Hermes International Second-Quarter Sales Rose
July 23 2019 - 2:49AM
Dow Jones News
By Cristina Roca
Hermes International SCA (RMS.FR) said Tuesday that it recorded
double-digit sales growth in the second quarter thanks to positive
trends in all regions.
The French luxury-goods company said sales for the quarter were
1.67 billion euros ($1.87 billion), up 14% compared with the same
period the year before. Hermes said its second-quarter sales grew
12% at constant exchange rates, comfortably clearing the 10% mark
that the company is known to aim for on a yearly basis.
The maker of the iconic Birkin bag said its sales were very
dynamic in all regions. Asia-Pacific was the fastest-growing region
for Hermes, with sales there growing 19% at constant exchange
rates.
By category, sales in leather goods--which accounts for roughly
half of Hermes' sales--were up 12% at constant exchange rates,
while sales in the watches category posted good momentum, growing
organically at 7.6%.
Hermes said that for the first half of the year, it expects its
current operating profitability to be slightly lower than 34.5%,
the record-high level it achieved during the same period last year.
The strong sales growth achieved during the period should partially
offset the negative impact of exchange rate hedges, the company
said. Hermes reports first half earnings on September 11.
As always, the company backed its mid-term goal of revenue
growth at constant exchange rates.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
July 23, 2019 02:34 ET (06:34 GMT)
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