The H1 20 figures have shown that nobody is immune to the pandemic crisis. Despite the stronger beginning of the year, all regions have reported a sharp decline in Q2 20 except for mainland China. Heavier than expected fixed costs have dragged down the operating margin to 21.5% (vs. 34.8% in H1 19). However, the maintained expansion plans, the encouraging recovery in Asia, and the lower tourist exposure have together enhanced our confidence in the group’s post-pandemic outlook.
03 Aug 2020
Well-positioned to benefit from a recovery
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Well-positioned to benefit from a recovery
Hermes International SCA (RMS:WBO) | 0 0 0.4% | Mkt Cap: 46,957m
- Published:
03 Aug 2020 -
Author:
Jie Zhang -
Pages:
3
The H1 20 figures have shown that nobody is immune to the pandemic crisis. Despite the stronger beginning of the year, all regions have reported a sharp decline in Q2 20 except for mainland China. Heavier than expected fixed costs have dragged down the operating margin to 21.5% (vs. 34.8% in H1 19). However, the maintained expansion plans, the encouraging recovery in Asia, and the lower tourist exposure have together enhanced our confidence in the group’s post-pandemic outlook.