HERMES
Quarterly information report as at the end of September 2015
Growth in sales over the first nine months of 2015
+19% at current exchanges rates and +9% at constant exchange rates
Paris, 12 November 2015
At the end of September, the group's consolidated revenues reached €3 443 million, up by 19%. At constant exchange rates, growth is 9%.
Progress in the third quarter remained solid (+15% at current exchanges rates and +8% at constant exchange rates), despite a challenging environment.
Sales by region at the end of September
(at comparable exchange rates, unless otherwise indicated)
At the end of September 2015, sales progressed in all regions:
- Japan (+19%) confirmed the excellent performance seen during the first six months of the year,
- Asia excluding Japan (+5%), which gained from the opening of the Maison Hermès in Shanghai in September 2014, improved in spite of a difficult context in Hong Kong, Macao and to a lesser extent in continental China,
- America (+7%) pursued its development in an uncertain environment. For memory, the comparison basis was particularly high in Q3 2014,
- Europe (+10%) posted a good performance in Group stores, particularly in France and Italy.
Sales by sector at the end of September
(at comparable exchange rates, unless otherwise indicated)
Growth in Leather Goods and Saddlery products (+12%) was sustained by the increase in production capacities at the two new sites in Isère and Charente. In Franche-Comté, a new workshop in Héricourt is now up and running and investments on a second site are ongoing.
Dynamic sales in Ready-to-wear and Accessories (+9%) stem mainly from the success of fashion accessories and the latest ready-to-wear collections.
The Silk and Textiles division (+3%), which is enhancing its collections with new formats and superb materials, recorded growth despite a challenging context in Greater China.
The Perfume division (+6%) continued its growth driven by Terre d'Hermès and the latest creations.
Watches (-2%), which were slightly down, are still penalized by wholesale business on a still difficult market, particularly in Asia excluding Japan.
Other Hermès business lines (+12%) continued their development, driven particularly by the success of Gold Jewellery.
Highlights
At the end of September, currency fluctuations were favourable, representing a positive impact of €298 million on revenues.
Over the first nine months of the year, Hermès International redeemed 8,696 shares for €2.9 million, excluding transactions completed within the framework of the liquidity contract.
Outlook
With the success of its unique business model, Hermès will continue its long-term development strategy based on creativity, maintaining control over know-how and securing supply.
Despite the economic, geopolitical and monetary uncertainties around the world, the group confirmed its medium-term goal for 2015, i.e. revenue growth at constant exchange rates of 8%. For the full year 2015, operational profitability should be lower than 2014 (31.5%) due to the diluting impact of currency fluctuations.
Ever loyal to its Parisian roots, Hermès invites us to stroll through 2015 with the eye of the loafer; taking a step back from the world around us to embrace it with our eyes wide open and enjoy a chance encounter, a pleasurable discovery or the benefits of a short break.
The press release of the Sales at the end of September 2015 is available on the website group :
http://finance.hermes.com.
Next events :
- February 10th, 2016 : publication of the 2015 Sales
- March 23rd, 2016 : publication of the 2015 Results
- April 28th, 2016 : publication of the first quarter 2016 Sales
INFORMATION BY GEOGRAPHICAL ZONE (1)
| As of Sept 30th | Evolutions | ||||
| In millions of Euros | 2015 | 2014 | Published | At constant exchange rates | |
| France | 499 | 461 | 8.3% | 8.2% | |
| Europe (excl. France) | 632 | 559 | 12.9% | 10.6% | |
| Total Europe | 1 131 | 1 020 | 10.8% | 9.5% | |
| Japan | 422 | 341 | 23.8% | 19.1% | |
| Asia Pacific (excl. Japan) | 1 226 | 999 | 22.7% | 5.1% | |
| Total Asia | 1 648 | 1 340 | 23.0% | 8.7% | |
| Americas | 609 | 481 | 26.6% | 7.4% | |
| Other | 55 | 56 | -2.2% | -2.7% | |
| TOTAL | 3 443 | 2 897 | 18.8% | 8.5% | |
| 3rd quarter | Evolutions | ||||
| In millions of Euros | 2015 | 2014 | Published | At constant exchange rates | |
| France | 171 | 153 | 11.5% | 11.5% | |
| Europe (excl. France) | 225 | 188 | 19.3% | 17.6% | |
| Total Europe | 396 | 342 | 15.8% | 14.8% | |
| Japan | 143 | 120 | 18.6% | 16.6% | |
| Asia Pacific (excl. Japan) | 384 | 337 | 13.8% | 1.5% | |
| Total Asia | 526 | 457 | 15.1% | 5.5% | |
| Americas | 205 | 174 | 17.8% | 2.0% | |
| Other | 16 | 17 | -8.3% | -8.6% | |
| TOTAL | 1 143 | 991 | 15.4% | 7.9% | |
(1) Sales by destination.
INFORMATION BY SECTOR
| As of Sept 30th | Evolutions | ||||
| In millions of Euros | 2015 | 2014 | Published | At constant exchange rates | |
| Leathergoods and Saddlery (1) | 1 600 | 1 295 | 23.6% | 11.9% | |
| Ready-to-wear and Fashion accessories (2) | 816 | 676 | 20.7% | 9.4% | |
| Silk and Textiles | 359 | 319 | 12.6% | 3.0% | |
| Other Hermès sectors (3) | 234 | 189 | 23.3% | 12.1% | |
| Perfumes | 184 | 172 | 7.3% | 6.0% | |
| Watches | 112 | 104 | 8.4% | -2.4% | |
| Other products (4) | 137 | 143 | -4.3% | -7.7% | |
| TOTAL | 3 443 | 2 897 | 18.8% | 8.5% | |
| 3rd quarter | Evolutions | ||||
| In millions of Euros | 2015 | 2014 | Published | At constant exchange rates | |
| Leathergoods and Saddlery (1) | 533 | 454 | 17.4% | 8.6% | |
| Ready-to-wear and Fashion accessories (2) | 282 | 235 | 19.7% | 11.9% | |
| Silk and Textiles | 108 | 103 | 5.5% | -0.5% | |
| Other Hermès sectors (3) | 79 | 65 | 21.2% | 12.7% | |
| Perfumes | 64 | 57 | 11.7% | 10.7% | |
| Watches | 37 | 36 | 2.6% | -5.2% | |
| Other products (4) | 40 | 40 | 0.2% | -2.7% | |
| TOTAL | 1 143 | 991 | 15.4% | 7.9% | |
(1) The "Leather Goods and Saddlery" business line includes bags, riding, diaries and small leather goods.
(2) The "Ready-to-wear and Accessories" business line includes Hermès Ready-to-wear for men and women, belts, costume jewellery, gloves, hats and shoes.
(3) The "Other Hermès business lines" include Jewellery and Hermès home products (Art of Living and Hermès Tableware).
(4) The "Other products" include the production activities carried out on behalf of non-group brands (textile printing, perfumes, tanning.), as well as the John Lobb, Saint-Louis, Puiforcat and Shang Xia products.
REMINDER OF PREVIOUS PUBLICATIONS
INFORMATION BY GEOGRAPHICAL ZONE
| 2015 | 2014 | |||||||
| In millions of Euros | Q1 Report | Q2 Report | S1 report | Q1 Report | Q2 Report | S1 report | ||
| France | 155 | 173 | 328 | 146 | 162 | 308 | ||
| Europe (excl. France) | 192 | 214 | 407 | 183 | 188 | 371 | ||
| Total Europe | 348 | 387 | 735 | 329 | 349 | 679 | ||
| Japan | 142 | 138 | 280 | 117 | 104 | 221 | ||
| Asia Pacific (excl. Japan) | 417 | 425 | 842 | 329 | 333 | 662 | ||
| Total Asia | 559 | 563 | 1 122 | 446 | 437 | 883 | ||
| Americas | 195 | 209 | 404 | 150 | 157 | 307 | ||
| Other | 21 | 17 | 39 | 18 | 20 | 38 | ||
| TOTAL | 1 122 | 1 177 | 2 299 | 943 | 963 | 1 907 | ||
INFORMATION BY SECTOR
| 2015 | 2014 | |||||||
| In millions of Euros | Q1 Report | Q2 Report | S1 report | Q1 Report | Q2 Report | S1 report | ||
| Leathergoods and Saddlery | 511 | 556 | 1 067 | 410 | 431 | 841 | ||
| Ready-to-wear and Fashion accessories | 262 | 272 | 534 | 215 | 226 | 441 | ||
| Silk and Textiles | 134 | 117 | 251 | 114 | 102 | 216 | ||
| Other Hermès sectors | 72 | 83 | 155 | 60 | 64 | 124 | ||
| Perfumes | 62 | 58 | 120 | 61 | 54 | 115 | ||
| Watches | 36 | 39 | 75 | 33 | 34 | 67 | ||
| Other products | 45 | 52 | 97 | 50 | 53 | 103 | ||
| TOTAL | 1 122 | 1 177 | 2 299 | 943 | 963 | 1 907 | ||
