Hermes International : Asia rebounds strongly but the overall performance is not far from that of the industry
>Q2 sales down -41.5% on an organic basis and H1 EBIT -53%, no miracle was ever on the cards - Hermès’ interim figures were actually more or less in line, despite a visible improvement in momentum in the industry over the last weeks of June (cf. table on page 2). Our relatively conservative estimates were only just beaten: sales were down 41.5% in Q2 on an organic basis whereas we had forecast -45% vs the FactSet consensus which was already positioned at around -40%,...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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