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Revenue at Hermes maintains growth
Source: Agencies |
February 7, 2009, Saturday
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Print Edition
Print Edition
HERMES International, the maker of high-end scarves and Birkin handbags, said yesterday that fourth quarter revenue rose 6.2 percent after "robust" Christmas sales defied the wider economic gloom.
Hermes said that it plans to continue with the opening or renovation of more than 20 stores in Asia and the United States in 2009.
The French luxury goods company also said that it hopes to maintain sales at the same level as last year, which could entail a slight decrease in underlying profit.
Hermes said that fourth-quarter revenue advanced to 540.9 million euros ($692 million) from 509.3 million euros a year earlier.
Excluding currency effects, the sales increase was 1.7 percent.
Hermes reported lower sales of watches and tableware in the quarter, offset by an increase in sales of silk and textiles, leather goods, clothes, accessories and perfumes.
The company will report full results on March 19. Hermes said that it expects to be close to its initial target of "steady" net profit.
Sales for the full year rose 8.6 percent to 1.76 billion euros.
The company's shares rose 6.3 percent to 79.73 euros in Paris at midday trading yesterday.
The results come after Paris-based luxury goods empire LVMH Moet Hennessy Louis Vuitton said that revenue rose 4 percent in the fourth quarter, helped by sales of Louis Vuitton's Damier Graphite handbags.
LVMH said on Thursday after the market close that net profit for the full 2008 year stagnated at 2.03 billion euros. Yesterday, the company's shares rose 5.7 percent to 46.93 euros.
Hermes said that it plans to continue with the opening or renovation of more than 20 stores in Asia and the United States in 2009.
The French luxury goods company also said that it hopes to maintain sales at the same level as last year, which could entail a slight decrease in underlying profit.
Hermes said that fourth-quarter revenue advanced to 540.9 million euros ($692 million) from 509.3 million euros a year earlier.
Excluding currency effects, the sales increase was 1.7 percent.
Hermes reported lower sales of watches and tableware in the quarter, offset by an increase in sales of silk and textiles, leather goods, clothes, accessories and perfumes.
The company will report full results on March 19. Hermes said that it expects to be close to its initial target of "steady" net profit.
Sales for the full year rose 8.6 percent to 1.76 billion euros.
The company's shares rose 6.3 percent to 79.73 euros in Paris at midday trading yesterday.
The results come after Paris-based luxury goods empire LVMH Moet Hennessy Louis Vuitton said that revenue rose 4 percent in the fourth quarter, helped by sales of Louis Vuitton's Damier Graphite handbags.
LVMH said on Thursday after the market close that net profit for the full 2008 year stagnated at 2.03 billion euros. Yesterday, the company's shares rose 5.7 percent to 46.93 euros.
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