LOV) shares affected by the decline in sales

The budget jewelry chain Lovisa is no longer fashionable among investors after revealing that its sales, which were previously booming, had regressed so far this year and that the outlook was "difficult" .

Shares of the former darling market lost as much as 22%, as sales per store dropped 0.9% during the year, well below its growth target of between 3 and 5 %.

"We have seen some comparative weaknesses in the Australian market, which still represents a disproportionate share of our portfolio," Lovisa chairman Michael Kay told investors at its annual general meeting in Melbourne.

"We have had very good sales for two years because of fashion trends in our industry, which will make it more difficult to achieve the same level of sales growth at constant scope in fiscal 2019."

His shares, which reached US $ 12.16 in August, plunged Tuesday from $ 8.40 to $ 6.56 early in the session. At 2 pm they had recovered $ 6.66.