Jimmy Choo reports ‘excellent’ first half performance
Luxury footwear brand Jimmy Choo saw its revenues rise by 9.2% at reported currency and by 3.8% at constant currency in the six months to end June.
Total revenues reached £173.1 million while adjusted EBITDA increased by 12.8% to £31.3 million. Reported operating profit was up 42.6% at £25.3 million while pre-tax profit was £6.6 million.
Meanwhile, retail revenue grew by 2.1% on a constant currency basis to £107.3 million. Reported revenue was 7.6% ahead of last year.
The company said it is continuing to see growth in the men’s category which now represents 8% of revenue.
Pierre Denis, chief executive of Jimmy Choo, said: “These results represent an excellent performance in the period, with growth and margin expansion leading to improved earnings, further enhancing the brand’s track record of delivery in all market conditions.
“This is combined with strong underlying cash flow conversion leading to further positive steps on deleveraging. We have made a good start to the second half and we remain optimistic about our prospects both for this year and for our performance in the future.”
The company said its new concept stores continued to perform well although this was offset by strong comparatives and disruption from its store development programme. Jimmy Choo renovated or relocated nine stores during the period, bringing the total stores trading in the new store concept at the period end to some 40% of the estate.
Looking at Jimmy Choo’s international performance, there was strong revenue growth in Asia and EMEA but revenues fell in the Americas as the brand repositioned its business in the region and the USA experienced weaker demand for luxury goods.
Peter Harf, chairman of Jimmy Choo, said: “This is an impressive set of results and it is of great credit to Pierre Denis and his talented teams that they have achieved both growth and margin expansion in such challenging market conditions. The prospects for the business in its 20th year have never looked better and we are confident in its growth prospects and the global opportunity for the brand.”
