Jimmy Choo PLC Trading Statement (1355V)
26 January 2017 - 6:00PM
UK Regulatory
TIDMCHOO
RNS Number : 1355V
Jimmy Choo PLC
26 January 2017
26 January 2017
Jimmy Choo PLC
Accelerating Retail Growth
Jimmy Choo PLC, the British luxury brand specialising in shoes
and accessories, today announces another year of record revenue for
the year ended 31 December 2016 with strong growth in Asia,
continued solid growth in Europe and Japan and improving trends in
US retail offset by the planned reduction in US wholesale.
Highlights
-- Revenue of GBP364m, up 15% (2% at constant currency)
o Retail revenue grew 17% to GBP244m (4% at constant currency).
A stronger final quarter resulted in LfL in the second half
improving to 2% and an overall LfL for the year of -1%
o Wholesale revenue grew 8% to GBP107m (-4% at constant
currency) with the planned reduced purchasing by USA department
stores offset by growth across all other regions
-- Directly Operated Stores (DOS) count increased by 9 in the year
-- 16 further DOS renovated in the New Store Concept
-- Over 45% of the store portfolio now in the New Store Concept
Pierre Denis, CEO of Jimmy Choo PLC, said:
"In our 20(th) anniversary year, we have continued to grow and
to build on the strength of the brand. I would like to thank all my
colleagues for their hard work in delivering this excellent
performance. We look forward to 2017 as we continue to deliver on
our strategy of growth through the development of our collections,
fashion leadership and the controlled expansion of our distribution
network."
Revenue by 12 months 12 months Growth Growth
Channel GBPm to 31 December to 31 December at reported at constant
2016 2015 currency currency
---------------- --------------- --------------- ------------ ------------
Retail 244 208 17% 4%
---------------- --------------- --------------- ------------ ------------
Wholesale 107 100 8% (4)%
---------------- --------------- --------------- ------------ ------------
Licensing/Other 13 10 25% 9%
---------------- --------------- --------------- ------------ ------------
Total 364 318 15% 2%
---------------- --------------- --------------- ------------ ------------
Overview
The main driver of revenue growth in 2016 was shoes, which
represent 75% of revenue. Accessories benefitted from the continued
development of our iconic Lockett group of bags. 2016 saw further
strong growth in our licensing business. We made continued progress
in Men's (including shoes and accessories) which remains our
fastest growing category and now accounts for around 9% of revenue.
We extended our Safilo licence until 2023 and have scheduled the
launch of Men's sunglasses & eyewear for 2018.
We have seen continued expansion of our retail and online
channels with Retail revenue up 17% at reported rates (4% at
constant currency) to GBP244m (67% of revenue), as we continued to
open new DOS as well as renovating our existing store portfolio in
the New Store Concept. A stronger final quarter resulted in LfL in
the second half improving to 2%, with all regions ahead of the
first half. LfL was -1% for the year, reflecting the impact of the
renovation programme and downward adjustments to maintain our
global price positioning. The business saw a much improved trend
throughout the second half. Online continues to grow and represents
6% of revenue.
The number of net new DOS in the year was 9, giving a total DOS
portfolio of 150 at 31 December 2016. Our new concept continues to
outperform and we refitted a total of 16 stores in the year, with
over 45% of our portfolio in the New Store Concept at the year end.
Our store development programme continues in line with previous
guidance.
Outlook
We anticipate delivering underlying profits in line with
expectations for 2016. As we move forward into 2017, we see
improving trends across all regions and are well positioned to take
advantage of a stronger marketplace. This, combined with our
sustained investment plan, gives us confidence that we will deliver
on the strong current growth expectations for 2017.
Jimmy Choo PLC will present preliminary results for the year
ended 31 December 2016 on 2 March 2017.
Enquiries
+44 (0) 207 368
Jimmy Choo PLC 5000
Pierre Denis, Chief Executive Officer
Jonathan Sinclair, Chief Financial Officer and Executive
Vice President
Victoria Huxster, Head of Investor Relations
+44 (0) 203 514
Montfort Communications 0897
+44 (0) 7739 655
Hugh Morrison 492
+44 (0) 7881 580
Sophie Arnold 756
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
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. CEO Pierre Denis and Creative Director
Sandra Choi together share a vision to create one of the world's
most treasured luxury brands. Jimmy Choo has a global store network
encompassing more than 150 stores and is present in the most
prestigious department and specialty stores worldwide. Jimmy Choo
PLC is 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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