Hermes Delivers Strong 1H Results Despite Capacity Constraints in Leather Goods; FVE Retained
We are maintaining our fair value estimate for wide-moat Hermes, as the company reported second-quarter sales slightly ahead of our full year expectations. Sales growth remained predominantly volume-driven with minimal impact from price increases and selling-space expansion.For the first half of the year, sales of leather goods were marginally below our full-year expectations (8% versus 9% in our forecasts), more than offset by very strong growth in ready-to-wear and other Hermes sectors, whic...
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.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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