Hermès International: Third Quarter 2024 Revenue

GlobeNewswire10-24

HERMÈS Quarterly information report as at the end of September 2024 Continued solid sales growth at the end of September(+14% at constant exchange rates and +11% at current exchange rates) Paris, 24 ...

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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHermès International: Third Quarter 2024 Revenue\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-24 14:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/herm-international-third-quarter-2024-060000756.html><strong>GlobeNewswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>HERMÈS\nQuarterly information report as at the end of September 2024\nContinued solid sales growth at the end of September(+14% at constant exchange rates and +11% at current exchange rates) \nParis, 24 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/herm-international-third-quarter-2024-060000756.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HESAF","symbol_name":"Hermes International SA","start_time":0,"source_url":"https://finance.yahoo.com/news/herm-international-third-quarter-2024-060000756.html","article_id":"2477524213","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/PETxdpkc5if89peGot8CBw--~B/aD01Mjt3PTg2O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/globenewswire.com/496fe1fb4dcd73a54e824797619167d8"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2477524213","pubTimestamp":1729749600,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Quarterly information report as at the end of September 2024. Continued solid sales growth at the end of September. The group’s consolidated revenue amounted to 11.2 billion at the end of September 2024, up 14% at constant exchange rates and 11% at current exchange rates compared to the same period in 2023.In the third quarter, sales continued to rise and reached 3.7 billion, up 11% at constant exchange rates and 10% at current exchange rates. All regions are growing, despite a particularly high comparison basis in Europe and Asia-Pacific.Axel Dumas, Executive Chairman of Hermès, said: “In a more uncertain economic and geopolitical context, I want to thank all employees for the robust third-quarter performance, and our customers for their loyalty. Thanks to the singularity of its model, Hermès is continuing its recruitments and long-term investments.”Sales by geographical area at the end of September. At the end of September 2024, all the geographical areas posted solid growth, and the","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"HESAF":"Hermes International SA","HESAY":"Hermes International SA"},"translate_title":"爱马仕国际：2024年第三季度收入","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HESAF":0.9,"HESAY":0.9},"content_text":"HERMÈS\nQuarterly information report as at the end of September 2024\nContinued solid sales growth at the end of September(+14% at constant exchange rates and +11% at current exchange rates) \nParis, 24 October 2024\nThe group’s consolidated revenue amounted to €11.2 billion at the end of September 2024, up 14% at constant exchange rates and 11% at current exchange rates compared to the same period in 2023.\nIn the third quarter, sales continued to rise and reached €3.7 billion, up 11% at constant exchange rates and 10% at current exchange rates. All regions are growing, despite a particularly high comparison basis in Europe and Asia-Pacific.\nAxel Dumas, Executive Chairman of Hermès, said: “In a more uncertain economic and geopolitical context, I want to thank all employees for the robust third-quarter performance, and our customers for their loyalty. Thanks to the singularity of its model, Hermès is continuing its recruitments and long-term investments.”\nSales by geographical area at the end of September(at constant exchange rates, unless otherwise indicated)\nAt the end of September 2024, all the geographical areas posted solid growth, and the exclusive distribution network continued its development.\nAsia excluding Japan (+7%) posted growth, supported by solid sales in Korea, Singapore, Australia and Thailand. The region is growing in the third quarter despite the downturn in traffic in Greater China observed since the end of the Chinese New Year, and a high base in the third quarter last year. The Shenzhen store in China reopened in October after renovation and expansion, following the Lee Gardens store reopening in Hong Kong in June. In August, the Collins Street store in Melbourne reopened after renovation.\nJapan (+23%), after an excellent third quarter, confirmed its strong growth thanks to the loyalty of its local clients. The new Ginza Mitsukoshi store was inaugurated in Tokyo in June, after the Azadubai Hills store in February.\nThe Americas (+13%) continued their solid momentum in the third quarter, with growth close to the previous two quarters. The new Princeton store in New Jersey opened in April and online sales continued their development with their extension to Mexico in September.\nEurope excluding France (+18%) achieved a remarkable performance, notably in the third quarter thanks to solid local demand and continued dynamics of tourist flows in all the countries of the region.\nFrance (+14%) after a sustained third quarter confirmed its momentum despite a slight slowdown in traffic in the Parisian stores due to the Olympic games. The Nantes store reopened in June after being renovated.\nSales by sector at the end of September(at constant exchange rates, unless otherwise indicated)\nAt the end of September 2024, all the métiers with the exception of the Watches métier, posted solid growth. \nThe Leather Goods and Saddlery métier (+17%) continued its solid growth. Demand remained sustained for both iconic models, which are constantly being reinvented, and for new models, such as the Constance Élan and Bolide à dos bags with a marked saddler spirit. Production capacity continued to increase, with the opening of the group’s twenty-third leather goods workshop in Riom, in the Puy-de-Dôme, in September. This new facility reinforces the company’s nine centres of expertise located across the national territory.\nThe Ready-to-wear and Accessories sector (+15%) confirmed its sustained momentum. The men’s spring-summer 2025 fashion show, held at the Palais d’Iéna in June, was very well received. The women’s spring-summer 2025 collection, was presented at the end of September at the Garde Républicaine. It is inspired by the workshop as a place of creation and offers a combination of soft leather and transparency.\nThe Silk and Textiles sector (+2%) grew in the third quarter, thanks to creations combining exceptional materials and savoir-faire.\nPerfume and Beauty (+7%) achieved a steady growth in the third quarter. In September, the house successfully launched the new women’s perfume, Barénia, imagined by Christine Nagel. This new fragrance bears the name of an heritage leather and is displayed in an object bottle inspired by the Collier de chien bracelet. Beauty enriched its offering with the second part of Le Regard, the Trait Hermès, composed of pencils for the eyes and the lips. \nIn a more challenging context, the Watches métier (-6%) was penalised by a high comparison base due to exclusive events in the third quarter last year. The Hermès H08 collection continues to be well received. \nThe Other Hermès sectors (+17%), which include Jewellery and the Home universe, pursued their strong growth, illustrating the singularity and creativity of the house. The eighth Haute Bijouterie collection, Les formes de la couleur, was presented in September in Beijing after Paris in June. \nA sustainable and responsible model\nTrue to its commitment to local anchoring and job creation, the house inaugurated the Riom leather goods workshop in September. This new site will ultimately host 250 artisans trained locally with the house’s exceptional know-how, following the installation in Riom since 2022, of the École Hermès des savoir-faire to pass on the expertise of the house’s artisan saddler-leather workers. The establishment of the leather goods workshop in the former Manufacture des Tabacs, a former industrial site registered as a historic site and fully rehabilitated, reflects the house’s approach of enhancing industrial heritage and minimizing the artificialisation of soils.\nThe sustainable and responsible dimension of the house’s craftsmanship model was rewarded in August by S&P, with an increase in its rating up 11 points to 65/100. The MSCI rating agency also confirmed the house’s AA rating in a context of increased regulatory constraints and transparency. These results demonstrate the commitments and values of the house.\nOther highlights\nAt the end of September 2024, currency fluctuations represented a negative impact of €242 million on revenue. \nDuring the first nine months, Hermès International redeemed 21,316 shares for €40 million, excluding transactions completed within the framework of the liquidity contract. Outlook\nIn a more complex economic and geopolitical context, the group continues its development with confidence, thanks to the highly integrated artisanal model, the balanced distribution network, the creativity of collections and the loyalty of clients. \nIn the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates. \nThanks to its unique business model, Hermès is pursing its long-term development strategy based on creativity, maintaining control over know-how and singular communication. \nIn the Spirit of the Faubourg is the theme of the year. This place, the fruit of Emile Hermès’ dream, is the beating heart of the house. It accompanies Hermès everywhere and inspires the effervescence and joyful spirit so dear to the house. \nThe press release on Revenue at the end of September 2024 is available on the group’s website: https://finance.hermes.com.\nUpcoming events:\n\n14 February 2025: 2024 full-year results publication\n17 April 2025: Q1 2025 revenue publication\n30 April 2025: General Meeting of shareholders \n\nRevenue by geographical area (a) \n\n\n\n   \n   \n At the end of September \n Evolution /2023 \n\n\n In €m \n   \n 2024 \n 2023 \n Published \n At constant exchange rates \n\n\n France \n   \n 1,045 \n 916 \n 14.2% \n 14.2% \n\n\n Europe (excl. France) \n   \n 1,554 \n 1,327 \n 17.1% \n 18.4% \n\n\n Total Europe \n   \n 2,600 \n 2,243 \n 15.9% \n 16.7% \n\n\n Japan \n   \n 1,053 \n 939 \n 12.1% \n 22.6% \n\n\n Asia-Pacific (excl. Japan) \n   \n 5,105 \n 4,872 \n 4.8% \n 7.0% \n\n\n Total Asia \n   \n 6,158 \n 5,811 \n 6.0% \n 9.5% \n\n\n Americas \n   \n 1,995 \n 1,785 \n 11.7% \n 12.8% \n\n\n Other (Middle East) \n   \n 456 \n 223 \n 104.4% \n 104.8% \n\n\n TOTAL \n   \n 11,208 \n 10,063 \n 11.4% \n 13.8% \n\n\n\n\n\n\n   \n   \n 3rd quarter \n Evolution /2023 \n\n\n In €m \n   \n 2024 \n 2023 \n Published \n At constant exchange rates \n\n\n France \n   \n 365 \n 323 \n 13.1% \n 13.1% \n\n\n Europe (excl. France) \n   \n 584 \n 492 \n 18.8% \n 20.3% \n\n\n Total Europe \n   \n 949 \n 814 \n 16.5% \n 17.4% \n\n\n Japan \n   \n 360 \n 304 \n 18.5% \n 22.8% \n\n\n Asia-Pacific (excl. Japan) \n   \n 1,584 \n 1,575 \n 0.6% \n 1.0% \n\n\n Total Asia \n   \n 1,944 \n 1,879 \n 3.5% \n 4.6% \n\n\n Americas \n   \n 666 \n 600 \n 11.0% \n 13.4% \n\n\n Other (Middle East) \n   \n 145 \n 72 \n 102.2% \n 104.4% \n\n\n TOTAL \n   \n 3,704 \n 3,365 \n 10.1% \n 11.3% \n\n\n\n(a)   Sales by destination.\nRevenue by sector\n\n\n\n   \n   \n At the end of September \n Evolution /2023 \n\n\n In €m \n   \n 2024 \n 2023 \n Published \n At constant exchange rates \n\n\n Leather Goods and Saddlery (1) \n   \n 4,789 \n 4,176 \n 14.7% \n 17.3% \n\n\n Ready-to-wear and Accessories (2) \n   \n 3,296 \n 2,934 \n 12.3% \n 14.8% \n\n\n Silk and Textiles \n   \n 646 \n 648 \n (0.2%) \n 2.2% \n\n\n Other Hermès sectors (3) \n   \n 1,421 \n 1,239 \n 14.7% \n 17.0% \n\n\n Perfume and Beauty \n   \n 388 \n 367 \n 5.9% \n 6.8% \n\n\n Watches \n   \n 434 \n 473 \n (8.2%) \n (6.2%) \n\n\n Other products (4) \n   \n 233 \n 226 \n 3.3% \n 4.6% \n\n\n TOTAL \n   \n 11,208 \n 10,063 \n 11.4% \n 13.8% \n\n\n\n\n\n\n   \n   \n 3rd quarter \n Evolution /2023 \n\n\n In €m \n   \n 2024 \n 2023 \n Published \n At constant exchange rates \n\n\n Leather Goods and Saddlery (1) \n   \n 1,573 \n 1,396 \n 12.7% \n 14.0% \n\n\n Ready-to-wear and Accessories (2) \n   \n 1,134 \n 1,012 \n 12.1% \n 13.5% \n\n\n Silk and Textiles \n   \n 210 \n 204 \n 3.0% \n 4.0% \n\n\n Other Hermès sectors (3) \n   \n 455 \n 403 \n 12.7% \n 13.6% \n\n\n Perfume and Beauty \n   \n 129 \n 117 \n 10.2% \n 10.6% \n\n\n Watches \n   \n 126 \n 155 \n (18.9%) \n (18.2%) \n\n\n Other products (4) \n   \n 76 \n 76 \n (0.0%) \n 0.6% \n\n\n TOTAL \n   \n 3,704 \n 3,365 \n 10.1% \n 11.3% \n\n\n\n(1) The “Leather Goods and Saddlery” business line includes women’s and men’s bags, travel items, small leather goods and accessories, saddles, bridles and all equestrian objects and clothing.(2) The “Ready-to-wear and Accessories” business line includes Hermès Ready-to-wear for men and women, belts, costume jewellery, gloves, hats and shoes.(3) The “Other Hermès business lines” include Jewellery and Hermès home products (Art of Living and Hermès Tableware).(4) The “Other products” include the production activities carried out on behalf of non-group brands (textile printing, tanning…), as well as John Lobb, Saint-Louis and Puiforcat.\nREMINDER – FIRST HALF 2024 KEY FIGURES\n\n\n\n In millions of euros \n H1 2024 \n 2023 \n H1 2023 \n\n\n   \n   \n   \n   \n\n\n Revenue \n 7,504 \n 13,427 \n 6,698 \n\n\n Growth at current exchange rates vs. n-1 \n 12.0% \n 15.7% \n 22.3% \n\n\n Growth at constant exchange rates vs. n-1 (1) \n 15.1% \n 20.6% \n 25.2% \n\n\n   \n   \n   \n   \n\n\n Recurring operating income (2) \n 3,148 \n 5,650 \n 2,947 \n\n\n As a % of revenue \n 42.0% \n 42.1% \n 44.0% \n\n\n   \n   \n   \n   \n\n\n Operating income \n 3,148 \n 5,650 \n 2,947 \n\n\n As a % of revenue \n 42.0% \n 42.1% \n 44.0% \n\n\n   \n   \n   \n   \n\n\n Net profit – Group share \n 2,368 \n 4,311 \n 2,226 \n\n\n As a % of revenue \n 31.6% \n 32.1% \n 33.2% \n\n\n   \n   \n   \n   \n\n\n Operating cash flows \n 2,829 \n 5,123 \n 2,615 \n\n\n   \n   \n   \n   \n\n\n Operating investments \n 319 \n 859 \n 249 \n\n\n   \n   \n   \n   \n\n\n Adjusted free cash flows (3) \n 1,776 \n 3,192 \n 1,720 \n\n\n   \n   \n   \n   \n\n\n Equity – Group share \n 15,052 \n 15,201 \n 13,249 \n\n\n   \n   \n   \n   \n\n\n Net cash position (4) \n 9,477 \n 10,625 \n 9,326 \n\n\n   \n   \n   \n   \n\n\n Restated net cash position (5) \n 10,033 \n 11,164 \n 9,848 \n\n\n   \n   \n   \n   \n\n\n Workforce (number of employees) (6) \n 23,242 \n 22,037 \n 20,607 \n\n\n\n(1)   Growth at constant exchange rates is calculated by applying, for each currency, the average exchange rates of the previous period to the revenue for the period. \n(2)   Recurring operating income is one of the main performance indicators monitored by Group Management. It corresponds to operating income excluding non‑recurring items having a significant impact that may affect understanding of the Group’s economic performance. \n(3)   Adjusted free cash flows are the sum of cash flows related to operating activities, less operating investments and the repayment of lease liabilities recognised in accordance with IFRS 16 (aggregates in the consolidated statement of cash flows).\n(4)           Net cash position includes cash and cash equivalents presented under balance sheet assets, less bank overdrafts which appear under short‑term borrowings and financial liabilities on the liabilities side. Net cash position does not include lease liabilities recognised in accordance with IFRS 16.\n(5)           The restated net cash position corresponds to net cash plus cash investments that do not meet the IFRS criteria for cash equivalents due in particular to their original maturity of more than three months, less borrowings and financial liabilities.\n(6)   The headcount relates to employees on permanent contracts and those on fixed-term contracts lasting more than 9 months.\n Attachment \n\n hermes_20241024_q3revenue_en","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2477524213"}