Jimmy Choo reports increase in sales and profit
Luxury shoe brand Jimmy Choo has reported that like-for-like sales rose by 3.3% in the first half of its financial year.
In the six months to 30 June, pre-tax profit was £20.2 million compared to £1.3 million in the first half of 2014. Revenue rose by 6.5% at constant currency to £158.5 million.
Retail revenue growth of 10.3% at constant currency, or 9.6% at reported rates, was driven by a mix of like-for-like and new space growth, including new stores and the shift of the stores in Singapore and Malaysia into retail from wholesale.
The increase in like-for-like sales came despite the temporary closure of a number of stores for renovation in the first half, especially in London’s Sloane Street
Pierre Denis, Jimmy Choo chief executive, said: "We are pleased with our performance in H1, considering materially lower industry growth in the low single digits. Jimmy Choo continued to deliver well in this environment and ahead of the market, with net revenue growth of 6.5% for the half.”
The retailer said it had enjoyed particular success with its Cinderella shoe and capsule collections.
Looking ahead, Denis added: “Our brand and collections continue to resonate with our clients, against the backdrop of uncertain and challenging markets. We expect the benefits of our store development to build in H2, while the impact of changes to tourism is expected to continue to affect our retail business as it has in H1. The strength of the Cruise wholesale order book gives us confidence that the H2 wholesale performance will broadly offset the one-off effects seen in H1.
“We continue to execute on our strategy, remaining on track to renovate or relocate 10-15 stores and open 10-15 new stores in the full year.”
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