Hermes International : Excellent growth but what to say on the margin then?
>Q2 sales up +19.5% cc and H1 margin at a record level of 42.1% - For H1, the group reported sales of € 5,475m (of which € 2,710m for Q2 alone, i.e. organic growth of 19.5% y-o-y vs +27% in Q1) and EBIT of € 2,304m (a margin of 42.1% vs 40.7% in H1 last year and 38.1% in H1, a new record in absolute terms for the group). We were forecasting sales of € 5,237m (Q2: € 2,472m, +10% org.) and EBIT € 1,953m (margin at 37.3%), while the pre-publication Visible Alpha consensu...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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