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Lulu Retail posts 126% bottom line growth: Lulu Group’s 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). The retail company attributed the strong performance to improved operating income and improved cost management, in its management report (pdf). 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.
On a nine-months basis, the retail arm saw its net income increase 73% y-o-y to USD 151.5 mn. Lulu Retail’s revenues rose 5.7% y-o-y, coming in at USD 5.7 bn in 9M 2024.
REMEMBER- Lulu Retail raised AED 6.3 bn 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 across the Gulf over the next five years, focusing on the UAE and Saudi Arabia, Rupawala told Bloomberg earlier.
Lulu Retail is steadily expanding, 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’s 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.
