Jimmy Choo, the beloved upscale women’s shoe brand, has filed for an IPO and its finances are … OK.
Its revenue growth is in decline — to just 2.2% in like-for-like sales last year — although it is profitable.
The company did not reveal a standard net income number. Instead it revealed “adjusted consolidated net income” of £10.8 million on revenues of £120 million for the first half of 2014. The company had profits of £21 million on full-year revenue of £281.5 million in 2013.
The company said its sales growth would have been stronger if not for a store renovation program which reduced like-for-like sales by 1.6%. However, even if that is added back, it’s still less than last year’s 7.1% sales growth.
Perhaps most worrying, the company’s cash flow is in a three-year decline:
The company, which has 120 stores worldwide, is adding 10-15 stores per year, which may explain where that cash is going.
About 25% of the company will be floated on the London stock exchange next month, The Telegraph notes.
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