Hermes International Second-Quarter Sales Rose

Date : 07/23/2019 @ 7:49AM
Source : Dow Jones News
Stock : Hermes International (RMS)
Quote : 605.8  0.2 (0.03%) @ 4:39PM

Hermes International Second-Quarter Sales Rose

Hermes (EU:RMS)
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   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)

Copyright (c) 2019 Dow Jones & Company, Inc.


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