22nd Mar 2016 07:59
LONDON (Alliance News) - Jimmy Choo PLC on Tuesday said it swung to a profit in 2015 as it booked lower exceptional and financial costs than in 2014, and as revenue grew on strong sales of its shoe lines.
The luxury fashion retailer said it made a pretax profit in 2015 of GBP22.1 million, having suffered an GBP8.3 million pretax loss in 2014, as it booked considerably lower financial expenses and exceptional costs, and as revenue rose to GBP317.9 million from GBP299.8 million.
Jimmy Choo said the main driver of revenue growth was shoes, which represent over three quarters of sales. Accessories volumes remained stable, with a trend towards smaller bags, while the men's business showed "excellent growth".
Regionally, Asia continues to demonstrate the strongest growth, with sales up 21% in the year. Sales in the Americas, meanwhile, grew by 6.5%, but sales in Europe, the Middle East and Africa declined by 2.0%.
"We approach 2016 sensitive to the many challenges facing the sector. Against this background, our teams continue to work hard to execute our growth strategy, without compromising our brand or its luxury position. We will continuously improve our operating efficiency and manage our costs to deliver margin improvement and good cash generation," Chief Executive Pierre Denis said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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