Lovisa will hold its Annual General Meeting on 21 November. In the past Lovisa has provided an update on LFL sales and store numbers. Visible Alpha consensus has 1H26e LFL sales of 5.4%, implying a modest slowing from the first eight weeks of trade. We expect to see a LFL number above 5.3% supported by the US segment where price rises and competitor disruptions have benefitted sales. Our concern is that the LFL sales growth fades in FY27e to 2% as the US benefits are cycled and domestic competitive pressures grow.