Lulu Retail has posted impressive financial results for the third quarter and first nine months of 2024, marking a significant milestone following its record IPO on the Abu Dhabi Securities Exchange (ADX).
The company announced a 6.1% year-on-year (YoY) revenue increase in Q3, reaching $1.86 billion.
The surge in sales was driven by strong growth in key markets such as the UAE, Saudi Arabia, and Kuwait, with notable sales across key product categories. Like-for-like (LFL) sales for Q3 rose by 1.2% to $1.7 billion, while the nine-month LFL sales increased by 2.2% to $5.3 billion.
In the UAE, Lulu reported a 7.5% revenue growth for Q3, aided by a 4.7% increase in LFL sales and favorable market conditions. The company also opened three new stores during the first nine months of 2024.
In Saudi Arabia, revenue grew by 5.7% to $369.3 million, while other GCC markets such as Oman, Kuwait, and Bahrain also saw strong growth. Qatar maintained stable revenue with a leading market share.
Lulu’s omnichannel strategy continues to yield positive results, with e-commerce sales rising by 83.5% YoY to $237.4 million, now accounting for 4.3% of total retail sales.
EBITDA for Q3 increased by 9.9% YoY to $176.3 million, with a 9.5% EBITDA margin, reflecting continued operational efficiency. Net profit from continuing operations soared by 126.0% to $35.1 million in Q3, and 73.3% to $151.5 million for the nine-month period.
Yusuffali MA, Chairman of Lulu Retail, highlighted the company's growth amidst GCC's expanding business landscape, while CEO Saifee Rupawala emphasized ongoing revenue and profit gains driven by market expansion and customer-centric strategies.
News Source: Emirates News Agency
