Hermès bags 20 per cent rise in earnings
Wednesday 21 July 2010
Hermès lifted its full-year sales growth target on the back of surprisingly strong second-quarter figures, providing further evidence of a bigger-than-expected rebound in the luxury goods market.
The French company's upbeat trading statement helped to lift sentiment towards the sector and some analysts said the numbers boded well for updates from the Hermès's peers. The luxury goods industry, whose revenues fell 8 per cent last year, is slowly crawling out of its worst downturn in decades.
Hermès said second-quarter sales beat its own expectations, prompting it to raise its full-year sales growth target. The group generated revenue of €567m (£480m) in the three months to 30 June – an increase of 19.8 per cent at constant exchange rates. Sales of leather goods remained the main driver of growth, They rose 23.2 per cent at constant currencies.
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