2225 GMT - Morgans largely shrugs off Lovisa's sluggish recent record of store openings, touting the ultimate prize as enormous. Lovisa's store network has expanded by 27 in FY 2025 so far, bringing its total footprint to 927 stores. Analyst Alexander Mees is encouraged by Lovisa picking up the pace of openings in recent weeks. Still, it hasn't been happening fast enough to prevent Morgans from paring its FY 2025 forecast for net additions to 102 stores, from 142. Longer term, Morgans estimates Lovisa could have 4,000 stores or more in time and retains an add call on its stock. "We see a greater number of openings in 2H (63) than in 1H (39)," Morgans says. "But it is the long-term growth that really holds the appeal and more than justifies the stock's premium multiple." (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 24, 2024 17:25 ET (22:25 GMT)
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