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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.