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Growth is in the “bags”

  • 08 Feb 17

The high-end luxury maker ended the year at the top of up-market performers. In Q4, sales were up 8% (+7% at constant rates), slightly below rival LVMH which posted a reported growth of 9%. The mainstay business confirmed its resilience with 8.5% growth at CER (+10.2% reported) to reach €742m. Silk & textile products and perfumes benefited from the favourable momentum at year-end, growing by 11% and 16.9% respectively at CER. Watch sales declined by 11.6% to €45.4m. Other product categories posted modest performances. Hermes experienced strong momentum in all geographies, although a slight deceleration was reported in some markets. A marked acceleration was experienced in France and Japan, which edged up 7.1% and 8.9% respectively compared to 4.5% and 8.5% in the first nine months (at CER). However, Asia excluding Japan slowed to 4.4% vs. 8.1% as of September. In the Americas, sales increased by 5.5% compared to 8% to September. Full-year sales edged up by 7.4% at CER (+7.5% reported) to reach €5,202m. Leather goods surged by 14% at CER to reach €2,604m. Perfumes were up 8.5% to €261.9m. Otherwise, the other product categories were struggling. In Europe, sales increased by 7.5% to reach €1,683m. Asia grew at the same pace, generating revenues of €2,502m. The group confirmed its ambitious growth targets in the medium term. The 2016 margins should improve slightly. As expected, management has proposed an interim dividend of €1.5.

A beautiful acceleration in Q3

  • 03 Nov 16

Hermes confirmed once again its resilience amid the challenging backdrop. After the misguided lowering of FY 16 growth guidance, the group’s sales accelerated in Q3 and were up 9% at constant rates to reach €1,257m (+10% reported). A favourable momentum was experienced in almost all regions. Asia Pacific outperformed with a 14.2% surge at CER to €434.3m. In Japan, sales edged up 5.6% at CER to reach €177.1m. Leaving aside France, which was hit by lower tourist inflows (-0.9% at CER), Europe impressed with a 9.8% increase at CER to €239.7m. Sales in the Americas amounted to €218.2m (+7.3% at CER). Overall, currency moves had a slightly unfavourable impact on sales. As regards products, leather goods were the leading category, as usual, posting a 16.3% rise in sales to €630.2m. Sales of ready-to-wear and textiles remained halted by the slumping demand, growing by +0.1% and -4.1% respectively. Watches are struggling in the deteriorating market momentum, posting almost flat sales yoy at €38m (+0.4% at CER). Perfumes surged 10.2% to reach €70.3m. By the end of September, sales amounted to €3,697m, i.e. a 7.7% rise at CER (+7.4% on a reported basis) underpinned by the outperformance in Asia (+8.2%) and the Americas (+8%). The cautious stance was maintained for the current year with expected growth below guidance of 8% despite the recent acceleration. The operating performance should improve thanks to the efficient foreign exchange hedges. In the mid-term, the perspectives are promising for the top high-end goods provider.