business / news / / The Sunday Times
Hermes shares dropped as much as 14 per cent, while those in Gucci owner Kering dropped 9 per cent.
Hermes' first-quarter revenue missed expectations at €4.07 billion versus €4.16 billion forecasted.
KEY POINTS
- Sales in Dubai and Gulf shopping hubs dropped by 40% in March for Hermes.
- Middle East regional sales for Hermes fell 6% to €160 million, down from €185 million last year.
- Kering's retail revenue in the Middle East slid 11% after initial growth earlier in the quarter.
- Hermes' finance chief noted the profit impact is minimal unless the slump persists beyond two months.
COMPANIES
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