Hermes International SCA, the French maker of Kelly handbags and silk scarves, raised its target for annual revenue growth and said first-half operating profit shoulgrow “significantly” more than sales.
“Hermes is well positioned in a buoyant luxury-goods market, delivering fast sales and earnings growth while keeping its status as one of the most exclusive brands around,” Pierre Lamelin, an analyst at CA Cheuvreux in Paris, said in an e-mailed note. He rates the stock “underperform.”
The quarterly revenue increase was led by the Asia-Pacific region where wealthy consumers are purchasing more high-end watches and accessories. Worldwide sales of luxury goods may rise 8 percent this year as demand strengthens in the U.S. and Europe and emerging-market shoppers splurge on costly handbags and and various, Bain & Co. said in May.
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