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Hermès posts strong first quarter

French luxury goods group Hermès saw its European sales rise 15.2% to €186m (£158.3m) in the three months to March 31 following a strong performance in its retail stores.

Hermès reported global sales for the period up 18.5% - or 20.2% at constant currency exchange rates - to €507.7m (£432.1m). Retail sales rose 26% at constant currency rates, while wholesale sales grew at a slower rate of 4% on a constant currency basis during the quarter.

Hermès reported sales increases across all geographical regions and all sectors of the business.

The ready-to wear and fashion accessories division was a strong performer, with sales up 19% at constant currency, driven by a growth in popularity of accessories over the period.

Sales across the leather goods and saddlery division shot up 23% following strong sales of leather bags, while silk and textiles sales rose 17% with new women’s silk collections particularly well received. Watches were the standout performer, with sales up 39%.

Following a strong first quarter Hermès is confident about the full year and will continue to expand by sourcing additional wholesale partners. It will also open or renovate 20 stores this year.


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