Depending which numbers you look at, you could draw several conclusions from Jimmy Choo's (CHOO) full-year results. One thing's for sure: the group's strategy to prioritise retail sales over wholesale is working. Retail sales grew 3.9 per cent at constant currency compared with a wholesale sales decline of the same proportion. The former was helped by the addition of 10 new stores, as well as the inclusion of new stores opened in 2015. The company is also rolling out 'new concept' stores, refitting a total of 16 sites in 2016, which means the refurbished estate now represents around 45 per cent of the total.
But on a like-for-like basis, retail sales dipped 0.8 per cent for the year as a whole, as renovation disruption and weaker demand weighed on the US market, compounded by some downward price adjustments. Combined with previously flagged issues on the wholesale side, revenue fell 13 per cent for that geography, at constant currencies.
Analysts at Liberum expect pre-tax profit of £34.4m for the year ending December 2017, giving EPS of 7.8p, compared with £29.4m and 6.4p in 2016.
| JIMMY CHOO (CHOO) | ||||
|---|---|---|---|---|
| ORD PRICE: | 157p | MARKET VALUE: | £595m | |
| TOUCH: | 157-158p | 12-MONTH HIGH: | 160p | LOW: 93p |
| DIVIDEND YIELD: | nil | PE RATIO: | 38 | |
| NET ASSET VALUE: | 126p* | NET DEBT: | 29% | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2012** | 243 | -7.1 | na | na |
| 2013** | 282 | -21.4 | na | na |
| 2014 | 300 | -8.3 | -11.6 | nil |
| 2015 | 318 | 22.1 | 5.1 | nil |
| 2016 | 364 | 17.7 | 4.1 | nil |
| % change | +15 | -20 | -20 | - |
*Includes intangible assets of £607m, or 160p a share **Pre-IPO figures | ||||
