HERMES 1994 NET GROWS 38.5% ON 20.2% CONSOLIDATED SALES RISE
PARIS--Hermes International said net profits in 1994 increased 38.5 percent to $60.5 million (291 million francs) at current exchange, as consolidated sales rose 20.2 percent to $711 million (3.42 billion francs). The figures are in line with a preliminary report issued in March. Excluding new stores and figured at constant exchange rates, sales in 1994 would have risen 16.4 percent. For 1995, Hermes expects that sales will continue to grow but at a more moderate rate compared to last year's increase. The main business activities of silk and leather goods, watches and ready-to-wear will continue to see sales growth. Perfume sales, which have been sluggish, are expected to get a boost from the new 24 Faubourg fragrance, which begins its European rollout this month. The company also has plans to renovate and/or expand some existing stores and will therefore maintain last year's level of investment, which was about 6 percent of sales.
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