Hermes 3T Rev EUR3.14B – MarketWatch

By Joshua Kirby

Hermes International SCA said on Thursday it remained confident about medium-term growth despite ongoing macroeconomic uncertainty, as third-quarter sales rose sharply amid a recovery in the Chinese market and a return of tourism. summer in Europe.

The French luxury goods company achieved total sales of 3.14 billion euros ($3.07 billion) in the July-September period, up 24% year on year at exchange rates constant. That beat analysts’ expectations for sales of 2.84 billion euros, according to a survey of estimates taken from FactSet.

In France and the rest of Europe, performance was supported by a buoyant summer tourist season, said Hermès, maker of exclusive Birkin handbags. Sales in the Americas continued to grow strongly, driven in part by new store openings in New York and Austin, Texas.

Sales also increased in China, which had previously been affected by strict anti-pandemic measures, the company said.

For the year as a whole, the impact of the Covid-19 pandemic and economic and geopolitical headwinds remains difficult to assess, Hermès said. However, the company remains confident in its “ambitious” goal of medium-term organic revenue growth, she said, underscoring a long-term strategy of creativity and control.

Write to Joshua Kirby at; @joshualeokirby

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