Hermes shares reach record after publication of annual reports
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The French fashion house Hermes International SA published results of its activities for the fourth quarter and the whole of 2023. In the fourth quarter, the company’s revenue was €3.4 billion, up 17.5% from a year earlier.
Interviewed Reuters Visible Alpha analysts expected more modest revenue growth of 14%. Annual revenue reached €13.4 billion, which is 20.6% more than a year earlier. Hermes management expressed confidence that the situation this year will also be favorable for it, and announced an increase in prices for its products by 8–9%.
After the publication of Hermes’s reports, its quotes increased by 4.5%, reaching €2,166 – the highest value for all time. Analysts also praised Hermes’ results, which were better than many of its competitors. At the end of January, French luxury goods manufacturer LVMH Moet Hennessy Louis Vuitton reported reported annual revenue growth of 13%, and in early February, Kering, which owns fashion brands such as Gucci, Balenciaga and Yves Saint Laurent, reported that its annual revenue decreased by 4%. “Hermes plays completely differently,” analysts at the American bank JPMorgan believe. “Today Hermes demonstrated what it means to show results that actually exceed expectations.”
Read about how profitable it is to invest in branded accessories in the Kommersant FM article. “The investments were put in a bag”.
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