Hermes raised its full-year revenue forecast on Tuesday as growing demand for its silk scarves, fashion accessories
Hermes handbags and leather bags showed no sign of slowing despite a foggy economic outlook.
The luxury group now expects consolidated revenue growth at constant
exchange rates of 12-14 percent in 2011, up from a previous range of
8-10 percent, after exactly what it described as a "better-than-expected
performance" in the second quarter.
Hermes shares have soared in the last three months on brewing
speculation of a possible takeover by 20-percent stakeholder LVMH as the
stock's free float slowly dries up. LVMH has said it has no intention
to make a bid.
Hermes' stock has gained nearly 50 % since mid-April, while the broad
French market has suffered a correction over the same period.
Hermes Birkin bag 25 Braise/Bright red Niloticus crocodile skin Silver hardware
"Growth was driven through the United States and China, with solid
momentum across all geographic regions besides Japan, where revenues
remained stable in spite of the catastrophic events in March," Hermes
said in a statement.
Hermes can be due to report first-half earnings on Aug.31. Hermes said
its underlying full-year operating margin could be close to last year's
level.
Hermes shares trade at 42 times expected earnings for 2012, by far the
highest price-to-earnings ratio in the pricey luxury sector.
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