25 Oct 2022

Hermès has reported its financial results for the third quarter of 2022 financial year, achieving sales up 32.5% to €3.14 billion, reports ILM.

 

 

Consolidated revenue at the end of September was up by 30% at current exchange rates (up 24% at constant exchange rates), totaling €8.61 billion.


The company notes that sales in group stores benefitted from the reinforcement of its exclusive distribution network and online sales, up 23% for the quarter, while 26% growth in wholesale activities reflected a resumption in travel retail.


Asia including Japan was up by 34% in the period, continuing strong momentum alongside an improvement in Greater China despite temporary closures. Japan alone was up by 21%, which the brand put down to the loyalty of local clients.


The Americas continued its upward trend with 28% growth in the third quarter. Meanwhile, Europe excluding France was up by 25% and the company’s home market of France alone up by 28%.


All business lines within the company confirmed high levels of sales for the period, with the leather goods and saddlery division up by 13%, thanks to a strong rebound in Greater China and sustained demand.


In the ready-to-wear and accessories division, growth was 38%, thanks to the success of the brand’s ready-to-wear, fashion accessories and footwear collections.


Axel Dumas, Executive Chairman of Hermès, said: “The strong performance in the third quarter reflects the desirability of our collections all around the world and the relevance of our values. We move forward with confidence and caution while continuing to bolster our integrated model, rooted in France and committed to job creation. Our success lies in that of our teams, whom I would like to sincerely thank.”

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