0005 GMT - Lovisa's increased store rollouts keep the Australian jewelry retailer firmly on course to meet Macquarie analysts' annual target. The analysts tell clients in a note that they think the chain will comprise 960 stores this month, up by 60 since the start of Lovisa's current fiscal year on July 1. They still anticipate 101 new stores across fiscal 2025, but now think that Lovisa is less reliant on second-half openings than they had previously thought. They reckon that Lovisa needs to open 56 stores in the June half, down from a prior forecast of 75. There is still plenty of scope for further expansion, they add. Macquarie has an outperform rating and A$34.10 target price on the stock, which is up 0.3% at A$28.22. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 22, 2025 19:06 ET (00:06 GMT)
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