Lovisa Holdings' (ASX:LOV) year-to-date annualised growth suggests the company is on track for around 190 new stores in fiscal year 2026, with a positive update expected at its Nov. 21 annual general meeting update, according to a Wednesday Jefferies note.

The investment firm noted that most of the new store openings are concentrated in North America, the United Kingdom, Europe, and Australia-New Zealand, which are wealthier regions that investors typically prefer.

Jefferies said that while the consumer environment remains weak, early results are encouraging, with same-store sales up about 5% in the first eight weeks of fiscal year 2026.

Jefferies kept a hold rating on Lovisa Holdings with a price target of AU$37.

The company's shares rose 1% in recent Thursday trade.