There are plenty of ASX shares focused purely on the domestic economy.
Names like Commonwealth Bank of Australia (ASX: CBA), Woolworths Group Ltd (ASX: WOW) and Telstra Corporation Ltd (ASX: TLS) earn most of their profit from Australia.
But some businesses make a significant amount overseas and plan to bring in even more earnings from international sources.
Here are two ASX shares with global growth intentions.
Lovisa Holdings Ltd (ASX: LOV)
Lovisa is a retailer of affordable jewellery, mainly targeted at a younger audience.
It is liked by multiple brokers, including Macquarie, which rates it as a buy with a price target of $24.90. That implies a potential rise in the Lovisa share price of almost 40% over the next year.
The broker noted the growth of store numbers, sales and margins, with ongoing growth in the second half of the 2022 financial year.
In the first half, the ASX share opened 42 new stores, amounting to 586 at the end of the period. Total revenue rose 48.3% to $217.8 million, while the gross profit increased 50.5% to $170.7 million. Net profit after tax (NPAT) increased 70.3% to $36.7 million.
The ASX growth share has more than 20 stores in Australia, New Zealand, Malaysia, South Africa, the United Kingdom, France, Germany, the United States, and the Middle East. It entered two new markets during the period – Cyprus and Lebanon.
The US is already its second-largest store network. It opened 18 new stores in the US during the period, now trading across 19 states.
In the first eight weeks of the second half of FY22, total sales were up 61.7% year on year.
Despite that, the Lovisa share price is down 10% since the start of the year.
On Macquarie's numbers, the Lovisa share price is valued at around 30x FY23's estimated earnings.
City Chic Collective Ltd (ASX: CCX)
City Chic is a leading retailer of plus-size clothing, footwear and accessories for women.
In Australia, it has a national network of City Chic stores. But, it also has several other brands in different markets. For example, in the US, it operates the Avenue website. In the UK, it operates the Evans website. Also in the northern hemisphere, it has a number of partnerships where its products are sold through other retailers.
The City Chic share price has been smashed in 2022, down around 40% since the start of the year.
Many brokers rate this ASX growth share as a buy, including Ord Minnett. The price target from this broker is $5.20, a potential rise of around 60% over the next year if the broker ends up being right.
The broker noted the high level of sales growth in the first six months of FY22, despite the impacts caused by COVID-19, including lost store trading doors and other factors.
In HY22, sales revenue rose by 49.8% to $178.3 million. Despite all of the negative impacts in this result, and the $10 million of COVID-related "austerity measures" in the prior period, it increased underlying earnings before interest, tax, depreciation and amortisation (EBITDA) by 1% to $23.5 million.
At the start of the second half of FY22, the ASX share continued to deliver revenue growth. It reported momentum building in the US, UK and Europe. City Chic said that it's also developing new programs, launching new ranges with existing partners, and onboarding new partnerships.
According to Ord Minnett, the City Chic share price is valued at 19x FY23's estimated earnings.
