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By
Reuters
Published
Feb 9, 2012
Reading time
2 minutes
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Hermes posts 18 pct rise in 2011 sales

By
Reuters
Published
Feb 9, 2012

PARIS - French luxury group Hermes (HRMS.PA) posted an 18.3 percent rise in 2011 sales on Thursday, boosted by buoyant demand for the 175-year-old brand in Europe, the Americas and Asia, and said its operating margin had increased significantly.


Hermès Ad Campaign

The maker of 10,000 euro ($13,300) leather bags and 1 million euro crocodile leather jackets also said it would pay shareholders an interim dividend of 1.5 euros a share, based on the "expected increase in results and net cash position."

That was up 50 percent from last year's interim payout, the group's first ever.

Hermes said revenue reached 2.84 billion euros last year, beating its own target for 15-16 percent sales growth at constant exchange rates. The operating margin exceeded 30 percent, compared with 27.8 percent in 2010, Hermes added.

"Hermes will continue to invest in developing its production capacity and its distribution network, the company said in a financial notice published in Les Echos newspaper, adding that it would open or renovate some fifteen stores this year.

Hermes' 2011 performance shows the company continues to be one of the most resilient luxury groups in the face of the economic downturn and follows upbeat comments from rivals in recent weeks.

LVMH (LVMH.PA), which has a 22 percent stake in Hermes, said last week the outlook for 2012 was "excellent" and hiked its dividend after rapid growth in Asia and at its Louis Vuitton brand helped it post a forecast-beating rise in full-year operating profit.

Swiss luxury goods group Richemont (CFR.VX) said last month sales growth held up in the last three months of 2011, underpinned by buoyant Asian demand and Chinese tourists flocking to European boutiques.

British luxury brand Burberry (BRBY.L) reported a sharp slowdown in U.S. sales growth in its fiscal third quarter, but it too said demand from Asian shoppers and tourists remained strong.

LVMH, the world's biggest luxury goods group, repeated last week that its shareholding in Hermes remained "friendly," suggesting it did not plan to launch a hostile takeover.

Hermes family shareholders, who view LVMH's move as hostile, have responded to LVMH's stakebuilding by creating a majority holding to shield it from the threat of a takeover.

Hermes said on Thursday that it bought back 286 million euros of its own shares during last year.

($1 = 0.7545 euros)

(Reporting by James Regan; Editing by Caroline Jacobs and Christian Plumb)

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