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BRIEF-Lovisa Holdings Says Made Decision To Exit Spanish Market

Published 02/07/2020, 06:44 pm
Updated 02/07/2020, 06:48 pm

July 2 (Reuters) - Lovisa Holdings Ltd LOV.AX :

* AT END OF FY, CO NOW TRADES FROM 434 STORES, INCLUDING FRANCHISE STORES

* MADE DECISION TO REINSTATE MAJORITY OF OUR TEAMS

* DISRUPTION TO NORMAL TRADING CONDITIONS THROUGHOUT Q4 RESULTED IN SIGNIFICANT REDUCTION IN SALES FOR THAT PERIOD

* MADE DECISION NOT TO RE-OPEN STORES IN SPAIN AND TO EXIT SPANISH MARKET

* EXPECTS IMPAIRMENT CHARGE AND ASSOCIATED PROVISIONS AGAINST BUSINESS IN SPAIN OF ABOUT A$3.3 MILLION IN FY20

* SALES REVENUE (EXCLUDING FRANCHISE REVENUE) FOR FY ENDED 28 JUNE OF $237 MILLION, COMPARED TO $249M IN IN FY19

* ONLINE BUSINESS WAS ABLE TO DELIVER 256% GROWTH ON PRIOR YEAR DURING Q4

* DISCUSSIONS WITH LANDLORDS ARE CONTINUING IN RELATION TO RENT SUBSIDIES & ABATEMENTS THROUGHOUT CLOSURE PERIOD & BEYOND

* TO REINSTATE MAJORITY OF OUR TEAMS

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