Robust Asia Development Powers Hermes Gross sales in Q1

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The French luxurious group, which has weathered the coronavirus pandemic higher than rivals, stated revenues at fixed change charges got here in at 2.08 billion euros ($2.50 billion) within the three months to March, beating analyst expectations for a 24% improve.

Gross sales in Asia excluding Japan surged 94% over the interval, with progress in China particularly important. That, coupled with a rebound in the US the place gross sales grew by 24% helped the group greater than offset a decline in gross sales in Europe because of a brand new spherical of coronavirus lockdowns.

Eric du Halgouët, Govt Vice President for Finance on the group, advised reporters the gross sales progress within the quarter was not pushed by a giant improve in costs, because the group had nudged costs up by simply 1.4% to this point this yr.

He stated on-line gross sales had elevated by 100% or extra in all areas, and would doubtless quickly exceed 1 billion euros.

The group’s robust first quarter – with gross sales up 33% from their 2019 ranges – provides to indicators of a comeback for the posh items sector, with rivals LVMH and Kering additionally reporting a surge in revenues.

Nonetheless du Halgouët stated it was too early to foretell that the trade would put the coronavirus disaster squarely behind it this yr, pointing to contemporary issues a couple of attainable resurgence of the virus in Japan.

(Reporting by Silvia Aloisi; modifying by Agnieszka Flak)



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