Hermes International : Still in top form but outlook inevitably set to worsen
>Organic growth remained above the industry level in Q3 at +15.6% but the absolute figure barely beats the consensus due to very negative forex - Hermès published Q3 sales of € 3,365m, i.e. +7.3% y-o-y and +15.6% y-o-y cc, with growth in Q2 at +27.5% y-o-y cc. We had forecast € 3,308m, i.e. +13% y-o-y cc and the Visible Alpha consensus stood at € 3,339m, +13.6% y-o-y cc. Organic growth at group level remained excellent in Q3, whereas for the industry we forecast a fig...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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