HERMÈS: Net income exceeds €1 billion in the first half

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The group’s consolidated revenue amounted to €4,235 million in the first half of 2021, up 77% at constant exchange rates and 70% at current exchange rates compared to 2020. This increase is up 33% at constant exchange rates compared to 2019, both in the first and second quarters. Recurring operating income amounted to €1,722 million (41% of sales) at the end of June. Net income group share reached €1,174 million (28% of sales).

 

The sales increase in the second quarter (+127% at constant exchange rates and +119% at current exchange rates) reflected the strong sales momentum, in the continuity of the first quarter.

 

Axel Dumas, Executive Chairman of Hermès, said: “The results for the first half of the year have been exceptional in nature. But this performance also reflects the momentum and resilience of our model, which puts people, the source of creativity and innovation, as well as the requirement for absolute quality, at its core. These are the key factors of our artisanal approach and the desirability of our objects. We are equipped to cope with uncertainties while remaining faithful to our values.”

 

Sales by geographical area at the end of June (at constant exchange rates, unless otherwise indicated)

 

On the first half 2021, thanks to the continuation of the first quarter trends, all the geographical areas confirmed their strong growth with an acceleration in America and recovery in Europe. Sales in the group’s stores increased by 81% at constant exchange rates compared to last year, and by 41% compared to 2019. The network continued to develop with store openings and extensions, and with growing online sales worldwide. Wholesale activities bounced back (+46%) but remained penalised particularly by travel retail.

 

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Featured photo: © Hermès

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