The saddler from the rue du Faubourg Saint-Honoré slowed down a little in the third quarter. However, it performed better than expected and continues to be dynamic worldwide, including in the United States and China.
While astonishment is the theme inspiring the creation of Hermès in 2023, the saddler also continues to astonish with outstanding performances.
And while luxury goods shares tend to fall on the stock market, the luxury group saw its share price rise by 2.5% on the Paris Bourse in trading following the publication of its quarterly sales figures.
Admittedly, sales slowed slightly in the third quarter (+15.6% at constant exchange rates to 3.13 billion euros, following increases of +23% in the first quarter and +27.5% in the second. However, the Group outperformed the Visible Alpha consensus forecasts, which were expecting a 14% increase in sales at constant exchange rates.
7% price increase
And the saddler is still posting double-digit growth, whereas Lvmh had opened the results ball with the disappointing announcement of organic growth decelerating to 9% (only +1% reported) between July and September 2023.
It should be pointed out, however, that part of Hermès’ growth in value is linked to its global price increases of around 7% in 2023, “to account for rising production costs, with the exception of the United States, where increases were around 3%, and Japan, where they were higher, in double digits, due to currency effects.”
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Featured Photo: Hermès Omotesando Flagship store, Tokyo © Hermès
