Half-year operating profit jumped 52% Hermes
August 31, 2010
Hermes International, which saw operating profit climb 52% in the first half thanks to strong sales of its leather and leather goods division, has revised marginally upwards its annual objectives.
After a leap in its first half sales (+20% at constant exchange rates), the luxury goods group announced in an announcement, an operating profit of 304.5 million euros, a figure higher than estimates of Analysts generally being around 270 million euros.
The operating margin for its 28.3% of sales, against 22.8% a year earlier.
For the full year, Hermes says anticipate sales growth "of around 12%" in constant currencies and operating margin increased to "at least one point.
In July, he had said it expected an annual sales increase of between 10% and 12% and a one point increase in operating margin.
The group's net profit were up by 55.2% to 194.6 million euros.
In exchange, the title Hermes, whose levels were already regarded as a deterrent by many analysts, has literally flown since the publication of its first half sales July 20, reaching a high of 150 euros on 26 August.
Despite the strength of the "model" of Hermes, is a product mix highly profitable dominated by the famous leather bags, analysts believe that the evolution of Title defies logic.
The value, which rose 40% over the last three months while the luxury goods sector took 11%, trades on the valuation levels of 36 times estimated results for 2011, well above the 17 times that the industry average.
To explain the outbreak of the title, analysts and traders refer indiscriminately revision of consensus consecutive turnover, a renewed wave of speculation about a change in the capital although the family shareholders who control 72% Periodically reaffirm their commitment to society, and redemptions of short positions on a title illiquid.
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