PARIS – Hermes International blamed early spring/summer deliveries for a slowdown in second-quarter sales, but said it is on track to reach its top-line target of 7 to 7.5 percent growth for the full year.
Sales in the three months ended June 30 rose 4.5 percent to 339 million euros, or $425.8 million, led by strong gains in perfumes, small leather goods and jewelry. At current exchange rates, the increase stood at 5.8 percent, versus 8.8 percent in the first quarter.
“We are totally in line with our expectations,” said Mireille Maury, managing director of finance and administration at Hermès, who highlighted a slight acceleration of sales in the second quarter in the company’s own retail network, which logged a 9 percent increase. She also noted the trend in Hermes’ boutiques remained positive in July.
For complete coverage, see tomorrow’s issue of WWD.