Hermes Bucks Luxury Slowdown With Higher Sales But Flags Weakness in China
By Andrea Figueras
Birkin handbag maker Hermes reported higher sales for the second quarter, with wealthy customers helping it defy a global slowdown in demand that is troubling the luxury sector, but flagged signs of weakness in China.
The French company's quarterly revenue was 3.7 billion euros, equivalent to $4.01 billion, a 13% on-year increase at constant currency. The result compares with analysts' forecasts of EUR3.67 billion, according to a poll of estimates compiled by Visible Alpha.
"In a more challenging context, all the regions continued to show remarkable momentum, with the exception of Asia due to an inflection in traffic in Greater China," Hermes said Thursday.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
July 25, 2024 12:37 ET (16:37 GMT)
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