Hermes sees sales up 23% over a year ago, driven by tourism, new stores
By Joshua Kirby
Hermes International SCA said Friday that sales momentum continued into the first part of the year, propelled by increased tourism and new stores.
The French luxury fashion house , maker of Birkin handbags, booked sales of 3.38 billion euros ($3.73 billion) in the first quarter, rising 23% at constant currency from EUR2.77 billion in the same period last year. The pace of growth was the same as in the last quarter of 2022.
Analysts had forecast quarterly sales of EUR3.17 billion, according to a poll of esimates compiled by FactSet.
Hermes, which had been less affected than luxury peers by China's now-ended pandemic restrictions, reported continued momentum in Asia, thanks to a good Lunar New Year and the opening of a new store in the Chinese city of Nanjing. Similarly, sales in the U.S. were spurred by the opening of the group's 40th store in the country at Naples in the state of Florida.
In Europe, sales were boosted by greater tourism flows, notably in France, Italy and the U.K., Hermes said.
Wholesale revenue rose 26% on year, aided by the recovery in travel retail, the company said.
The group backed its "ambitious" medium-term target for organic revenue growth, pointing to its integrated model and client loyalty.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
-Joshua Kirby
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
04-14-23 0235ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Is ServiceNow Stock a Buy After Earnings and Its Investor Day?
-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
How the Tokyo Stock Exchange Is Pushing for Better Shareholder Returns
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
After Earnings, Is Coke Stock a Buy, a Sell, or Fairly Valued?
-
Disney Earnings: Improved Streaming Results Come at the Expense of Continued Linear Weakness
-
Apple: We Expect New Models and New Chip to Spur Return to iPad Growth
-
Palantir Earnings: AI Platform Drives Strong Start to 2024
-
What I Hope My 14-Year-Old Learned at Berkshire Hathaway’s 2024 Annual Meeting
-
After Earnings, Is Amazon Stock a Buy, a Sell, or Fairly Valued?
-
The 10 Best Dividend Stocks
-
3 Stocks With High Dividend Yields That Warren Buffett Likes