Hermes Records Slowest Growth in Years During Q1; Peers on Watch (COH) (RL)
Tweet
Share
E-mail
Get Alerts COH Hot Sheet
Join SI Premium – FREE
Coach (NYSE: COH), Ralph Lauren (NYSE: RL), Nordstrom (NYSE: JWN), Tiffany (NYSE: TIF), Signet (NYSE: SIG) and others are on watch Monday following quarterly data out of peer Hermes International (OTCBB: HESAF) earlier.
Revs rose 10 percent -- or 13 percent excluding foreign exchange -- to €856.8 million, versus consensus views looking for €854 million. Clothing a fashion accessory sales improved 18 percent, perfume was up 18 percent, and silk and textiles sales rose 15 percent. Tableware sales slipped 1.9 percent.
Data follows results reported last week from French luxury-goods giant LVMH, with revenue improving just 6 percent, with its fashion and leather goods segment seeing just 0.4 percent in increased sales. LVMH holds a 22.3 percent stake in Hermes.
Hermes noted weakness in China as one of the key factors behind the slowing. Leather-goods, which is Hermes largest revenue group, saw 7.3 percent of growth, down about half over the same period last year.
Overall growth was the slowest recorded since 2009.
Revs rose 10 percent -- or 13 percent excluding foreign exchange -- to €856.8 million, versus consensus views looking for €854 million. Clothing a fashion accessory sales improved 18 percent, perfume was up 18 percent, and silk and textiles sales rose 15 percent. Tableware sales slipped 1.9 percent.
Data follows results reported last week from French luxury-goods giant LVMH, with revenue improving just 6 percent, with its fashion and leather goods segment seeing just 0.4 percent in increased sales. LVMH holds a 22.3 percent stake in Hermes.
Hermes noted weakness in China as one of the key factors behind the slowing. Leather-goods, which is Hermes largest revenue group, saw 7.3 percent of growth, down about half over the same period last year.
Overall growth was the slowest recorded since 2009.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tesla to launch Cybercab in Austin this month - report
- Fabrinet (FN) Tops Q4 EPS by 29c, Beats on Revenue; Offers Guidance
- Kushner: conversations between U.S. and different areas of Iran govt are more robust than it has every been
Create E-mail Alert Related Categories
Earnings, Insiders' Blog, Retail Sales, Trader TalkRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
