Record revenues for Jimmy Choo fuelled by 'currency volatility'
Luxury shoe brand Jimmy Choo has cheered record revenues and profits thanks to a leg-up from the Brexit-hit pound and strong sales across Asia.
The British designer firm saw annual revenues climb 15% to £364 million in the year to the end of December, while earnings lifted 16% to £59 million over the period.
Jimmy Choo, which has more than 150 stores worldwide, also cheered growing sales from its men's division, which accounts for 9% of revenue.
However, like-for-like sales fell by 0.8% over the period, as it counted the cost of "difficult market conditions" during the first half of the year.
Chief executive Pierre Denis said 2016 was a "landmark year" for the brand as revenues and profits reached record heights.
He added: "Revenue was significantly affected by currency volatility during the year, particularly post the UK referendum vote in June 2016, with all currencies stronger in relation to sterling, causing both significant reported sales value gains in the second half of the year and some sizeable shifts in client shopping patterns, largely in favour of UK trading."
Retail revenues stepped up 17% to £243.9 million following the launch of 10 new stores and the closure of one.
The firm said Asia continued to lead the charge on growth, with sales excluding Japan jumping by a third thanks to a strong performance in China where it launched three new stores.
But revenues across the Atlantic dropped by 1.7% over the period, with sales taking a hit from moves to "reposition" its US business and weaker demand for luxury goods.
Jimmy Choo counts Jennifer Lopez, the Duchess of Cambridge and Beyonce among its illustrious fans.
Liberum analyst Tom Gadsby said: " The company's outlook statement is strong.
"Retail trends are improving across all regions and Choo has very strong growth prospects across all its channels.
"We are encouraged to see the strength of the company's retail business following sensible investment and there remains plenty of scope for further store expansion."