The French luxury group Hermès announced a decline in net profit by five percent in the first half of the year to 2.19 billion euros on Wednesday. The reason for this was the special tax for companies. Nevertheless, sales rose by 7.1 percent to eight billion euros.
Adjusted to the special tax, “the group’s net profit increases to 2.5 billion euros; this corresponds to an increase of six percent compared to the first half of 2024,” said the press release. Managing Director Axel Dumas welcomed the “solid results of the first half of the year in all regions”. He announced that it “continues to invest and employ employees: to continue the success of the house”.
Sales in the America region rose by 9.5 percent to 1.45 billion euros. This “in a more volatile context, supported by double -digit growth in the USA”.
In a conversation with the press, Dumas said to the new tariffs of 15 percent exported to the USA on Sunday that he “waited for the exact rules of the game”. “The recent announcements have to be specified,” he said, emphasizing that the sentences were 4.7 percent at the beginning of the year, to which a further ten percent were added in April. “If the 15 percent are the ten percent plus the existing five percent, there is no reason to increase prices,” he said. After the tariffs of ten percent imposed in April, the group increased its prices in the United States by five percent. “There is another equally important topic, namely the decline in the US dollar,” added Dumas. “The US dollar has fallen very much; this has just as much influence if not more than the tariffs,” said Dumas.
In the Asia region without Japan, the group’s turnover rose by 1.5 percent to 3.57 billion euros. “I currently see no fundamental change in the sales atmosphere in China, which is still positive for us,” emphasized Dumas. In Japan, sales rose by 17.6 percent to 815 million euros. In Europe without France, sales rose by twelve percent and exceeded the billion-euro border, while sales in France rose by 8.7 percent to 740 million euros.
The core business of the group, leather goods and saddlery, recorded a increase in sales from 11.3 percent to 3.58 billion euros. Turnover with clothing and accessories rose by 4.3 percent to 2.25 billion euros. Sales with perfumes and cosmetic products decreased by 4.1 percent to 248 million euros, and sales with watches fell by 8.9 percent to 281 million euros.
This article was used with digital tools translated.
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