Jimmy Choo parades well-heeled results lifted by Asian advances
Operating profits sashayed 7.2% higher at high-fashion shoemaker Jimmy Choo as the company showed off its maiden numbers after October's initial public offer.
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With strong growth from retail, particularly in Asia, group revenues rose 6.4% to £299.7m for calendar 2014, or 12.2% at constant currencies.
Nine new directly operated stores (DOS) added in the year took the year-end total to 125, helping retail sales, half the group's turnover, were up 15.4% at constant currencies.
A new stores concept, which was introduced via 15 stores, helped like-for-like retail sales grow 5.7%, with wholesale 6.3% higher and the minor licensing stream rising 17.3%.
Numbers were slightly better than market expectations, though shares fell in initial trading.
Choo, which is newly entered in to the FTSE 250 after the latest quarterly review, recorded a loss before tax of £8.3m but this was after £31m of financial expenses, almost entirely interest payments before October's debt-for-equity swap and IPO.
Earnings, excluding these and other exceptional costs from the IPO, as well as tax, depreciation and amortisation were up 7.2% to £50.2m, with the adjusted EBITDA margin up to 16.8% from 16.6% the year before. Adjusted earnings per share were up 7.6% to 6.1p.
Chief executive Pierre Denis said shoes continued to be at the heart of the brand, representing three quarters of the business, underpinned by strong seasonal and "continuative" collections. In accessories, evening bags and small leather goods (SLG) continued to perform well.
Three major product launches were delivered during the period: made-to-order shoes with range of heel heights, a new seasonal collection based around "boots and sneakers with a cool London feel", and a first male fragrance.
Looking to the current financial year, Denis said the plan remained to roll out 10 to 15 new DOS per year, with a focus on China, and renovating 10 to 15 of the existing portfolio in the new store concept.
"Japan and Asia ex-Japan continue to grow well, while EMEA remains impacted by a reduction in Russian travellers. We continue to see outperformance by stores in the new store concept."