Hermes’ 4Q Revenue Adversely Affected by Capacity Constraints, Profitability Strong; FVE Maintained
We retain our fair value estimate as Hermes reported fourth-quarter sales constant-currency growth slightly below our expectations (4.6% versus our estimate of 6.4%). Management now expects full-year operating margin close to the 34% reported in the first half of the year, helped by strong capacity utilisation in the second half. We were expecting around 33% annual operating margin.Leather goods showed slower performance in the fourth quarter compared with previous quarters, as expected, owing ...
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