LONDON – A strong uptick in sales and margin improvement boosted adjusted, consolidated net income at Jimmy Choo 27.9 percent to 24.3 million pounds, or $33 million, in fiscal 2016.
In January, the company had reported a 14.5 percent rise in revenue to 364 million pounds, or $495 million, in the 12 months ended Dec. 31.
Dollar figures have been converted at average exchange rates for the period to which they refer.
Choo had said that profit would be in line with market expectations, although the adjusted, consolidated figure fell short of Barclays estimate of 27.5 million pounds and Reuters consensus of 28 million pounds.
The statement said the net figure had been adjusted for exceptional costs, foreign exchange gains and losses, and contracts dealing with currency hedging. It also excludes deferred tax.
According to the consolidated income statement, after tax profit fell 20 percent to 15.4 million pounds, or $21 million, dented by an increase in selling and distribution expenses, and financial costs linked to managing currency fluctuations.
Chief executive officer Pierre Denis called 2016 a “landmark year” for the brand, which celebrated its 20th anniversary.
“We will continue to deliver on our long-term strategy of growth through the creative and innovative development of our collections and the sustained expansion of our distribution network, particularly in areas such as Asia, where we remain underpenetrated,” he said.