Hermes International 1Q Sales Jump 23%, Sees Ambitious Goal For Revenue Growth

Hermes International SA HESAY reports first quarter results of 2023, where sales jumped 23% at constant exhange rates to €3.38 billion, as wealthy shoppers in China and Europe splurged on luxury fashion and accessories despite higher prices and global market turmoil.
Hermes finance chief Eric du Halgouet told journalists that store traffic in the U.S. continued to rise, Reuters reported.
Good sales momentum in the United States resulted in 19% revenue growth in the quarter.
Sales in Asia grew 23%, excluding Japan, driven by a magnificent Chinese New Year.
The company achieved substantial growth, particularly in the U.K. and Italy, driven by increased tourist flows.
With increased production capacities and the opening of new sites, Hermès continues to reinforce its local anchoring in France to develop employment and training.
Hermes opened a new site in Normandy on April 7, 2023, which makes Kelly handbags, a model designed in the 1920s that became associated with actress Grace Kelly in the 1950s. The development is a part of the company's strategy of increasing production at around 7% per year, the Reuters report notes.
In the medium term, the group confirms an ambitious goal for revenue growth at constant exchange rates, despite global economic, geopolitical, and monetary uncertainties.
Also Read: French Fashion Giant LVMH Enters Into World Top 10; Market Value Nears $500B
Price Action: HESAY shares traded higher by 0.04% at $216.58 on the last check Friday.
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