Jimmy Choo posts bumper hike in profits ahead of Michael Kors takeover

Luxury footwear and leather accessories maker Jimmy Choo posted bumper half-yearly profits on Thursday (31 August).

The company, which accepted a bid by Michael Kors in July, posted a hike in pre-tax profit 174.2% to £18.1m on total revenue of £201.6m for the six months to end-June, up from £173.1m in the same period a year ago.

Adjusted earnings before interest, tax, depreciation and amortisation were up 19.5% to £37.4m, while retail sales rose 6.7% at constant currency.

Jimmy Choo said it men's range remains the fastest growing sales category, representing 9% of global revenue. The company has continued to increase the number of stores selling men's products and currently has 86 dual gender stores globally, up from 71 at the end of last year.

Jimmy Choo also said it renovated or relocated eight stores and closed five in the period.

Chief executive officer Pierre Denis said strong underlying cash conversion has allowed the company to deleverage, providing it with a stable platform to deliver further strong growth.

"Our long-term growth strategy is to nurture the brand's unique DNA, to strive for excellence in business execution and to enhance client experience, in order to deliver superior growth and profitability, as well as leveraging the significant investments we have made in the business to date. We have continued to make good progress through the first half and are well positioned to deliver over the remainder of the year."