France's news in English

Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Hermes reports half-year profit leap

Share this article

11:47 CEST+02:00

French luxury brand Hermes said on Wednesday its half-year net profit soared 50 percent to $290.9 million ($420 million), with its operating margin widening to 32 percent.

The company said that sales rose by 22.0 percent at current exchange rates to €1.3 billion, or 21 percent at constant exchange rates.  

The luxury group confirmed its target for annual sales growth at constant exchange rates of 12-14 percent, with operating margin remaining at the level of last year.  

It's share price was stable in morning trading in a Paris market up nearly 1.7 percent.  

Hermes, which was seen as a takeover target by luxury conglomerate LVMH that has amassed a 21.4 percent stake, reaffimed its intention to remain independent.  

"Hermes will not deviate from its long-term strategy of maintaining control over its know-how and distribution network," it said in a statement.

 
Get notified about breaking news on The Local

Share this article

The Local is not responsible for content posted by users.
Become a Member or sign-in to leave a comment.

From our sponsors

This cloud-based agency takes remote working to the next level

Be honest, who hasn't dreamed of working remotely with all the perks of employment? If you've got the skills, you only need to look UP to make that dream a reality.