HERMES
2012: another year of exceptional sales growth (+22.6%)
Paris, 12 February 2013
In 2012, the Hermès group reported revenue of €3,484.1m, a rise of 22.6% at current exchange rates and of 16.4% at constant exchange rates.
Sales exceeded the target for the year, driven by persistently robust momentum in the fourth quarter (+18.5% at constant exchange rates).
Sales by sector and region
(at constant exchange rates, unless otherwise indicated)
Sales generated by the group's own stores advanced by 23% at current exchange rates and by 16% at constant exchange rates. In 2012 Hermès opened two new branches and renovated or enlarged twelve others.
Sales expanded across all regions
Sales were stimulated by non-Japan Asia (+25%). The network added two new branches in Taiwan and China and six other stores were renovated or expanded. Japan (+7%) also contributed to this performance after a relatively stable year in 2011.
Growth was impressive in Europe at 15%, with a positive contribution from nearly all countries, and in the Americas (+14%), which is benefiting from the gradual extension of its network.
Lastly, sales to travellers continued to trend up sharply throughout the world.
All sectors delivered a handsome performance, underpinned by their multi-faceted know-how and ambitious designs.
In response to persistently strong demand, in 2012, Leather Goods and Saddlery (+12%) opened two new workshops in France, in Charente and Isère.
The Ready-to-wear and Accessories division (+22%) benefited from the dynamism of the latter and from its inspired ready-to-wear collections.
In Silk and Textiles (+16%), growth was fed by new formats and by the use of new colours and materials.
For Perfumes (+14%), 2012 was a very good year. Terre d'Hermès joined the ranks of the great classics and two lines were enhanced by new launches, Voyage d'Hermès Parfum and L'Ambre des Merveilles.
In Watches (+17%), sales growth continued to run high in 2012, evidencing the house's ability to win over Haute Horlogerie clients.
Other Hermès sectors (+45%) registered an exceptional surge. Hermès jewellery was driven by the success of its creations and the presentation of its second Haute Bijouterie collection. The Art of Living sector continued to broaden the Hermès Maison range.
Significant events
In 2012, currency fluctuations generated a positive impact of € 178 million on sales.
Hermès International did not buy back any of its own shares during the fourth quarter. At 31 December, it held 1 449 442 shares for a total of € 309 million, excluding shares traded under the liquidity contract.
2012 earnings targets
Earnings will be reported on 21 March 2013. For the full year, given the excellent performance in the fourth quarter, the operating margin is expected to be slightly above the all-time high achieved in 2011.
Interim dividend
On the basis of earnings growth expectations, on 11 February, the Executive Management decided to pay an interim dividend of €1.5 per share. The ex-date is 26 February and the payment date is 1 March 2013.
Outlook for 2013
Hermès will continue to follow its strategy based on creativity, expanding its distribution network, strengthening its production capacity and securing its sources of supply.
With its new theme of the year "A sporting life!", Hermès is resolutely focusing on energy and optimism in 2013. Since its origins, the House has been tapping the sports universe to feed its passion for movement, casual elegance and excellence. For Hermès, sport rises above obsession with performance; it is spirit, style and pleasure above all, and its spark ignites our collections as never before.
INFORMATION BY GEOGRAPHICAL ZONES (1)
| 4th quarter | Evolutions | ||||
| In millions of Euros | 2012 | 2011 | Published | At constants exchange rates | |
| France | 166.8 | 150.9 | 10.6% | 10.6% | |
| Europe (excl. France) | 196.8 | 172.4 | 14.1% | 12.5% | |
| Total Europe | 363.6 | 323.3 | 12.5% | 11.6% | |
| Japan | 163.5 | 140.5 | 16.3% | 15.1% | |
| Asia Pacific (excl. Japan) | 318.7 | 230.4 | 38.3% | 29.7% | |
| Total Asia | 482.2 | 371.0 | 30.0% | 24.3% | |
| Americas | 184.6 | 145.4 | 26.9% | 20.8% | |
| Other | 13.8 | 12.9 | 6.9% | 6.4% | |
| TOTAL | 1,044.1 | 852.5 | 22.5% | 18.5% | |
| As of December 30th | Evolutions | ||||
| In millions of Euros | 2012 | 2011 | Published | At constants exchange rates | |
| France | 555.5 | 494.9 | 12.2% | 12.2% | |
| Europe (excl. France) | 661.8 | 559.7 | 18.2% | 16.6% | |
| Total Europe | 1,217.3 | 1,054.6 | 15.4% | 14.5% | |
| Japan | 545.0 | 471.6 | 15.6% | 6.8% | |
| Asia Pacific (excl. Japan) | 1,100.3 | 808.0 | 36.2% | 25.4% | |
| Total Asia | 1,645.3 | 1,279.6 | 28.6% | 18.5% | |
| Americas | 568.9 | 464.2 | 22.5% | 14.0% | |
| Other | 52.6 | 42.8 | 22.9% | 22.5% | |
| TOTAL | 3,484.1 | 2,841.2 | 22.6% | 16.4% | |
(1) Sales by destination.
INFORMATION BY SECTORS
| 4th quarter | Evolutions | |||||||||
| In millions of Euros | 2012 | 2011 | Published | At constants exchange rates | ||||||
| Leathergoods and Saddlery (1) | 472.1 | 398.4 | 18.5% | 14.8% | ||||||
| Ready-to-wear and fashion accessories (2) | 217.7 | 166.8 | 30.5% | 25.5% | ||||||
| Silk and Textiles | 148.2 | 119.8 | 23.7% | 18.9% | ||||||
| Other Hermès sectors (3) | 53.3 | 39.0 | 36.9% | 32.2% | ||||||
| Perfumes | 45.5 | 37.9 | 19.9% | 19.0% | ||||||
| Watches | 52.0 | 41.9 | 24.1% | 20.2% | ||||||
| Tableware | 19.0 | 16.1 | 18.1% | 16.2% | ||||||
| Other products (4) | 36.3 | 32.6 | 11.2% | 9.5% | ||||||
| TOTAL | 1,044.1 | 852.5 | 22.5% | 18.5% | ||||||
| As of December 30th | Evolutions | |||||||||
| In millions of Euros | 2012 | 2011 | Published | At constants exchange rates | ||||||
| Leathergoods and Saddlery (1) | 1,596.6 | 1,348.0 | 18.4% | 11.8% | ||||||
| Ready-to-wear and fashion accessories (2) | 745.6 | 575.7 | 29.5% | 22.3% | ||||||
| Silk and Textiles | 424.6 | 346.9 | 22.4% | 15.9% | ||||||
| Other Hermès sectors (3) | 165.2 | 108.6 | 52.1% | 45.0% | ||||||
| Perfumes | 184.1 | 159.4 | 15.5% | 14.4% | ||||||
| Watches | 172.7 | 138.7 | 24.5% | 17.4% | ||||||
| Tableware | 60.5 | 50.8 | 18.9% | 15.5% | ||||||
| Other products (4) | 134.9 | 113.1 | 19.2% | 16.7% | ||||||
| TOTAL | 3,484.1 | 2,841.2 | 22.6% | 16.4% | ||||||
(1) Leathergoods & Saddlery include bags & luggages, horse riding, diaries and small leather goods.
(2) Ready-to-wear and fashion accessories include ready-to-wear, men and women, belts, accessories jewellery, gloves, hats and Hermès shoes.
(3) Other Hermès sectors include jewellery and products of the art of living department.
(4) Other products include John Lobb shoes as well as production activities realized for third parties (textile printing, perfumes, tanning,.).
REMINDER OF PREVIOUS PUBLICATIONS
INFORMATION BY GEOGRAPHICAL ZONES
| 2012 | 2011 | |||||||||||
| In millions of Euros | Q1 Report | Q2 Report | S1 report | Q3 report | YTD 09/12 | Q1 Report | Q2 Report | S1 report | Q3 report | YTD 09/12 | ||
| France | 123.6 | 132.2 | 255.8 | 132.9 | 388.7 | 108.5 | 123.7 | 232.2 | 111.8 | 344.1 | ||
| Europe (excl. France) | 150.6 | 155.8 | 306.4 | 158.6 | 465.0 | 117.7 | 131.6 | 249.3 | 138.0 | 387.3 | ||
| Total Europe | 274.2 | 288.0 | 562.2 | 291.5 | 853.7 | 226.2 | 255.3 | 481.5 | 249.9 | 731.4 | ||
| Japan | 119.9 | 127.0 | 246.9 | 134.7 | 381.5 | 102.6 | 112.6 | 215.2 | 115.8 | 331.1 | ||
| Asia Pacific (excl. Japan) | 248.1 | 258.8 | 506.8 | 274.8 | 781.6 | 192.1 | 183.5 | 375.6 | 201.9 | 577.5 | ||
| Total Asia | 368.0 | 385.7 | 753.7 | 409.5 | 1,163.2 | 294.7 | 296.2 | 590.9 | 317.7 | 908.6 | ||
| Americas | 120.6 | 128.2 | 248.8 | 135.5 | 384.3 | 105.1 | 107.1 | 212.2 | 106.6 | 318.8 | ||
| Other | 14.1 | 12.5 | 26.6 | 12.2 | 38.8 | 11.1 | 9.8 | 20.9 | 9.0 | 29.9 | ||
| TOTAL | 776.9 | 814.5 | 1,591.4 | 848.6 | 2,440.0 | 637.1 | 668.4 | 1,305.5 | 683.2 | 1,988.7 |
INFORMATION BY SECTORS
| 2012 | 2011 | |||||||||||
| In millions of Euros | Q1 Report | Q2 Report | S1 report | Q3 report | YTD 09/12 | Q1 Report | Q2 Report | S1 report | Q3 report | YTD 09/12 | ||
| Leathergoods and Saddlery | 358.4 | 381.0 | 739.5 | 385.0 | 1,124.5 | 302.9 | 327.2 | 630.1 | 319.4 | 949.6 | ||
| Ready-to-wear and fashion accessories | 161.5 | 173.3 | 334.7 | 193.2 | 527.9 | 129.4 | 131.4 | 260.9 | 148.1 | 408.9 | ||
| Silk and Textiles | 92.7 | 90.3 | 182.9 | 93.4 | 276.3 | 78.6 | 72.4 | 151.0 | 76.1 | 227.1 | ||
| Other Hermès sectors | 31.7 | 37.7 | 69.5 | 42.4 | 111.8 | 21.0 | 23.1 | 44.1 | 25.6 | 69.6 | ||
| Perfumes | 49.1 | 40.3 | 89.4 | 49.2 | 138.6 | 40.9 | 37.8 | 78.8 | 42.7 | 121.4 | ||
| Watches | 37.1 | 40.7 | 77.8 | 42.9 | 120.8 | 27.9 | 31.4 | 59.3 | 37.5 | 96.8 | ||
| Tableware | 14.0 | 14.1 | 28.0 | 13.4 | 41.5 | 10.8 | 13.0 | 23.9 | 10.9 | 34.8 | ||
| Other products | 32.4 | 37.1 | 69.5 | 29.1 | 98.6 | 25.6 | 31.9 | 57.5 | 22.9 | 80.5 | ||
| TOTAL | 776.9 | 814.5 | 1,591.4 | 848.6 | 2,440.0 | 637.1 | 668.4 | 1,305.5 | 683.2 | 1,988.7 |
