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| Hermes sees strong rise in first-half profit | Hermes sees strong rise in first-half profit |
| (21 days later) | |
| French luxury group Hermes has posted a forecast-beating 14% rise in first-half operating profit, thanks to strong demand for its leather and silk accessories. | French luxury group Hermes has posted a forecast-beating 14% rise in first-half operating profit, thanks to strong demand for its leather and silk accessories. |
| The maker of €6,000-30,000 Birkin and Kelly bags said operating profit was €584.1m (£498m), giving the group a margin of 33.1%. | The maker of €6,000-30,000 Birkin and Kelly bags said operating profit was €584.1m (£498m), giving the group a margin of 33.1%. |
| According to Thomson Reuters, Hermes was expected to post a profit of €570m. | According to Thomson Reuters, Hermes was expected to post a profit of €570m. |
| Hermes also confirmed that its 2013 recurring operating margin could be close to the record reached in 2012 of 32.1%. | Hermes also confirmed that its 2013 recurring operating margin could be close to the record reached in 2012 of 32.1%. |
| Last month, Hermes reported a forecast-beating 16% rise in second-quarter sales at constant exchange rates, marking an improvement from a 12.8% rise in the first quarter. | Last month, Hermes reported a forecast-beating 16% rise in second-quarter sales at constant exchange rates, marking an improvement from a 12.8% rise in the first quarter. |
| At that time, it said it was getting closer to reaching last year's record operating margin level, having previously predicted a fall. | At that time, it said it was getting closer to reaching last year's record operating margin level, having previously predicted a fall. |
| It also forecast that full-year sales growth would slightly exceed its mid-term growth target of 10% and recurring operating income would increase slightly faster than revenue. | It also forecast that full-year sales growth would slightly exceed its mid-term growth target of 10% and recurring operating income would increase slightly faster than revenue. |
| Hermes reiterated the sales forecast on Friday, adding that net cash stood at €596m at the end of June. | Hermes reiterated the sales forecast on Friday, adding that net cash stood at €596m at the end of June. |
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