Hermes International : Fine growth in Q1 but momentum set to slow
>Flattering growth in Q1 at +17% at CER but excluding the internalisation effect in the UAE (c. 2 pts), fairly close to our expectations - Hermès reported Q1 sales of € 3,805m, or up 12.6% on a reported basis and +17% at constant exchange rates. Our estimate at € 3,713m pointed to organic growth of 13.5% and the Visible Alpha consensus at € 3,683m suggested around +13%. It should be noted that the re-internalisation of the stores in the UAE (conversion from whole...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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