2330 GMT - In the wake of a disappointing trading update from Lovisa, Citi questions whether the costume jewelry retailer needs to enter more markets. Lovisa said it's in three new franchise markets: Ivory Coast, Republic of Congo, and Panama. Citi says those moves reflect the global growth potential of the business. Still, analyst Sam Teeger argues that "recent store visits in key offshore markets suggest there may need to be a review of the company's site selection criteria, based on the comparison of new versus old store quality." There is a downside to such a review. Any more signs that Lovisa is slowing its store rollout could deal another blow to its price-to-earnings multiple, Citi says. It has a sell call on Lovisa. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 21, 2024 18:30 ET (23:30 GMT)
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