Jimmy Choo upbeat despite loss

Designer shoe brand Jimmy Choo said it narrowed its full-year losses as sales grew despite store investment costs and the impact of a strong pound.

The seller of high-heeled shoes to the stars said its losses for the year to the end of December totalled £8.3m, compared to £21.4m a year ago as same store sales lifted 5.7%.

It added that total sales increased 8.7% to £192.9m as it added nine new stores, as well as refurbished and relocated flagship stores in London’s New Bond Street and Beverly Hills in the United States.

However, the business said it faced “significant” currency headwinds due to the stronger pound, as well as other store investment and renovation costs. It added that its float on the London stock market last October cost it £7.8 million in related fees. Shares slipped almost 2%.

The business, which operates 125 stores, said it plans to open between 10 and 15 outlets this year, adding it would focus on Asian markets.

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.”

It said its Japanese and Asian markets continue to grow well, but European markets were impacted by a reduction in Russian travellers.

During the last year the firm said it launched a made-to-order shoe range. It also launched CHOO.08, a seasonal collection of boots and sneakers “with a cool London feel.”

The business, which also sells bags and accessories, was founded by former Vogue accessories editor Tamara Mellon and Malaysian designer Jimmy Choo who opened their first store in 1996.

The company’s shoes were made famous by the character Carrie Bradshaw in the hit US TV show Sex and the City.