Retail chain Lulu has seen a 4.6 per cent increase in its revenue to $2 billion in the second quarter of this year, up from $1.9 billion in the same period last year.

The company’s gross profit increased 6.5 per cent to $468.5 million, up from $440 million year-on-year.

Lulu reported a 7.6 per cent increase in its EBITDA to $204 million, up from $190 million during the same quarter last year. 

The chain’s net profit grew from $56 million to $57.3 million year-on-year, a 1.8 per cent increase. 

During the quarter, Lulu opened one hypermarket and one express store, both in the UAE, taking its total store count to 259 stores. 

“Our position as the largest pan-GCC full-line retailer makes us well-placed to continue our growth journey, with established growth levers, ie, driving growth in existing store network, opening new stores, driving operational efficiencies and delivering further upside through our private label and e-commerce offerings,” said Saifee Rupawala, CEO of Lulu Retail.