Jewellery chain Lovisa has posted growth in both sales and profit amid accelerating expansion in the last fiscal year.

The company’s revenue for the year ended June 29 soared 14.2 per cent to A$798.1 million, mainly driven by continued growth in the store network.

The chain opened 162 net new stores during the year, ending the period with 1031 locations across more than 50 markets. The company marked its first store in Zambia, as well as three new franchise markets in the Ivory Coast, the Republic of Congo and Panama.

Comparable store sales were up 1.7 per cent, with improved performance recorded in the second half following a flat first half. 

Earnings before interest tax rose 8.2 per cent to $138.7 million and net profit after tax increased 4.8 per cent to $86.3 million.

“Lovisa has once again been able to deliver solid sales and profit growth, with the highlight being another outstanding gross margin performance, and the acceleration of the store rollout in the second half,” commented global CEO John Cheston.

“…I am looking forward to maintaining our relentless focus on bringing brilliantly affordable fashion jewellery to the world,” he added.

During the first eight weeks of the new fiscal year, total sales increased by 28 per cent and comparable sales rose by 5.6 per cent, alongside 10 net new stores.

The company plans to continue expanding both physical and digital store networks, with structures in place to drive growth in existing and new markets and formats.