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Hermes lowers sales outlook

Hermes, the luxury group based in Paris, has warned investors of tough trading ahead, as the slowdown begins to make an impact on the luxury sector.

Hermes chief executive Patrick Thomas said that sales growth this year would be lower than expected.

The company said in a statement: "During October, retail activity continued to grow at a more moderate rate (+6%). Due to the present economic environment and the importance of year end sales, the group's annual sales growth at constant rates as at end of 2008 should be lower to the rate as at end of September, between 9% and 10%."

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