Hermes International : Flawless end to the year
>Growth and margins on cue at end-2023, group EBIT margin ahead of expectations at 42% in 2023 - Hermès reported 2023 sales of € 13.427bn, up 15.7% y-o-y and 20.6% ccc with Q4 at + 17.5% y-o-y cc, showing an acceleration after +15.4% in Q3) and 2023 EBIT of € 5.65bn (margin 42.1% vs 40.5% in 2022), pointing to a margin in H2 of 40.2% vs 39% in H2 2022 and 44% in H1 2023. Our 2023 sales/EBIT forecasts were € 13.315bn/€ 5.495bn reflecting Q4 growth of +14% and a H2 EBI...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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