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French luxury group Hermes has reported weaker-than-expected first-quarter sales.
Hermes' first-quarter sales growth missed expectations, rising 5.6% versus a 7.1% consensus.
KEY POINTS
- Middle East sales dropped 6%, with a sharp 40% decline in Dubai mall sales in March.
- Tourist declines significantly reduced Hermes' airport and European sales, especially from Gulf shoppers.
- Hermes Asia sales rose only 3.5%, with air travel disruption affecting countries like Singapore and Thailand.
- Currency fluctuations caused a 290 million euro revenue loss, making reported sales fall by 1%.
COMPANIES
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