Adds feedback from govt
MILAN, April 22 (Reuters) – Gross sales at Birkin bag maker Hermes HRMS.PA soared 44% within the first quarter, powered by robust development in Asia, the place revenues almost doubled from a 12 months earlier as COVID-19 restrictions eased and retailers reopened.
The French luxurious group, which has weathered the coronavirus pandemic higher than rivals, mentioned revenues at fixed alternate charges got here in at 2.08 billion euros ($2.50 billion) within the three months to March, beating analyst expectations for a 24% improve.
Gross sales in Asia excluding Japan surged 94% over the interval, with development in China particularly important. That, coupled with a rebound in the USA the place gross sales grew by 24% helped the group greater than offset a decline in gross sales in Europe attributable to a brand new spherical of coronavirus lockdowns.
Eric du Halgouët, Government Vice President for Finance on the group, informed reporters the gross sales development within the quarter was not pushed by a giant improve in costs, because the group had nudged costs up by simply 1.4% up to now this 12 months.
He mentioned on-line gross sales had elevated by 100% or extra in all areas, and would doubtless quickly exceed 1 billion euros.
The group’s robust first quarter – with gross sales up 33% from their 2019 ranges – provides to indicators of a comeback for the luxurious items sector, with rivals LVMH LVMH.PA and KeringPRTP.PAadditionally reporting a surge in revenues.
Nevertheless du Halgouët mentioned it was too early to foretell that the business would put the coronavirus disaster squarely behind it this 12 months, pointing to recent issues a few doable resurgence of the virus in Japan.
($1 = 0.8309 euros)
(Reporting by Silvia Aloisi; enhancing by Agnieszka Flak)
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