Hermès International : Hermès International : 1st quarter 2013 sales
Firstquarter financial report (three months ended 31 March 2013)
Robust sales growth in the first quarter
+12.8% at constant exchange rates and +10.3% at current exchange rates
Paris, 22 April 2013
Revenues for the three months ended 31 March 2013 came to €856.8 million, a
rise of 12.8% at constant exchange rates. Including the negative currency
impact, growth was 10.3%.
Sales through the Group's own stores continued to expand briskly (+13.6% at
constant exchange rates), driven by the success of the latest collections.
Revenues from wholesale channels also delivered satisfactory growth (+9.9% at
constant exchange rates).
First-quarter sales by region and sector
(at constant exchange rates, unless otherwise indicated)
In the first quarter, growth was dynamic in all geographic regions :
*Non-Japan Asia (+17%, driven by China, Macau and Taiwan) and Japan (+7%),
where environment seems to become more positive,
*Americas, which continues to expand (+11%),
*Europe (+12%), despite a very high basis of comparison and a dull economic
Everywhere demand for Hermès collections remains strong, favoured by a growing
requirement for quality, personality and timelessness of objects and clothes.
Leather Goods and Saddlery registered an increase of 7%. With the build-up of
the two workshops opened in 2012, the sector's production capacity will
increase steadily over 2013.
The remarkable performance in sales of Ready-to-wear and Accessories (+18%)
reflects the dynamic performance of the latter and of the ready-to-wear
In Silk & Textiles, growth was 15%, fuelled by the highly successful new
collections and the reinforcement of investments in production capacity.
Perfume sales expanded by 18%. Lines were enhanced by Jour d'Hermès, the new
fragrance for women, which was greeted with very promising enthusiasm.
Watches (-5%) were adversely affected by a slowdown in the Chinese market in
the beginning of the year and by the very high basis of comparison in the
previous year (+27%).
Other Hermès sectors (Jewellery and Art of Living) continued to deliver
exceptional growth (+49%).
Significant events during the first quarter
As of end of March, currency fluctuations were unfavourable and had produced a
negative impact of €19 million on revenue.
Hermès International did not buy back any of its own shares during the first
quarter of 2013, other than shares traded under the liquidity contract.
Outlook for 2013
Hermès will continue to follow its strategy based on creativity, maintaining
control over its know-how, expanding its distribution network, strengthening
its production capacity and safeguarding its sources of supply.
With its new theme of the year "A sporting life!", Hermès is resolutely
focusing on energy and optimism in 2013. Since its origins, the House has been
tapping the sports universe to feed its passion for movement, casual elegance
and excellence. For Hermès, sport rises above obsession with performance; it
is spirit, style and pleasure above all, and its spark ignites our collections
as never before.
Information by region (1)
1st quarter Change
In millions of euros 2013 2012 Reported At constant exchange rates
France 137.9 123.6 11.6% 11.6%
Europe (excl. France) 168.2 150.6 11.7% 12.4%
Total Europe 306.1 274.2 11.6% 12.0%
Japan 110.3 119.9 (8.0)% 7.0%
Asia Pacific (excl. Japan) 292.0 248.1 17.7% 17.4%
Total Asia 402.3 368.0 9.3% 14.0%
Americas 133.0 120.6 10.3% 11.1%
Other 15.4 14.1 9.3% 9.4%
TOTAL 856.8 776.9 10.3% 12.8%
(1) Sales by destination.
Information by sector
1st quarter Change
At constant exchange
In millions of euros 2013 2012 Reported rates
Leather Goods & Saddlery (1) 372.5 358.4 3.9% 7.3%
Ready-to-wear & Fashion Accessories 187.8 161.5 16.3% 18.2%
Silk & Textiles 105.0 92.7 13.4% 15.3%
Other Hermès Sectors (3) 46.6 31.7 46.8% 48.9%
Perfumes 57.8 49.1 17.6% 17.9%
Watches 34.5 37.1 (7.1)% (5.3)%
Tableware 13.5 14.0 (3.4)% (1.9)%
Other products (4) 39.1 32.4 20.7% 22.5%
TOTAL 856.8 776.9 10.3% 12.8%
(1) Leather Goods & Saddlery includes bags and luggage, saddlery and riding
gear, diaries and small leather goods.
(2) Ready to Wear & Fashion Accessories includes men's and women's clothing,
belts, jewellery accessories, gloves, hats and Hermès shoes.
(3) Other Hermès Sectors include Jewellery and Art of Living products.
(4) "Miscellaneous" products include John Lobb shoes and products manufactured
for brands outside the Group (textile printing, perfumes, tanning etc.).
Rapport d'informations trimestrielles mars 2013_GB
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Source: Hermès International via Thomson Reuters ONE
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