HERMES SEES 38% GAIN IN NET FOR ’94
PARIS — Hermes International said in a preliminary report that 1994 profits will probably rise 38 percent to $57.3 million (290 million francs) at current exchange on a 20.2 percent gain in consolidated sales to $671.9 million (3.4 billion francs).
Excluding 1994 store openings and at constant exchange rates, sales would have risen 16.4 percent, the firm said. The company pointed out that administrative and sales costs rose 17 percent last year, due to an increased advertising budget and expenses for to store openings. Gross margin rose 2 percent, the company said.
Charges, the firm noted, include depreciation of $7 million (35 million francs) and good will for the remaining 50 percent stake it acquired in Alienor Investissments, which owns the majority of Saint Louis crystal and Puiforcat silver companies here.
Complete 1994 results will be made public at the end of this month, the company said.