.Hermes_Paris International is the latest player in the sector to release a stellar first-half performance this week.
Hermès International is the latest player in the sector to release a stellar first-half performance this week on the back of pent-up demand for its products, outperforming analysts’ expectation on profits and margins.
During the call, Dumas fielded requests for guidance on whether he thought the company’s high margins were sustainable for the remainder of the year.“We don’t think bottom-up, we do things the right way, and that leads to a margin,” he said. “In recent years, we’ve seen a strong acceleration in growth of luxury broadly, which often has a leverage effect on our forecasts. The important thing is to continue investing and think four or five years down the road.
Hermès’ first-half sales jumped 70.2 percent year-over-year to 4.24 billion euros in total, representing a 28.9 percent gain versus the first six months of 2019. For the second quarter, revenues grew 119 percent to 2.15 billion euros. “We see strong Chinese demand and appetite for our products,” Dumas said during the call. That demand — as well as acceleration in Singapore and Thailand — drove the firm’s business in Asia outside Japan in the first half. At constant currency, revenues in Asia grew 80.5 percent based on 2020 numbers and 58.5 percent compared with 2019, to 2.62 billion euros.
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