Jimmy Choo Profits Rise in the First Half

Jimmy Choo PLC reported a 22.4 percent rise in first-half adjusted, consolidated net income, as brisk business in Asia helped offset department store-led sales declines in the Americas.

Adjusted, consolidated net income came to 17.5 million pounds, or $20.8 million at current exchange, for the six months ending June 30.

Revenue over the period rose 16.5 percent, to 201.6 million pounds, despite a 2.7 percent drop in sales in the Americas at constant currency rates. The company’s wholesale business saw a 1.6 percent decline in sales, at constant currency rates, as department stores in the U.S. scaled back on purchases.

Business in Asia rose, with revenue up 11 percent in Japan and 8.2 percent elsewhere in the region, both at constant exchange rates. Mainland China clocked double-digit growth on a like-for-like basis, the company said.

Chief executive officer Pierre Denis said Jimmy Choo was “well-positioned to deliver over the remainder of the year.”

Company chairman Peter Harf said that Jimmy Choo was excited about its takeover by Michael Kors, saying the combination of the two brands would serve as a platform to reach “global leadership in luxury retail.”

While Jimmy Choo has been expanding its accessories business, high-end shoes continue to account for the bulk of its activity, representing 74 percent of first-half revenue.

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