×
205
Fashion Jobs
BASIC ENTERPRISES PVT LTD
Loan Consultant/ Area Sales Manager 4l Salary
Permanent · Gurugram
WHITEHAT JR
Sales Manager(Inside Sales_day Shift) Mumbai or Gurgaon _onsite
Permanent · Gurugram
VOLVO WHITE PAINTS INDUSTRIES
Hiring For Sales Officer/Area Sales Manager/ (Haryana)
Permanent · Sonipat
PATANGE INDUSTRIES PVT LTD
Requirement - Production Manager
Permanent · Pune
RESPICARE SOLUTIONS
Area Sales Manager /Business Development Manager-Mumbai / Maharashtra
Permanent · Navi Mumbai
GRAND CHEMICAL WORKS
Area Sales Manager- Jaipur & Lucknow
Permanent · Lucknow
ASTRAL ADHESIVES ( ASTRAL GROUP )
Astral Adhesives - Area Sales Manager - Construction Chemicals
Permanent · Ludhiana
VADILAL
Area Sales Manager
Permanent · Varanasi
ASTRAL ADHESIVES ( ASTRAL GROUP )
Astral Adhesives - Area Sales Manager (Maintenance Division)
Permanent · Jodhpur
PREETI DEVELOPERS PRIVATE LIMITED
Manager- Sales
Permanent · Bengaluru
CEASEFIRE INDUSTRIES PRIVATE LIMITED
Area Manager/ Territory Manager (Sales)_ Goa
Permanent · Pune
INDEED.MX
Trabajo Para Mayores de ed+d
Permanent · MEXICO CITY
INDEED.MX
Trabajo Para Mayores de Edad
Permanent · MEXICO CITY
INDEED.MX
Trabajos Opción Home Office
Permanent · MEXICO CITY
INDEED.MX
Secretaria de Medios Tiempos
Permanent · MEXICO CITY
INDEED.MX
Archivista de Medios Tiempos
Permanent · MEXICO CITY
INDEED.MX
Capturista de Medios Tiempos
Permanent · MEXICO CITY
ECL FINANCE LIMITED
Area Sales Manager- Small Ticket Housing Loan
Permanent · Hyderabad
CENTURY PLYBOARDS (I) LIMITED
Area Sales Manager - Ahmedabad
Permanent · Ahmedabad
PROPERTYXPO.COM
Area Sales Manager| Real Estate Portfolio Management | Gurgaon
Permanent · Gurugram
AQUAGENICS RESEARCH & DEVELOPMENT INDIA PVT. LTD.
Area Sales Manager
Permanent · Pune
JAYPEE BROTHERS MEDICAL PUBLISHERS PVT LTD.
Area Sales Manager
Permanent · Prayagraj
By
Reuters
Published
May 9, 2010
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Hermes shines with best first quarter sales of luxury sector

By
Reuters
Published
May 9, 2010

By Astrid Wendlandt

PARIS, May 6 (Reuters) - Hermes posted the biggest surge in first-quarter sales of all European luxury goods companies on Thursday 6 May, pointing to a continued polarisation of the market in which well-established brands crush weaker rivals.

Hermès
Birkin bag by Hermès

The maker of 15,000-euro ($20,100) crocodile handbags and silk scarves confirmed the nascent rebound in the luxury goods market, particularly in the United States where sales rose 25 percent at constant currencies during the first quarter.

In Europe -- a market highly dependent on tourists -- Hermes revenue rose 15 percent, while in Asia, exluding Japan, it was up 47 percent.

Overall, Hermes sales in the three months to March 31 rose 18.5 percent to 507.7 million euros, or 20.2 percent at constant currencies.

By comparison, like-for-like sales from fashion and leather goods at luxury giant LVMH rose 10 percent in the first quarter, while at Gucci Group they were 6.1 percent higher. During Burberry's first-half, they rose 6 percent.

But looking ahead, Hermes Chief Executive Patrick Thomas said he expected the company's growth rate to slow down during the year, due to in part to an increasingly unfavourable comparative basis.

"Towards the end of the year, we should see a slower growth rate than during the beginning of the year," Thomas told Reuters in an interview.

Thomas added that the company was "not very optimistic about 2010" but confirmed its sales growth target of at least 5 percent and expectations of a slight increase in operating margin.

He said that one of Hermes's biggest markets, Japan, where sales fell 2 percent in the first quarter, would finish the year with a slight increase.

Responding to speculation earlier this week that family shareholders might sell some shares after ex-chairman and shareholder Jean-Louis Dumas passed away, Thomas said they still planned to hold on to their stakes.

Several brokers, including Vontobel, Credit Suisse and HSBC, said Hermes's full-year sales target looked too conservative and planned to lift their 2010 forecasts.

Vontobel said it would increase its current-year sales growth forecast to 10 percent from around 8 percent at constant currencies.

"Despite the strong improvement in Q1, we were quite surprised not to see an upgrade of the FY10 guidance but according to management, the environment continues to be uncertain," HSBC said in a note.

Hermes shares were up 3.55 percent at 102.70 euros at 1054 GMT.

(Editing by James Regan and Andrew Callus) ($1=.7709 Euro)

© Thomson Reuters 2022 All rights reserved.