Jimmy Choo's share price rises on sterling's slide

 
Helen Cahill
Follow Helen
Kisa SS08 - LFW Spring Summer 2008 - Backstage
Jimmy Choo's shoes have been selling well in China (Source: Getty)

Jimmy Choo's share price climbed this morning after the company reported revenue growth due to improved trading and store openings.

The luxury retailer's share price was up three per cent at time of writing.

Read more: West End gets Brexit boost as sales to tip over £9bn for the first time

It said its success since 30 June was partly due to strong trading in China and the weak pound, which has encouraged foreign buyers to flock to the UK for luxury goods.

The company has also been driving down costs in an attempt to improve its margins.

Pierre Denis, Jimmy Choo's chief executive, said: "The company continues to grow and build on the strength of the brand and new store openings.

"We look forward to achieving another record year despite the challenging backdrop, and remain on track to deliver underlying profits in line with expectations."

The company said in August that its revenues has grown 9.2 per cent, and that its operating profit had jumped an impressive 42.6 per cent, although no figures were quoted in today's trading update.

The luxury retailers in the West End of London are expecting a bumper Christmas this year due to the drop in the value of the pound.

The New West End Company, a lobby group for the area, has predicted businesses will take £2.34bn at the tills over the festive season, a rise of 1.6 per cent on the same period last year.

Related articles