Abu Dhabi – Mubasher: Lulu Retail Company delivered robust revenue growth in the third quarter (Q3) of 2024, reaching $1.85 billion, marking a 6.10% year-on-year (YoY) rise from $1.75 billion.
The strong sales performance was driven by significant growth in key markets, including UAE, Saudi Arabia, and Kuwait with sales growth across key product categories, according to a press release.
Net profits from continuing operations hiked by 126% to $35.11 million in Q3-24 from $15.54 million, backed by improved operating profit and improved cost management.
In the first nine months (9M) of 2024, the sales jumped by 5.70% YoY to $5.72 billion from $5.41 billion, while the net profits soared by 73.30% YoY to $151.53 million from $87.46 million.
Like-for-like (LFL) sales increased by 1.20% YoY to $1.70 billion in Q3-24, while LFL sales for 9M-24 climbed by 2.20% YoY to $5.30 billion.
Omnichannel remains a key focus area for Lulu, with e-commerce sales enlarging by 83.50% YoY to $237.40 million in 9M-24. E-commerce sales now constitute 4.30% of total retail sales.
Yusuff Ali, Chairman of Lulu, commented: “The vision and ambition of nations across the GCC is enabling businesses like Lulu to thrive and creating opportunities for growth.”
“The flexibility of our three-store format and growing e-commerce presence allows us to grow in diverse communities and to form strong partnerships across the region, as seen with the 12 stores we opened in the first nine months of this year and our recent partnership with Modon Holding,” Ali mentioned.
Last October, the group announced its initial public offering (IPO) to trade 25% of its share capital on the Abu Dhabi Securities Exchange (ADX)
