Hermes sales rise in Q3 amid upturn in Europe
By Michele Maatouk
Date: Thursday 21 Oct 2021
(Sharecast News) - Luxury French brand Hermes reported a jump in third-quarter sales on Thursday thanks in part to a recovery in sales in Europe.
Consolidated revenue was up 31% compared to 2020 at €2.4bn, coming in ahead of analysts' expectations for 21% growth. Over a two-year period, revenue was up 40%.
The company said it benefited from an upturn in sales in Europe, an acceleration in America and a "sustained dynamic" in Asia.
At the end of September, consolidated revenue was €6.6bn, up 57% at constant exchange rates and 54% at current exchange rates compared to the same period in 2020, and 35% higher over a two-year period.
Chief executive Axel Dumas said: "The performance of the third quarter reflects an atypical year, during which we continue our strategic investments and accelerate job creations.
"In a world that remains unstable, the balance between our sixteen métiers and between our locations around the world, allows us to move forward with optimism and caution, while continuing to create beautiful, high quality, sustainable objects."
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