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Sales of Birkin and Kelly bags, silk scarves and perfume grew by 6% in currency-adjusted terms.
Hermes' first-quarter sales grew by only 6%, missing the 7.1% analyst consensus.
KEY POINTS
- Currency fluctuations reduced Hermes' reported revenue by 290 million euros year-over-year.
- Sales in the Middle East fell 6% to 160 million euros, reversing last year's rapid growth.
- Sales in UAE luxury malls plummeted 40% in March due to geopolitical events.
- Weak tourist flows also negatively impacted Hermes' sales in France, the UK, Italy, and Switzerland.
COMPANIES
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