that we can depreciate the capital. We've obviously been sufficiently encouraged with our new proposition to roll it out. But it's normal cadence or rhythm of the business is what we've been seeing in the H2, to be totally candid.

Speaker #4: We've obviously been sufficiently encouraged with our new proposition to roll it out. But its normal cadence, or rhythm, of the business is what we've been seeing in the second half, to be totally candid.

Speaker #5: Thanks, guys. Thank you.

James Wilson: Thanks, guys. Thank you.

Speaker #1: And before we move on to the next few questions, a reminder: if you would like to join the queue, please press star one. You have a follow-up question from Garth Francis at MST Marquee.

Operator 2: And before we move on to the next few questions, a reminder, if you would like to join the queue, to press star one. You have a follow-up question from Garth Francis at MST Marquee. Please go ahead.

Operator: And before we move on to the next few questions, a reminder, if you would like to join the queue, to press star one. You have a follow-up question from Garth Francis at MST Marquee. Please go ahead.

Speaker #1: Please go ahead.

Speaker #5: Oh, thanks for taking the follow-up. Just on the gross margin, seasonality has historically skewed to the first half. You've obviously had a good performance in the second half, and I'm assuming from the comments related to the tariffs that that was part of the benefit there.

Garth Francis: Thanks for taking the follow-up. On the gross margin, seasonality is historically skewed to the H1. You have obviously had a good performance in the H2. I am assuming from the comments related to the tariff, that was part of the benefit there. Looking into 2027, do you expect the seasonality to return to historics? And us not basing H1 2027 off the performance of the H2?

Speaker #5: So just looking into '27, do you expect the seasonality to return to historics? And that's not basing 1H27 off the performance of the second half?

John Cheston: As Chris said, there was a little bit in the H2, but on the blended year, what went out, came back. So there is nothing in the full year. Our focus ostensibly will always be on markdown management and better products. The team who work closely with me are focused on better product, better cost price negotiation with the vendors, lower markdown management, which means we retain more than we give away. I think we are pleased with the numbers we are reporting today in terms of the margin and the 60 basis points growth, and our endeavor will be to continue to deliver acceptable gross margins for the shareholders.

Speaker #4: There was, as Chris said, a little bit in the second half, but on the blended year, what went out came back. So there's nothing in the full year.

Speaker #4: Our focus, ostensibly, will always be on markdown management and better products. So the team who works closely with me is focused on better product.

Speaker #4: Better cost price negotiation with the vendors, lower markdown management, which means we retain more than we give away. I think we're pleased with the numbers we're reporting today in terms of the margin and the 60 basis points of growth.

Speaker #4: And our endeavor will be to continue to deliver acceptable gross margins for the shareholders.

Garth Francis: Can you sort of unpack the gross margin benefit from those different buckets? Was it substantially from a better promotional activity that you saw that uplift? Or from the sourcing?

Speaker #5: Can you sort of unpack the gross margin benefit from those different buckets? I mean, was it substantially from better promotional activity that you saw that uplift?

Speaker #5: Or from the sourcing?

John Cheston: I'm not trying to be opaque, but it's a combination of everything. If you put all the levers into better product, better buying, better quantification, lower markdown, better marketing, you get an outcome which is acceptable. Our focus is on all those inputs to get the right output.

Speaker #4: I'm not trying to be opaque, but it is a combination of everything. I mean, if you put all the levers into better product, better buying, better quantification, lower markdown, better marketing, you get an outcome which is acceptable.

Speaker #4: Our focus is on all those inputs to get the right output.

Speaker #5: Thank you.

Garth Francis: Thank you.

Speaker #1: Your next question is from the line of Wei Wang Tan of RBC Capital Markets. Please go ahead.

Operator 2: Your next question is from the line of Wei Wang Tan of RBC Capital Markets. Please go ahead.

Operator: Your next question is from the line of Wei Wang Tan of RBC Capital Markets. Please go ahead.

Speaker #5: How are you guys? Sorry, I joined the call a little bit late, so I'm not sure if I've missed this. But just on tariffs, just wondering whether you've confirmed whether you'd received a tariff refund from the US in the second half, and/or are you expecting anything in FY27?

Wei Wang Tan: Hey, guys. Sorry, I joined the call a little bit late, so I'm not sure if I've missed this. Just on tariffs, just wondering whether you've confirmed whether you'd received a tariff refund from the US in the H2 or are you expecting anything in FY27?

Wei-Weng Chen: Hey, guys. Sorry, I joined the call a little bit late, so I'm not sure if I've missed this. Just on tariffs, just wondering whether you've confirmed whether you'd received a tariff refund from the US in the H2 or are you expecting anything in FY27?

Speaker #4: Yes, we had already had the question, and the answer was that, for the full year, there's no real impact from the US tariffs because we paid them in the first half and then got some refunds in the second half.

Chris Lauder: Yes. We had already had the question, and the answer was that in the full year, there is no real impact from the US tariffs because we paid them in the H1 and then got some refunds in the H2. So it nets out to nothing in the full year. Yeah. As for what comes in the next financial year, we will see what happens in the US, but that is outside of our control.

Speaker #4: So that's out to nothing in the full year. So, yeah, and as for what comes in the next financial year, we'll see what happens in the US.

Speaker #4: But that's outside of our control.

Speaker #5: Okay. Thanks.

Wei Wang Tan: Okay, thanks.

Wei-Weng Chen: Okay, thanks.

Speaker #1: Yeah, the follow-up question from Charnie Ratnapala of Bell Potter Securities. Your line is open.

Operator 2: You have a follow-up question from Chami Ratnapala of Bell Potter Securities. Your line is open.

Operator: You have a follow-up question from Chami Ratnapala of Bell Potter Securities. Your line is open.

Speaker #6: Thank you. Thanks, John, and Chris again, and thanks for taking my follow-up question. Maybe just, in the global context for the group, looking at Europe, which is your largest group, would you be able to give us an update on how the store pipeline looks, especially with the latest updates in June from your biggest competitor there?

Chami Ratnapala: Thank you. Thanks, John and Chris, again, and thanks for taking my follow-up question. Maybe since in the global context for the group, looking at Europe, which is your largest group, would you be able to give us an update of how the store pipeline looks like with the last bit of updates in June from your biggest competitor base?

Speaker #4: Well, we're focused on what we can focus on. We know the respective countries well. We know how many stores we have in those respective countries.

John Cheston: We are focused on what we can focus on. We know the representative countries well. We know how many stores we have in those respective countries. We know how many stores we believe we can have in those respective countries, and we are just focused on delivering that number that we believe we can operate in.

Speaker #4: We know how many stores we believe we can have in those respective countries, and we're just focused on delivering that number that we believe we can operate in.

Speaker #6: Thank you.

Chami Ratnapala: Thank you.

John Cheston: Welcome.

Speaker #1: And you have a follow-up question from Aria Nerozzi of Jardens. Please go ahead. Aria, you might be on mute.

Operator 2: You have a follow-up question from Ari Neurosi of Jarden. Please go ahead. Ari, you might be on mute.

Operator: You have a follow-up question from Ari Neurosi of Jarden. Please go ahead. Ari, you might be on mute.

Speaker #5: Sorry, guys. Sorry. Just on the comps, July and August are obviously up 3% in like-for-like full RX, and you're cycling plus 6% last year. And for the rest of the half, the comps get way easier, like plus one.

Ari Neurosi: Sorry, guys. Sorry. Just on the comps, July, August, obviously up 3% in LFLs, and you are cycling +6 last year, and for the rest of the H2, the comps get way easier, like +1. Can you just run through if there is any one-off benefits or timing benefit impacts from this year in terms of that explains the stronger comp update and whether that normalizes, or is the way I am thinking about it in terms of getting easier in terms of comparables the right way? Thanks.

Aryan Norozi: Sorry, guys. Sorry. Just on the comps, July, August, obviously up 3% in LFLs, and you are cycling +6 last year, and for the rest of the H2, the comps get way easier, like +1. Can you just run through if there is any one-off benefits or timing benefit impacts from this year in terms of that explains the stronger comp update and whether that normalizes, or is the way I am thinking about it in terms of getting easier in terms of comparables the right way? Thanks.

Speaker #5: Can you just run through if there are any one-off benefits or timing impacts from this year that explain the stronger comp update, and whether that normalizes? Or is the way I'm thinking about it, in terms of comparables getting easier, the right way to look at it?

Speaker #5: Thanks.

Speaker #4: Well, you're right to point out that we're cycling some big numbers, because as we've called out, this time last year the first eight weeks were up 5.6%.

John Cheston: Well, you are right to point out that we are cycling some big numbers because as we called out this time last year, the first 8 weeks we were up 5.6%. So we are 3% up on the 5.6%. We have called out there has been improvement in momentum in the month of August, which is correct because that is how we are seeing it and that is what is happening. Credit to the product team, credit to the merchandising team and the operational team for delivering those 3% comps. As we have said, particularly pleasing in the last few weeks as we have progressed through into August. We are very cognizant of the numbers ahead in terms of what comp sales were up against last year. I would say we have got all of our plans in a row to continue to deliver the barometer of health, which is a strong LFL. That is our focus.

Speaker #4: So we're 3% up on the 5.6%. We've called out that there's been improvement in momentum in the month of August, which is correct because that's how we're seeing it.

Speaker #4: And that's what's happening. Credit to the product team, credit to the merchandising team, and the operational team for delivering those 3% comps. And as we've said, it's been particularly pleasing in the last few weeks as we've progressed through into August.

John Cheston: We are very cognizant of the numbers ahead in terms of what comp sales were up against last year. I would say we have got all of our plans in a row to continue to deliver the barometer of health, which is a strong LFL. That is our focus.

Speaker #4: We're very cognizant of the numbers ahead in terms of what comp sales were up against last year, and I would say we've got all of our plans in a row to continue to deliver the barometer of health, which is a strong LFL.

Speaker #4: That's our focus. That's what we do every day.

John Cheston: That is what we do every day.

Speaker #1: Andrew, I have a follow-up question from Sam Teger at Citi. Your line is open.

Operator 2: You have a follow-up question from Sam Teeger at Citi. Your line is open.

Operator: You have a follow-up question from Sam Teeger at Citi. Your line is open.

Speaker #5: Oh, hi again. Thank you. I wanted to ask about the higher rate of store closures. I was wondering, have your internal hurdles become more stringent, or has the performance of the stores closed softened?

Sam Teeger: Oh, hi again. Thank you. I wanted to ask around the higher rate of store closures. I was wondering, have your internal hurdles become more stringent, or have the performance of the stores closed softened?

Speaker #4: Sorry, I didn't catch the final bit.

John Cheston: Sorry, I did not catch the final bit.

Speaker #5: Like, is there a reason you're closing? Yeah, sure. So I'm asking, is the reason that you're closing more stores a function of your internal hurdles becoming more stringent, or is it because the performance of the stores has softened?

Sam Teeger: Like-

John Cheston: Say that again.

Sam Teeger: Is the reason you are closing more? Yeah, sure. So I am asking, is the reason that you are closing more stores a function of your internal hurdles becoming more stringent, or is it because the performance of the stores have softened?

Speaker #4: Yeah, our internal hurdles have not softened. Our internal hurdles have always been the same, and they'll continue to be the same. We've simply believed that there are better quality stores where we can do deals with landlords in better centers and better locations.

John Cheston: Our internal hurdles have not softened. Our internal hurdles have always been the same and will continue to be the same. We simply believe that there are better quality stores that we can do deals on with landlords in better centers and better locations. If there is a better option, that is what we are going to take. So what I would say is the quality of the stores that we have been opening in the last financial year have been of a high quality. We monitor the performance of those stores against their respective pro forma, against their ROI, and where we see there is a better opportunity, that is what we have been taking.

Speaker #4: And if there’s a better option, that’s what we’re going to take. So what I would say is, the quality of the stores that we’ve been opening in the last financial year has been of a high quality.

Speaker #4: We monitor the performance of those stores against their respective pro forma, against their ROI, and where we see there's a better opportunity, that's what we've been taking.

Speaker #5: Makes sense. And then, are the marginal returns on new stores still consistent with the historical Lovisa rollout model? How has that changed over the last decade as you guys have scaled globally?

Sam Teeger: Makes sense. Are the marginal returns on new stores still consistent with the historical Lovisa rollout model? How has that changed over the last decade as you guys have scaled globally?

Speaker #4: Well, Sam, you know as well as anyone that it's not a simple question to answer, and not one that we would ever engage in. Things have changed a lot in the last 10 years in the business.

John Cheston: Sam, you know as well as anyone that's not a simple question to answer and one that we would ever engage in. Things have changed a lot in the last 10 years in the business, so we just play every store as it comes and make sure it hits our return hurdles.

Speaker #4: So, we just play every store as it comes and make sure it hits our return hurdles.

Speaker #5: Great. Thank you.

Sam Teeger: Great. Thank you.

Speaker #1: And this concludes our Q&A session for today. I would now like to hand back over to John for closing remarks.

Operator 2: This concludes our Q&A session for today. I would like to hand back over to John for closing remarks.

Operator: This concludes our Q&A session for today. I would like to hand back over to John for closing remarks.

Speaker #4: Thank you, Paulie. Well, once again, thank you for taking the time to join us on this call this morning. We are pleased to announce these numbers today for FY26.

John Cheston: Well, once again, thank you for taking the time to join us on this call this morning. We are pleased to announce these numbers today for FY26, and we are equally encouraged with the start to FY27, with the 3% comp growth improving in the month of August. If we see any of you later, look forward to it. But for now, thank you for taking the time to join Chris, myself, and Mark this morning. Thank you.

Speaker #4: And we're equally encouraged with the start to FY27, with the 3% comp growth improving in the month of August. If we see any of you later, we look forward to it.

Speaker #4: But for now, thank you for taking the time to join Chris, Mark, and myself this morning. Thank you.

Operator 2: This concludes today's conference call. Thank you all for joining us. You may now disconnect.

Operator: This concludes today's conference call. Thank you all for joining us. You may now disconnect.

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Full Year 2026 Lovisa Holdings Ltd Earnings Call

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