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French luxury goods maker, Hermes reported a 19% increase in first-quarter sales as its Japanese business showed unexpected growth.
Revenue rose to €1.12 billion euros ($1.2 billion), Paris-based Hermes said in a statement April 29. Demand for its leather products such as its leather goods and saddlery remained high, Hermes said. Production at two new facilities boosted capacity, while work has started on two more workshops in France.
A 15% gain in Japan boosted sales compared with a strong year-earlier quarter when the French company raised prices and clients splurged ahead of a tax increase. That compensated for growth of 3.1% in non-domestic European sales, which was about a third the pace analysts anticipated. The growth rates exclude currency shifts.
All other regions matched estimates, though Hermes highlighted a more challenging environment in Hong Kong and Macau, and said America confirmed its potential for development.