Hermes International 1st Half Net Profit, Revenue Dropped Amid Pandemic
30 Julho 2020 - 3:47AM
Dow Jones News
By Mauro Orru
Hermes International SCA said Thursday that net profit and
revenue fell in the first half of the year as many of its stores
were forced to close and production sites ground to a halt due to
the coronavirus pandemic.
The French luxury-goods company, best known for its leather
bags, said net profit fell to 335 million euros ($395 million) from
EUR754 million in the first half of 2019.
Recurring operating income--which excludes some non-recurring
items--dropped to EUR535 million from EUR1.14 billion.
Revenue for the period fell to EUR2.49 billion from EUR3.28
billion.
Hermes said it's difficult to assess the impact of the pandemic
on the full year, but that it hopes to achieve revenue growth at
constant exchange rates in the medium term.
"This unprecedented crisis, which began at the start of the year
and is still ongoing, allows us to test our business model's
strength," said Executive Chairman Axel Dumas.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 30, 2020 02:32 ET (06:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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