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Hermes reports half-year profit leap

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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.

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