15 Jun 2016 06:25
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Don't have an account? Click here to register.Jimmy Choo first half boosted by Asia, men's offering
Thu, 25th Aug 2016 08:48
(ShareCast News) - Luxury shoe retailer Jimmy Choo reported a jump in revenue and operating profit for the first six months of the year thanks to strong growth in Asia and a good performance from the men's category.For the six months to the end of June, revenue was up 9.2% at reported currency to £173.1m, with operating profit up 42.6% to £25.3m.However, pre-tax profit fell to £6.6bn from £20.2bn.Chief executive officer Pierre Denis 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 Men's remains the fastest growing category, now representing 8% of global revenue. Jimmy Choo has 71 dual gender stores globally and said it sees the potential for continued growth in this sector so that it comes to represent a proportion of its revenue well into double digits.In terms of regions, the company said Asia led the way again, with revenue in Asia ex-Japan up 22% at reported currency to £27.1m and revenue in Japan up 18% at £22.2m.Revenues in Europe, the Middle East and Africa were up 12.2% at reported currency to £73.8m. However, business in the Americas was difficult, with revenue down 3.4% to £50m. At 0910 BST, Jimmy Choo shares were up 5.7% to 124p.
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Demand in Asia drives Jimmy Choo growth
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