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French luxury group Hermes announced disappointing first-quarter sales.
Hermes' first-quarter sales rose 5.6%, below the expected 7.1% analyst forecast.
KEY POINTS
- Sales in the Middle East, previously Hermes' fastest-growing region, declined by 6%.
- Decreased tourist arrivals in Paris, London, and Dubai have directly hindered luxury sales growth.
- The U.S. market was a notable outlier, with Hermes sales rising by 17.2% despite currency headwinds.
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