30 Aug '13, 7am

Hermes sees strong rise in first-half profit: Maker of Birkin and Kelly bags said strong demand for its leathe...

Hermes sees strong rise in first-half profit: Maker of Birkin and Kelly bags said strong demand for its leathe...

French luxury group Hermes has posted a forecast-beating 14% rise in first-half operating profit, thanks to strong demand for its leather and silk accessories. The maker of €6,000-30,000 Birkin and Kelly bags said operating profit was €584.1m (£498m), giving the group a margin of 33.1%. According to Thomson Reuters, Hermes was expected to post a profit of €570m. Hermes also confirmed that its 2013 recurring operating margin could be close to the record reached in 2012 of 32.1%. Last month, Hermes reported a forecast-beating 16% rise in second-quarter sales at constant exchange rates, marking an improvement from a 12.8% rise in the first quarter. At that time, it said it was getting closer to reaching last year's record operating margin level, having previously predicted a fall. It also forecast that full-year sales growth would slightly exceed its mid-term growth target of...

Full article: http://www.theguardian.com/business/2013/aug/30/hermes-se...

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