Hermes International : Favourable growth buoyed by leather but pressure on the margin is confirmed
>Still remarkable growth in Q2 at close to 13%, but EBIT margin down by close to 200bp y-o-y in H1 - The group’s sales stand at € 7,504m and operating profit at € 3,148m. These figures can be compared to the ODDO BHF estimate of € 7,383m and € 3,067m (positive gap of close to 3%) and the pre-publication FactSet consensus showing € 7,488m and € 3,189m (the gap on EBIT is slightly negative). Sales growth cc in Q2 is favourable at 13.3% after a Q1 at +17% (we had expect...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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