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Hermès expects half-year margin decline due to weak euro

French luxury brand Hermès has forecast that its first-half operating margin will dip slightly on last year because of the weaker euro.

However, it has retained its medium-term sales growth target of around 8% at constant exchange rates.

Revenue was up 9.7% to €1.2bn (£828m) in the second quarter thanks to sales of leather goods and growth in Japan.

The leather goods and saddler division grew 14.9% at constant exchange rates, while sales in Japan were up 26.5%.

Ready-to-wear and fashion accessories grew 6.4%.

@KirstyMcGregor

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