(Reuters) – Hermès on Friday reported a 23% increase in its turnover at constant exchange rates in the first quarter, citing particularly dynamic activity in all geographies and in all businesses.
The turnover of the French luxury group reached 3.38 billion euros in the first three months of the year. HSBC analysts on average expected in a note sales growth of 17.5% year-on-year for the period.
In Asia excluding Japan, sales rose 23%, driven by a very good Chinese New Year, Hermès said in a statement. They posted growth of 23.9% in Europe, with the increase in tourist flows.
The group also confirms its medium-term outlook, namely an “ambitious objective of increasing turnover at constant exchange rates”, despite the economic, geopolitical and monetary uncertainties in the world.
Rival LVMH, Europe’s largest market cap, which kicked off the luxury sector earnings ball on Wednesday, posted sales growth more than twice analysts’ expectations in the first quarter, driven particularly by the rebound in China. .
(Written by Kate Entringer, edited by Matthieu Protard)
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