LuLu Retail, a pan-GCC retailer, reported robust revenue growth of 6.1 per cent year-on-year to $1.86 billion in the third quarter of 2024, driven by strong performance in key markets like the UAE, Saudi Arabia, and Kuwait.
Like-for-like sales increased 1.2pc in Q3 2024, reaching $1.7bn. The company also saw significant growth in e-commerce sales, which increased 83.5pc year-on-year to $237.4 million.
EBITDA for the quarter rose 9.9pc to $176.3m, with an EBITDA margin of 9.5pc. Net profit from continuing operations increased 126pc to $35.1m.
LuLu Retail opened 12 new stores in the first nine months of 2024 and plans to continue its expansion strategy, focused on enhancing its existing store network, expanding its store network, driving operational efficiencies, and delivering revenue upside through private label and loyalty program expansion.
Yusuffali MA, chairman of LuLu Retail, expressed optimism about the company’s future, citing the supportive business environment in the GCC region.
Saifee Rupawala, chief executive of LuLu Retail, highlighted the strong performance in the third quarter and reiterated the company’s guidance for 2024.
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