{"id":98140,"date":"2024-11-21T00:00:00","date_gmt":"2024-11-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/lulu-retail-reports-first-earnings-post-listing\/"},"modified":"2024-11-21T00:00:00","modified_gmt":"2024-11-21T00:00:00","slug":"lulu-retail-reports-first-earnings-post-listing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/21\/lulu-retail-reports-first-earnings-post-listing\/","title":{"rendered":"Lulu Retail reports first earnings post-listing"},"content":{"rendered":"

Lulu Retail posts 126% bottom line growth: <\/strong>Lulu Group\u2019s retail arm, Lulu Retail, saw its net income from continuing operations increase 126% y-o-y to USD 35.1 mn in 3Q 2024, according to its financial statements (pdf)<\/a>. The retail company attributed the strong performance to improved operating income and improved cost management, in its management report (pdf)<\/a>. Lulu Retail booked USD 1.9 bn in group revenues, up 6.1% y-o-y in 3Q 2024, thanks to growth across key product segments and markets, particularly the UAE, Saudi Arabia and Kuwait.<\/p>\n

On a nine-months basis, the retail arm saw its net income increase 73% y-o-y to USD 151.5 <\/strong>mn<\/strong>. Lulu Retail\u2019s revenues rose 5.7% y-o-y, coming in at USD 5.7 bn in 9M 2024.<\/p>\n

REMEMBER- <\/strong>Lulu Retail raised AED 6.3 bn<\/a> in a record IPO, which marked the UAE's biggest this year in November. The order book was 25x oversubscribed, excluding AED 1 bn in orders from cornerstone investors. The company plans to open 90 new stores<\/a> across the Gulf over the next five years, focusing on the UAE and Saudi Arabia, Rupawala told Bloomberg earlier.<\/p>\n

Lulu Retail is steadily expanding<\/strong>, with three new stores opened in 3Q 2024 and a total of 12 new stores during 9M alone; the new locations have brought Lulu Retail\u2019s total store number to 241 as of September. The retail arm has opened five more stores since 3Q, for a total of 17 new locations during 2024 so far.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lulu Retail has opened 17 new stores in 2024<\/p>\n","protected":false},"author":1,"featured_media":98141,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1596],"tags":[237,7,1978,1951,642],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-uae","tag-lulu","tag-lulu-retail","tag-retail","wpautop","entry"],"acf":{"mongo_id":"06eb12c4-260d-49b8-aeb7-1d62fe2205ab","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2516.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Lulu Retail reports first earnings post-listing","related_issue":[98122],"teaser":"Lulu Retail has opened 17 new stores in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.f148f150-e874-4d95-944f-a12d6cbf5da6.mp3"},"yoast_head":"\nLulu Retail reports first earnings post-listing - 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