The ( ) share price has surged an impressive 66% over the past 12 months, touching a new record high of $34.04 in mid-afternoon trading today. Shares in the began to climb in November last year after hitting a 52-week closing low of $17.
22 on October 30. They tracked sideways from January and then broke above the $30 barrier in late February, reaching a prior all-time closing high of $33.22 on 11 April.
After peaking at today's all-time record high, the Lovisa share price has retreated slightly to close at $33.91 on Friday. So, what has driven this remarkable performance, and should you consider adding Lovisa shares to your portfolio? Lovisa Holdings is a fashion jewellery retailer with a multinational presence in Australia and more than 20 other countries.
Founded in 2010, the company now boasts around 860 locations owned by itself and through franchisees. The company is well-known for its affordable jewellery ranges while still emphasising quality and style. Lovisa's share price has substantially increased over the last year for two reasons: strong growth in its store network and e-commerce platforms and positive analyst sentiment.
Bell Potter – which has a buy rating on Lovisa shares and upgraded its price target to $36 apiece – said the company's store network was expanding faster in new markets than previously anticipated. It analysed data from various global markets and projected that Lovisa could grow its store network by 10% annually between FY 2024 and FY 2034. A.