RMS Hermes International

By Andrea Figueras

Hermes International sales rose in the third quarter, driven by a strong performance across all its business lines and geographical areas, and maintained its revenue-growth target.

The French luxury house said Tuesday that sales came in at 3.365 billion euros ($3.59 billion) in the July-September period compared with EUR3.14 billion during the same period last year.

This beat analysts' expectations for sales of EUR3.31 billion for the quarter, according to a poll of estimates by five analysts taken from FactSet.

The company reported double-digit revenue growth at constant exchange rates in all regions, with Asia up 12%, Europe up 18%, and a 20% rise in the Americas.

At the end of September, currency fluctuations represented a EUR420 million hit to revenue, the company said.

The company continues the year 2023 with confidence and maintains its medium-term goal for revenue growth at constant exchange rates, it said.

Hermes's report comes after LVMH Moet Hennessy Louis Vuitton published third-quarter results that missed analysts' expectations and raised concerns about a slowdown in the luxury industry. Gucci owner Kering is due to publish a trading update later in the day.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

October 24, 2023 02:45 ET (06:45 GMT)

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