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Hermes remains cautious as activity and margin fell in the second quarter

Hermes remains cautious as activity and margin fell in the second quarter

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Hermès reported on Thursday a 42% fall in like-for-like sales in the second quarter, which was hit hard by the coronavirus crisis that led to the closure of the luxury group’s stores and production sites.

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The saddler was also unusually cautious, warning that the impacts of the Covid-19 epidemic were still hard to assess and that the situation was still “difficult” in Europe and the United States despite a rebound in Asia.

 

Hermès CEO Axel Dumas added that it was impossible to predict when foreign tourists – who can account for up to 70% of luxury group sales in Europe during the summer season – would return.

 

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Featured Photo : © Hermès

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