Hermès International recorded a 27 percent jump in first-quarter revenue at constant exchange rates, citing strong performances in Europe and the Americas.
The leather goods and saddlery division posted a 15.8 percent rise at constant exchange rates over the first three months of the year, beating analysts’ expectations. Growth was based on the increase in production capacity and sustained demand.
At constant rates, Hermès reported 44.2 percent growth in the Americas, marking the reacceleration of business in the region. In Europe, sales climbed 42.2 percent due to a favorable comparison to early 2021 where results had been penalized by store closures due to an uptick in COVID-19 cases, and despite the war in Ukraine.
The company has continued to reinforce its leather-goods production capabilities, with the planned construction of a new site this year in Louviers in France, and an additional four in the next five years. It is forecasting a 6 percent to 7 percent increase in production capacity in 2022 at its 52 sites in France.LVMH reported on Tuesday a 29 percent rise in sales in organic terms over the first quarter, with the U.S.
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