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Jimmy Choo profits up 174%

Luxury footwear retailer Jimmy Choo has reported that pre-tax profit jumped by 174.2% to £18.1 million in the six months to 30 June as it achieved growth in both revenue and margins.

FASHION

Jimmy Choo profits up 174%

Retail like-for-like sales increased by 3.5% in the period with growth across virtually all regions.

Meanwhile, revenue climbed by 16.5% to £201.6 million but at constant currency the growth was 4.5%.

Last month it was announced that Jimmy Choo is to be acquired by Michael Kors for £896 million.

Pierre Denis, chief executive of Jimmy Choo, said: "We are delighted with our performance during the period, having delivered growth in revenue and margins, despite challenging market conditions. Strong underlying cash conversion has also allowed us to deleverage, providing us with a stable platform to deliver further strong growth.”

The company continued its store investment programme in the period with six new directly operated stores, eight renovations and relocations, and five closures.

Jimmy Choo now has 151 directly operated stores with new concept stores accounting for over 50% of the retail network.

Peter Harf, chairman of Jimmy Choo, said: "The strong performance in the first half of the year highlights the excellent strategic progress Pierre and his team have made further developing the Jimmy Choo brand and enhancing our global client offering. These strong foundations will prove to be invaluable as we embark on the next phase of our strategic development”

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