HERMÈS INTL.: FY 21 sales in line with expectations, including deceleration in Q4 Strong EBIT gain | NEUTRAL | EUR1300
HERMÈS INTL. - NEUTRAL | EUR1300FY 21 sales in line with expectations, including deceleration in Q4 Strong EBIT gain
As expected a sales growth deceleration Q4, due to leather production constraints
FY 21 EBIT margin at 39.3% vs 38.2% expected
Neutral recommendation reiterated
Hermes International is engaged in the manufacture, sale, and distribution of luxury goods primarily in France, rest of Europe, Japan, Asia-Pacific, and Americas. Co.'s activities can be divided into two segments: the distribution via Co.'s exclusive network and the distribution via specialist outlets. The distribution via Co.'s exclusive network comprises silks and textiles, leather goods and saddlery, ready-to-wear and fashion accessories (men and women's clothing, belts, jewellery accessories, gloves, hats and shoes), and other goods (jewellery and products of the art of living department). The distribution via specialist outlets comprise perfumes, tableware and watches.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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