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Jimmy Choo revenues up 7.2% as Asia drives growth

Tuesday March 22nd 2016
Jimmy Choo revenues up 7.2% as Asia drives growth
Jimmy Choo store

Jimmy Choo saw its full year revenues grow by 7.2% on a constant currency basis as the luxury shoemaker enjoyed particularly strong demand in Asia and Japan.

In the year to 31 December, total revenue climbed to £317.9 million while adjusted EBITDA edged up 1.5% to £51 million.

Retail revenue grew by 8.7% on a constant currency basis to £207.7 million as a result of the addition of 16 new directly owned stores and like-for-like sales 1.1% ahead. The company said like-for-like sales were positively impacted by the roll-out of a new store concept, with renovated stores continuing to outperform stores in existing formats.

The company said Asia continues to be its strongest growth region.

Meanwhile, pre-tax profit was £22.1 million compared with a loss of £8.2 million in the previous year.

During 2015, 15 stores were renovated, bringing the total stores trading in the new store concept at the year end to 30% of the directly owned store estate, including four flagships.

Pierre Denis, chief executive of Jimmy Choo, said: "Jimmy Choo made excellent progress in 2015, delivering sustained renovation of the retail portfolio whilst continually evolving the product mix and meeting development targets. We are particularly pleased to report positive consolidated net income of £19.4 million compared to a loss of £10.8 million last year.”

During the year, the company also upgraded its business systems and transformed its supply chain.

Peter Harf, chairman of Jimmy Choo, said the company was continuing to outpace the sector despite the challenging competitive environment.

He added: “The company successfully reversed the first half decline in wholesale revenues and remains on track with growth forecasts in Asia and Japan where brand awareness continues to grow strongly.”