June has certainly not started well for (ASX: XJO) darling ( ). At market close last Friday, 31 May, shares in the ASX 200 fashion jewellery retailer closed trading for $33.91 apiece.
That put the Lovisa share price up more than 64% in only 12 months. Atop that supersized share price gain, Lovisa also paid out 81 cents per share in partly franked over the year. This sees the stock currently trading on a trailing yield of 2.
8%. But things took a turn for the worse yesterday, with the Lovisa share price crashing 10.4% to close at $30.
40. And the selling continues today, albeit at a more modest pace. In afternoon trade on Tuesday, the Lovisa share price is down 3.
1% at $29.45, putting the stock down 13.2% since Friday's closing bell.
I told you June was off to a rough start! However, longer-term shareholders should still be sitting on some outsized gains. Despite the fire sale, shares in the ASX 200 retailer remain up 42.7% over 12 months.
ASX 200 investors were overheating their sell buttons yesterday after Lovisa that CEO Victor Herrero will be stepping down on 31 May next year. Herrero will be replaced by John Cheston, currently the CEO of Smiggle. "John is a highly successful global retailer and will join Lovisa at a very exciting time as we continue our global growth," Lovisa chairman Brett Blundy said.
Clearly, though, investors have their doubts. "The outgoing CEO has been instrumental in Lovisa's global expansion," Motley Fool analyst James Mickleboro noted. Mickleboro a.