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Hermès second quarter sales rise 27%

French luxury goods group Hermès saw sales rise 27% to 567m (£482m) in its second quarter, with Europe performing 19.7% ahead of the same period last year with sales of 211.3m (£179.6m) for the three months to June 30.

Retail sales for the group rose 27.7% to 472.6m (£402.3m) while wholesale revenue rose 19.8 % to 71.3m (£60.7m).

Hermès said its ready-to-wear and fashion accessories division was a strong performer with a sales rise of 21% for the quarter, attributable primarily to the success of its accessories.

The leather goods division also performed well with a 31.5 % rise to 299.9m (£255.4m) boosted by the introduction of more small leather accessories and bags.

Hermès said the second quarter performance was beyond expectations and forecasted a sales growth target for the full year of between 10% to 12% at constant exchange rates.

The group said that operating margin was expected to improve at least by 100 basis points compared with 2009, depending on currency trends.

Hermès said in a statement that it will continue to invest in expanding its distribution network in 2010 and plans to open and renovate 20 stores.

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