Good news for Jimmy Choo as China is strong and comp sales rise
Luxury footwear and accessories brand Jimmy Choo was upbeat on Friday as it issued a trading update that showed revenue rising since June 30 on the back of new store openings and improving retail trading in all regions.
The company, which has faced the same luxury headwinds as many of its sector peers, said it saw continuing strength in China and added that it is managing to attract new shoppers to its stores as well as retaining existing customers.
During the four-month period the company opened four stores, with three of them conversions to its new store concept. These included the Milan flagship that had been closed for two months during the refurbishment works. It managed to increase sales during the past few months despite such closures.
Jimmy Choo also said that comparable sales since the end of June have been positive and its focus on improving operating efficiency and cost management means it should see margin improvement and strong underlying cash generation for the full year.
This will be helped by a weaker UK currency and “the resultant changes in client behaviour, notably in respect of the UK.”
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