Jimmy Choo reports record profit increase of 42.6% in the first half of 2016
Jimmy Choo reports revenue increase by 9.2% in the six months to June 30, 2016. Operating profit in the first half also increased, rocketing 42.6% to £25.3m.
Adjusted EBITDA rose 12.8% at the company, driven by gross margin expansion and cost control. Jimmy Choo also said it saw growth in Asia, with “impressive” growth in China, and managed repositioning in a “difficult” USA market. The footwear brand reported “continued digital leadership with strong momentum maintained” and also reported growth in men’s, which now represents 8% of revenue.
Jimmy Choo opened six new directly operated stores in the period and renovated or relocated nine stores. Its new concept stores now represent 40% of its directly operated stores, and have seen a good performance, it said.
Pierre Denis, CEO of Jimmy Choo PLC, 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.”