The luxury company shot ahead of analysts predictions, but third-quarter results were still a marked slowdown from its recent quarters.
trotted along with sales up 16 percent at constant exchange in the third quarter, reflecting the overall global slowdown of luxury growth and the end of the post-pandemic boom.
“Hermès remains one of our preferred names in the luxury space given its over-indexation to high-end customers, who tend to be more resilient in times of macro slowdowns,” said analyst Carole Madjo. Asia, where China has provided an exceptional boost for the brand since its reopening, lagged, with sales up 10.2 percent across the region. The company noted that sales had been “exceptional” in the country last year, and it was playing against a strong comparison basis.Sales in the Americas continued their growth pattern in the third quarter, riding high on the opening of a new store in Los Angeles in July, after Aspen in June.
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