Hermes Sales Jump as Birkin Bag Maker Weathers Luxury Slowdown [BNN Bloomberg (Canada)]
HERMES INTL SA UNSP/ADR (HESAY)
NASDAQ:AMEX Investor Relations:
finance.hermes.com/en
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Source: BNN Bloomberg
Fourth-quarter revenue climbed 17.5% at constant exchange rates, Hermes International SCA said in a statement Friday. Analysts expected a gain of about 14%. The company also announced plans for an exceptional dividend of €10 a share. Despite a cooling in demand for luxury products following the post-pandemic boom, Hermes' brand still lures wealthy customers willing to splurge on its hard-to-get handbags and pricey silk scarves. All the main divisions of the Paris-based company grew by at least 10%. In a call with reporters, Hermes Executive Chairman Axel Dumas said the company plans product price hikes of 8%-9% on average in 2024. Recurring operating income for the year rose to €5.65 billion ($6.1 billion), topping analysts' estimates. Hermes results follow a mixed picture for the industry in the past quarter. LVMH, whose brands include Louis Vuitton and Christian Dior, and Cartier owner Richemont showed resilience. Companies undergoing turnarounds, such as Burberry Group Plc
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News
- Hermes emerges as the outlier with strong China sales, while the rest of luxury bleeds from the lack of shoppers [Fortune]Fortune
- Hermes Defies Luxury Slowdown With Sales Jump in China [BNN Bloomberg (Canada)]BNN Bloomberg
- Hermes hires Latham team to fight consumers' Birkin bag lawsuit [Reuters]Reuters
- Hermes International: Q1 2024 And FY 2024 Should See Strong Sales As Well [Seeking Alpha]Seeking Alpha
- 40 Best Fashion Schools in the World for 2024 [Yahoo! Finance]Yahoo! Finance