Jimmy Choo announces its operational and financial performance for 2014. Revenue increased by 6.4%, or 12.2% on a constant currency basis, to £299.7m with continued growth across all segments.
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Retail grew ahead of wholesale, in line with our previously stated strategic aim of retail led growth and for 2014 represented just over 64% of revenue.
In 2014 retail revenue grew by 8.8% to £192.9m as a result of LFL growth of 5.7% and the net addition of nine new DOS, half of which are in China. In constant currency terms, retail revenue grew by 15.4% in 2014.
LFL sales were also positively impacted by the roll out of the new store concept, with 10 existing stores renovated or relocated in the year and a total of 15 stores trading in the new concept at the year end. The early indications from the new concept renovations undertaken in the year are that they enjoy noticeably improved LFL sales.
Adjusted earnings before interest, tax, depreciation and amortisation rose to £50.2m from £46.9m on margins of 16.8% against 16.6% in 2013.
Chief executive Pierre Denis said: "This has been a year of great financial, strategic and operational progress for the Company. "With our unique DNA and experienced team we have continued to deliver products that resonate strongly with our clients.
"As a specialist brand we have invested to outperform in this attractive and complex category thus delivering operating leverage. We are expanding in Asia and selected new markets where we are underpenetrated compared to our peers. Our investment programme in new DOS and our new concept has continued.
"In 2014 we report 12.2% constant currency net revenue growth led by retail as well as by our performance in Asia ex-Japan and Japan. I am particularly pleased with our new store concept which contributed towards the 5.7% LFL and 15.4% constant currency retail revenue growth.
"Our Adjusted EBITDA growth is also on track at +7.2%, together with an increase in EBITDA margin of 0.2% to 16.8% and cash conversion of 92.2% of Adjusted EBITDA. ■