Hermès Sales Surge Amid Exclusive Birkin Wave—Despite Global Luxury Slump [Forbes]
KERING SA UNSP/ADR (PPRUY)
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Source: Forbes
The French luxury house posted strong quarterly sales growth across all geographic areas, including ... [+] China. First-quarter revenue rose 17% from the previous year to $4.1 billion (€3.8 billion), with all geographical areas posting double-digit growth, topping FactSet's consensus estimates of a 13% growth and $4 billion sales (Thursday's report did not include earnings figures). The leather goods and saddlery division—where the group derives more than 40% of its revenue—saw a 20% jump in sales on the back of new models, followed by a 16% growth in ready-to-wear and Accessories, its second-largest line; both beat consensus estimates gathered by FactSet. Sales in Asia-Pacific, excluding Japan—which account for more than half the group's revenue—grew by 14%, defying China's slowdown that has other luxury peers; Japan and the Americas also saw robust sales increases, at 25% and 12% respectively. In contrast to Hermès' performance, the group's two biggest French conglomerate
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