HERMES PROFITS UP 38.8 PERCENT IN ’95
PARIS — Hermes International said net profits in 1995 rose 38.8 percent to $79.9 million (404 million francs) at current exchange.
Operating profits for the luxury goods group rose 20.2 percent to $135.4 million (685 million francs).
As reported, consolidated sales rose 11.6 percent to $757.1 million (3.83 billion francs). The firm predicted sales will grow this year but at a lower rate than last year. Patrick Thomas, managing director, said that the rate will be below 10 percent, noting sales gains in silk products, such as scarves and ties, will slow. Growth will be strongest in watches, leather goods and women’s and men’s apparel, the company said.
All lines enjoyed sales growth in 1995. Sales of watches and perfumes rose 36 percent and 28 percent respectively. Ready-to-wear sales gained 20 percent last year and leather products grew 13 percent, while silk products advanced only 2 percent.