Hermès sets new records in 2023

With double-digit growth in sales and net income, and an all-time record in profitability, the saddler has not been affected by the normalization of the sector. It is demonstrating great dynamism in all its markets and business lines.

Luxury goods results come one after the other for France’s industry leaders.

After the announcement of Lvmh’s good performance in 2023, followed by Kering’s poor results, Hermès continues to race ahead.

Not only was the saddler’s momentum very strong again last year, but it has never been so profitable. Its annual recurring operating margin reached an all-time high of 42.1%, against a target of 40.5% for 2022. Operating income recurring grew by 20% to 5.6 million euros.

Antoine Fraysse-Soulier, Head of Market Analysis at eToro, hails “an operating margin that pulverizes that of its competitors, coming in at 42% compared with 26% for LVMH or 24% for Kering, for example.”

This performance is due both to “strong sales growth and the favorable impact of currency hedging”.

Double-digit growth in sales and net income

Hermès sales for 2023 soared by 21% at constant exchange rates (+16% at current exchange rates) to 13.4 billion euros.

In the fourth quarter, sales remained strong (+18% at constant exchange rates and +13% at current exchange rates), reaching 3.36 billion euros, “despite the particularly high basis of comparison in America and Asia”. On average, analysts were expecting lower fourth-quarter sales of 3.28 billion euros.

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Featured Photo: © Hermès

Picture of Sophie Michentef
Sophie Michentef
Sophie Michentef has worked for more than 30 years in the professional press. For fifteen years, she managed the French and international editorial staff of the Journal du Textile. She now puts her press, textile, fashion, and luxury expertise at the service of newspapers, professional organizations, and companies.

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