Lovisa’s comparable sales growth for the start to FY27e of 3% puts it in the accelerating category of Australian listed retailers. Store closures increased in FY26 as management shut underperforming stores, a dynamic we expect to continue in FY27e. Nonetheless, Lovisa’s store rollout is a key driver of sales growth. Lovisa’s store network potential will see stores nearly double over the next decade with the potential to reach 3,000+ stores over time.