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Jimmy Choo Reports Record Annual Revenue Feb 06, 2017

Jimmy Choo PLC reported sales grew 15 percent in 2016, helped by strong growth in Asia, continued solid growth in Europe and Japan and improving trends in U.S. retail that offset a planned reduction in U.S. wholesale.

Highlights

  • Revenue of £364m, up 15 percent (2 percent at constant currency)

  • Retail revenue grew 17 percent to £244m (4 percent at constant currency). A stronger final
    quarter resulted in LfL in the second half improving to 2 percent and an overall LfL for
    the year of -1 percent

  • Wholesale revenue grew 8 percent to £107m (-4 percent at constant currency) with the
    planned reduced purchasing by USA department stores offset by growth across
    all other regions

  • Directly Operated Stores (DOS) count increased by 9 in the year

  • 16 further DOS renovated in the New Store Concept

  • Over 45 percent of the store portfolio now in the New Store Concept

Pierre Denis, CEO of Jimmy Choo PLC, said, “In our 20th anniversary year, we have continued to grow and to build on the strength of the brand. I would like to thank all my colleagues for their hard work in delivering this excellent performance. We look forward to 2017 as we continue to deliver on our strategy of growth through the development of our collections, fashion leadership and the controlled expansion of our distribution network.” 

Overview

The main driver of revenue growth in 2016 was shoes, which represent 75 percent of revenue. Accessories benefitted from the continued development of its iconic Lockett group of bags. 2016 saw further strong growth in its licensing business. We made continued progress in Men’s (including shoes and accessories) which remains our fastest growing category and
now accounts for around 9 percent of revenue. Jimmy Choo said it extended its Safilo licence until 2023 and have scheduled the launch of Men’s sunglasses & eyewear for 2018.

The company said it has seen continued expansion of its retail and online channels with Retail revenue up 17 percent at reported rates (4 percent at constant currency) to £244m (67 percent of revenue), as we continued to open new DOS as well as renovating our existing store portfolio in the New Store Concept. A stronger final quarter resulted in LfL in the second half improving to 2 percent, with all regions ahead of the first half. LfL was -1 percent for the year, reflecting the impact of the
renovation program and downward adjustments to maintain its global price positioning. The business saw a much improved trend throughout the second half. Online continues to grow and represents 6 percent of revenue.

The number of net new DOS in the year was 9, giving a total DOS portfolio of 150 at 31 December 2016. The company’s new concept continues to outperform and it refitted a total of 16 stores in the year, with over 45 percent of its portfolio in the New Store Concept at the year end. Its store development program continues in line with previous guidance.

Outlook

Jimmy Choo said, “We anticipate delivering underlying profits in line with expectations for 2016. As we move forward into 2017, we see improving trends across all regions and are well positioned to take advantage of a stronger marketplace. This, combined with our sustained investment plan, gives us confidence that we will deliver on the strong current growth expectations for 2017.”


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