Hermès experienced another record year with revenue 33% ahead of FY19’s level and an operating margin of 120bp above consensus. However, sales in the leather goods division declined 5.4% yoy (2x worse than consensus) in Q4 21 due to capacity constraints. The outstanding growth in the first 9-months has left very limited flexibility on stock for the year-end trading. Hermès sees the very positive trend continuing going forward, the industry-leading pricing power will mitigate the inflation pre ....