Hermes International : No slowdown in growth in Q2 2021 and a record-beating H1 margin
>The pace of growth at 2 years maintained in Q2 at 33% and H1 EBIT beats our forecast by more than 20% - Hermès has posted spectacular H1 figures: growth at 2 years in Q2 at cc remained at the Q1 level at c.+33% (no slowdown in leather goods despite management's cautious tone, with the division posting growth at 2 years of 24% in Q2 vs +26% in Q1) and operational leverage linked to the marked increase in sales enabling the group to generate an exceptional EBIT margin ...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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