Hermes International : Pressure on growth at the year-end but record profitability
>No surprises from Q4 sales but profitability remains very strong in H2 with an EBIT margin of 38.1% - Hermès posted 2021 sales at € 8,952m (y-o-y organic growth of around 42%) for EBIT of € 3,540m (margin at 39.3%), which corresponds to Q4 sales of € 2,380m with organic growth of around 11% (+28% at two years) and H2 EBIT at € 1,808m, giving a margin of 38.1% (the H1 margin came to 40.7%). Our full year forecasts (sales of € 8,855m, EBIT of € 3,326m) reflecting Q4 sa...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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