A detail of a purse as a model presents a creation by designer Nadege Vanhee-Cybulski as part of a Spring/Summer 2022 womens ready-to-wear collection show for fashion house Hermes during Paris Fashion Week in Paris, France, October 2, 2021. Hermès executive chairman Axel Dumas said there was a very swift rebound. While LVMH, Kering and Richemont have all reported falls in Asia due to China’s Covid lockdowns, Hermès said sales in the region (excluding Japan) rose 9.6 per cent year-on-year in the second quarter to the end of June. bag Birkin Business & Economy China China Business & Economy Companies Economies Europe forecasts Hermes sales slowdown World. Hermes bounces back in China as margin hits record high. The shares rose 6 per cent in midday trading. Write to Joshua Kirby at Dow Jones NewswiresĬopyright (c) 2022 Dow Jones & Company, Inc. Birkin Bag Maker Hermes Shrugs Off China Slowdown, Sales Beat Forecasts Octoadmin. "This set of results confirms that Hermes is likely going to be most resilient luxury goods player in a recession, and an appropriate hiding place for those seeking cover," the U.S.
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Nevertheless, consensus estimates for the full year are likely to rise following the expectation-defying results, analysts at Bernstein said in a note. The company didn't set any financial targets for the year, but said it remains confident of attaining an "ambitious" goal of medium-term revenue growth at constant currency.
Sales in China were hit by store closures and sanitary restrictions in April and May but rebounded in June, Hermes said. Revenue rose 23% at constant currency in the half-year, reaching EUR5.48 billion, though the pace of growth slowed in the second quarter. FILE PHOTO: A detail of a purse as a model presents a creation by designer Nadege Vanhee-Cybulski. Recurring operating income climbed to 2.3 billion euros ($2.35 billion) in the January-June period from EUR1.72 billion a year before, Hermes said, while the operating margin attained a new record level of 42%, a point higher than in the same period last year. Hermes Bounces Back in China as Margin Hits Record High. Shares in Hermes International SCA trade sharply higher Friday after the luxury-goods company reported soaring earnings for the first half, heralding possible upgrades to full-year expectations.Īt 0807 GMT, shares were up 9.2% higher at EUR1,355. Canada, Canary Islands, Cape Verde Islands, Cayman Islands, Central African Republic, Chad, Channel Islands, Chile, China, Colombia, Comoros Islands.