28th Aug 2015 06:59
LONDON (Alliance News) - Jimmy Choo PLC Friday reported a huge rise in profit in the first half of 2015 as revenue grew in its retail division and it booked lower exceptional costs and capital expenditure.
The FTSE 250 luxury shoe, handbag and accessories maker said it made a GBP20.2 million pretax profit in the six months ended June 30, a huge rise on the GBP1.3 million profit it made in the first half of 2014.
Revenue grew 6.5% to GBP158.5 million from GBP150.2 million, as a 9.6% increase in retail sales offset a 5.1% decline in wholesale revenue. It said that the wholesale business was hit by a "one-time shift" in delivery timing as it moved to a new central warehouse in Switzerland and by structural changes in the supply chain.
Retail benefited from success with the Cinderella shoe and capsule collection, as it achieved growth in both women's and men's shoes, Jimmy Choo said.
"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 the second half, while the impact of changes to tourism is expected to continue to affect our retail business as it has in the first half. The strength of the Cruise wholesale order book gives us confidence that the second-half wholesale performance will broadly offset the one-off effects seen in the first half," Chief Executive Pierre Denis said in a statement.
"We continue to execute on our strategy, remaining on track to renovate or relocate 10 to 15 stores and open 10 to 15 new stores in the full year," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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