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Jimmy Choo PLC (CHOO)

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Friday 23 January, 2015

Jimmy Choo PLC

Trading Statement

RNS Number : 9412C
Jimmy Choo PLC
23 January 2015
 



 

23 January 2015

Jimmy Choo PLC reports 12% increase in net revenues for the Year Ended 31 December 2014

Jimmy Choo PLC, the British luxury brand specialising in shoes and accessories, today announced a significant increase in net revenues for the year ended 31 December 2014.  The revenue announcement also marks Jimmy Choo's maiden performance figures following the successful IPO of the Company in October 2014.

Highlights

Net Revenue growth of 12.0% at constant currency to £299.1m (6.2% at reported rates)

-      Retail net revenue growth of 15.4% at constant currency (8.7% at reported rates)

-      Like for like growth of 5.7%

-      Wholesale net revenue growth of 6.3% at constant rates (1.9% at reported rates)

New Store Concept successfully launched

-      New Bond Street reopened as three floor Global Flagship

Directly Operated Stores (DOS) increased by 9 in the year and 6 renovated

-      15 stores now in the New Store Concept

Asia including Japan continues strong growth driven by new DOS and strong organic growth

 

Commenting on the results, Pierre Denis, CEO of Jimmy Choo PLC said:

"We are delighted with this record net revenue performance, with a mix of like for like, retail and wholesale growth underlined by the success of our products.  Our focus on shoes and dedication to product quality has ensured we produced innovative products which resonate strongly with our clients around the world.  As these are our maiden performance figures since the successful IPO, I would like to take this opportunity to thank our incredibly talented and hard-working teams for their unstinting commitment and enthusiasm."

 



 

 

Revenue by Channel £m

 

12 months to

31 December 2014

12 months to

31 December 2013

Growth

at reported currency

Growth at constant currency

Retail

193

177

8.7%

15.4%

Wholesale

100

98

1.9%

6.3%

Licensing/Other

7

6

3.1%

8.9%

Total

299

282

6.2%

12.0%

 

Overview

In what has been a challenging year for the industry, Jimmy Choo has performed strongly in 2014, with double digit net revenue growth at constant currency driven by a mix of like for like growth from strong product authority and retail excellence, new store openings with a focus on China and continued growth in partnership with our wholesale customers. Net revenue grew by 12.0% on a constant currency basis (6.2% on a reported currency basis) to £299.1m in 2014, driven by strong performance in both ladies' and men's shoes.   

Shoes were the main driver of net revenue growth in 2014, with accessories volumes also growing, driven by small leather goods.  Our product authority was underlined in the second half of the year, as Sandra was awarded the Best Shoe collection award at the Prix d'Excellence de la Mode Marie Claire during Paris Fashion Week.  While still a small component of the business, Men's continued to be our fastest growing segment with notable success in Asia, especially Japan and increasing penetration in other geographies overall.

Regionally, Asia remains our strongest growth region, with strong response to our collections and increasing brand penetration driving like for like supported by our continued build out of new stores.  Despite the extent of the devaluation of the Yen, our Japanese business grew strongly, driven by a positive response to the launch of CHOO.080.   

Retail net revenues grew by 15.4% at constant rates (8.7% at reported rates) to £193m, (64% of net revenues) as we continued to open new DOS and began the process of renovating our existing portfolio of stores in the New Store Concept unveiled in H1.  Like for like growth in constant currency terms was 5.7% despite the impact of the renovation programme, which included the closure of our New Bond Street flagship for half of the year, supported by a strong online contribution. Sales performance in new concept stores post renovation has run consistently above that in old concept stores.

10 new DOS were opened in the year, and 1 was closed, giving a total DOS portfolio of 125 at 31 December 2014.  This measured DOS growth is expected to continue, with 10-15 new DOS per annum going forward.  In addition, building on the encouraging initial results from the New Store Concept, a further 10-15 existing DOS are expected to be renovated each year.

 

Enquiries

 

Jimmy Choo PLC

+44 (0) 207 368 5000

Pierre Denis, Chief Executive Officer

 

Jonathan Sinclair, Chief Financial Officer and Executive Vice President

 

Will Smith, Director of Investor Relations

 

 

 

Montfort Communications:

+44 (0) 203 514 0897

Hugh Morrison

+44 (0) 7739 655 492

Sophie Blythe

+44 (0) 7881 580 756

 

 

Jimmy Choo PLC will be presenting preliminary results for the year ended 31 December 2014 on 19 March 2015. 

All figures presented in this announcement are unaudited.  Certain statements made in this announcement are forward-looking statements.  Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from any expected future results in forward-looking statements.  Jimmy Choo PLC undertakes no obligation to update these forward-looking statements and will not publicly release any revisions it may make to these forward-looking statements that may result from events or circumstances arising after the date of this document.  All persons, wherever located, should consult any additional disclosures that Jimmy Choo PLC may make in any regulatory announcements or documents which it publishes.  All persons, wherever located, should take note of these disclosures.  This announcement does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any Jimmy Choo PLC shares, in the UK, or in the US, or under the US Securities Act 1933 or in any other jurisdiction

Notes to Editors

Today, Jimmy Choo encompasses a complete luxury accessories brand. Women's shoes remain the core of the product offer, alongside handbags, small leather goods, scarves, sunglasses, eyewear, belts, fragrance and men's shoes. Pierre Denis was appointed Chief Executive Officer in July 2012 and the creative direction is overseen by Sandra Choi. Together, they share a vision to create one of the world's most treasured luxury brands. In October 2014 Jimmy Choo PLC was publicly listed on the London Stock Exchange with the ticker CHOO.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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