Hermès Q3 results match estimates

Worldwide
Published:  13 November, 2015

Despite a slowdown due to lower luxury demand, Hermès still delivered revenue growth in line with analysts’ expectations, with total sales up 15% €1.14 billion for the third quarter of 2015.

Sales in Asia slowed to 1.5% for the period, excluding Japan (16.6%), as anti-corruption measures in China weighed on spending. Hermès owns over 40 retail shops in Japan, attracting Chinese buyers as the yuan was higher against the yen during the quarter.

Sales in Europe were up 14.8% compared to the same period last year. In the Americas, sales were up 2% at constant exchange rates due to stock market volatility and strong dollar.

The Group is managing slowing luxury demand better than lower-priced competitors such as Burberry, which expects profit to decline for a second consecutive year. Read more here.

Source: Bloomberg

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