Sales of Hermès, the maison that produces them Birkin bags, I am increased by 23% in the first quarter, exceeding market expectations, thanks to the purchase of luxury clothing and accessories by wealthy customers in China and Europe, although the French house has also increased its prices more than usual.
Sales for the first three months amounted to 3,38 billion euros, the company says. The 23% increase, at constant exchange rates, beat analyst consensus, averaging 16% from Visible Alpha which forecast 15% growth to BofA-Bank of America analysts forecast a 17% increase.
Hermes raised prices by around 7% at the start of the year, a higher rate than its usual annual increase of 2-3%.
The Hermès stock earns more than the Cac40
The Hermes share listed on the Paris stock exchange is recording a gain of 1,18% to 1.968 euros. On a weekly basis, the stock's trend is more solid than that of the CAC40 (+0,17%). From the point of view of technical analysis, Hermes is in a strengthening phase with a resistance area seen at 1.981 Euros, while the most immediate support can be glimpsed at 1.951,4. At an operational level, a continuation of the session under the banner of the bull is expected with resistance seen at 2.010,6.
Excellent Hermès sales in China
The Chief Financial Officer of Hermès, Eric du Halgouet, declared that the excellent performance of the fourth quarter of 2022 was also confirmed in the first months of 2023 in China, with solid and even slightly higher customer traffic. The company pointed out that sales during the Chinese New Year they have been very positive.
“The first quarter of 2023 is in line with the good results of 2022 and reflects the success of our collections worldwide, thanks to the loyalty of our customers. We are proud to strengthen our production capacities and consolidate our artisanal model,” he says Axel Dumas, executive chairman of Hermès.
Hermès bags are literally snapped up: theft in New York for over 240.000 dollars
Three men stole yesterday eight bags of the luxury brand Hermès with a total value of over 240 thousand dollars (just under 219 thousand euros) in New York. The coup was recorded in full by a surveillance camera: one of the thieves breaks through the window of a Park Avenue auction house with a hammer and quickly recovers the stolen goods. The New York police released the video to ask citizens for help in identifying the three perpetrators.
Hermès sales, particularly dynamic in all geographical areas and in all business lines, come in the aftermath of results exceeding market forecasts, announced by LVMH, the largest luxury group in the world, owner of brands such as Louis Vuitton, Dior and Tiffany.
