China slows Hermes growth

24 April 2013

Hermes, known for its €13,000 Birkin leather bags, generated first-quarter revenue of €856.8 million, up 12.8% at constant currencies, ahead of analysts' expectations of 11%.

Much of the boost came from accessories such as belts and gloves, as well as shoes and ready-to-wear clothing, which together saw an 18% revenue rise in the first quarter.

But Hermes's overall performance slowed from the same period last year when revenue rose 17.6% as growth in sales of leather bags roughly halved from the fourth quarter to 7%.

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