According to Amac News: Lulu announced that it achieved significant revenue growth in Q3 2024, reporting $1.86 billion, reflecting a 6.1% increase compared to the previous year.
Lulu stated that the strong sales performance was driven by substantial growth in key markets, including the UAE, Saudi Arabia, and Kuwait.
The company reported that like-for-like (LFL) sales in Q3 2024 reached $1.7 billion, up 1.2%, while LFL sales for the nine-month period increased by 2.2% to $5.3 billion.
Revenue in the UAE saw a growth of 7.5% in Q3 2024, while revenue in Saudi Arabia reached $369.3 million, marking a growth of 5.7%. The company's branches in Oman, Kuwait, and Bahrain also experienced strong revenue growth, while Qatar maintained stable revenue.
E-commerce remains a key focus area for Lulu, with online sales reaching $237.4 million during the nine-month period, representing an 83.5% increase year-on-year. Online sales now account for 4.3% of total retail sales.
EBITDA for Q3 2024 was $176.3 million, up 9.9% from the previous year, with an EBITDA margin of 9.5%, reflecting a 30 basis points improvement.
Net profit from continuing operations for Q3 increased to $35.1 million, a rise of 126%, driven by improved operating profit and cost management. For the nine-month period, net profit from continuing operations rose by 73.3% to $151.5 million.