Luxury goods maker Hermes International SCA reported a 22 percent increase in second-quarter sales, led by accelerating growth in Japan.
Revenue rose to EUR1.17 billion (USD1.28b), Paris-based Hermes said in a statement on Tuesday, about meeting the median of 14 estimates compiled by Bloomberg. Growth of 10 percent excluding currency swings beat analysts’ estimates.
Hermes, like other luxury goods makers, is feeling the effects of slowing demand in China after years of double-digit growth. Still, the maker’s high prices and limited supply have helped cushion the blow, and the 178-year-old company is the least exposed of peers to weaker demand in Hong Kong, where it has seven stores, Sanford C. Bernstein has said.
(Source: The Japan Times Online)