PARIS — Hermes International scored a 19 percent increase in net profit in 1993, powered by a strong performance in the final quarter.
Net profit rose to $36.8 million (210 million francs) at current exchange rates, and consolidated sales gained 16 percent, to $499.2 million (2.85 billion francs).
In 1992, profits came to 176 million francs on sales of 2.46 billion francs.
The jumps in profits and sales were considerably above the house’s earlier forecasts. Last May, just before Hermes went public on the Paris Bourse, the company told analysts that 1993 profits would rise 7 percent, while sales would gain 6 percent.
In January, Hermes International managing director Patrick Thomas hiked the profit forecast to a 13 percent rise, saying, “The last three months were much better than we expected.”
Operating profit for the year, the firm noted, advanced 19 percent, to $71.1 million (406 million francs).
“The good performances achieved in the beginning of this year allow us to predict a new increase in our sales and net profits in 1994,” Hermes said in releasing the 1993 results.
The luxury goods firm will propose an annual dividend of 72 cents (4.1 francs), up 10.8 percent against last year.