Hermès Quarterly Sales Hurt by Weaker Chinese Luxury Demand

Hermès’ sales at the start of the year were hurt by a slowdown in Chinese demand, showing that even the most resilient purveyor of high-end goods wasn’t spared the slump in the luxury industry there.

First-quarter sales in Asia Pacific excluding Japan rose 1.2% at constant exchange rates, Hermès International SCA said in a statement Thursday, below the 4% gain analysts had expected. Total sales in the period reached €4.1 billion ($4.7 billion), with the 7.2% growth falling slightly shy of analysts’ estimates. Shares, which slid as much as 4.2%, pared most of the losses to trade down 0.9% at 11:34 a.m. in Paris.