LONDON — New store openings helped fuel second-half revenue growth at Jimmy Choo despite a difficult climate for luxury, the company said in a trading update on Friday.
Although the company did not provide any figures or projections, it said all regions have been growing since June 30, with China continuing to build momentum.
Pierre Denis, chief executive officer, said he is expecting another “record year” despite the challenging backdrop. He said the company is “on track” to deliver underlying profits in line with projections.
The company said it expects to deliver margin improvement and cash generation for the full year as it improves operating efficiency and manages cost.
Over the past five months, the footwear and accessories company has opened four directly operated stores, all with the latest interiors concept.
The weaker pound continues to pump up revenues and drive sales, and in the U.K. in particular. In London and other parts of the U.K., all luxury goods brands are benefiting from tourists taking advantage of the shrinking pound.
Choo said in Milan, where the store closed for two months for renovations, like-for-like sales in the second half have turned positive despite the disruption.
As reported, net income climbed 27.9 percent in the first half on the back of robust growth in China and strides with its men’s footwear.
Net income amounted to 14.3 million pounds, or $20.5 million, while revenues in the six months to June 30 improved 9.2 percent to 173.1 million pounds, or $248.1 million. Stripping out the impact of exchange rate fluctuations, the sales gain stood at 3.8 percent.