Hermès HRMS.PA reported on Friday a larger than expected increase in its sales in the fourth quarter of 2023, the luxury group having been driven by strong growth in all regions, particularly in Japan, despite a high comparison base in Asia and America.
The group’s sales stood at 3.36 billion euros in the fourth quarter, up 17.5% at constant exchange rates, exceeding analysts’ expectations of 14%, according to a Visible Alpha consensus.
Hermès is known for outperforming its competitors when economic conditions deteriorate, thanks to its classic designs and careful management of production and inventory, which helps maintain the brand’s aura of exclusivity.
(Reporting by Mimosa Spencer, written by Gaëlle Sheehan; edited by Kate Entringer)