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HERMES INTERNATIONAL SCA HERMES (0HV2.IL)

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816.40+15.90 (+1.99%)
At close: 4:21PM BST
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Previous close800.50
Open797.00
Bid808.00 x 0
Ask824.80 x 0
Day's range796.20 - 823.80
52-week range107.57 - 823.80
Volume3,344
Avg. volume8,806
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  • Globe Newswire

    Hermès International: 3rd quarter 2020 sales

    HERMÈS Quarterly information report as at the end of September 2020 Hermès returned to growth in the third quarter (+7% at constant exchange rates)At the end of September, revenue reached €4.3bn (-14% at constant exchange rates) Paris, 22 October 2020 After a second quarter marked by the health and economic crisis, sales in the third quarter (+7% at constant exchange rates and +4% at current exchange rates) are driven by strong activity in the group's stores (+12% at constant exchange rates), the momentum in Asia and a significant improvement in all other geographical areas. At the end of September 2020, the Group’s consolidated revenue amounted to €4,288 million, down 14% at current exchange rates and at constant exchange rates. Axel Dumas, Executive Chairman of Hermès, said: "In 2020, we are seeing the affirmation of major strategic commitments with social and environmental responsibility, the digitalisation of uses and lifestyles, as well as positive market dynamics in Asia. Taking into account these profound and lasting changes allows us today to remain confident despite a still uncertain future. Our good performance enables us to continue to invest and to create jobs. I would like to thank all the teams at Hermès who work daily to keep the house growing.” Sales by geographical area at the end of September(at comparable exchange rates, unless otherwise indicated) At the end of September 2020, sales in the group’s stores were down 11% at constant exchange rates, with a third quarter up 12%. The acceleration of online sales is strengthening, with no rupture in trends, with a sharp increase in traffic and conversion rates. Wholesale activities are down 35% over nine months, mainly penalised by travel retail. Asia excluding Japan (+4%) pursued its very favourable dynamic, driven by an excellent third quarter up 29%. It benefitted from the remarkable performance of Mainland China, Korea, Australia and Thailand. The activity in Hong Kong and Singapore improved. Online sales are growing strongly and benefit from the new digital platform, deployed this year in Hong Kong, Macao and Korea. In China, the Dalian store was expanded and renovated in September. Japan (-11%), after the unfavourable impact of store closings in the spring, saw a strong upturn in the third quarter up by 11%. It confirmed its momentum thanks to the loyalty of local customers, despite a high comparison basis due to anticipated purchasing expectations linked to the VAT hike last year.                             The Sendai store was renovated in September, after the Marunouchi store in Tokyo in August. A fourth store opened in the Shinsaibashi district in Osaka.              America (-29%) is slightly down in the third quarter due to the store closures in Hawaii since August. The Denver store in Colorado reopened in August at a new location.               Europe excluding France (-27%) and France (-33%) are still suffering from the drop in tourist flows, partly offset by local customers. A new store was opened in September in Vremena Goda, Hermès’ third Moscow address, twenty years after the first store opened on Stoleshnikov Lane. Sales by business line at the end of September(at comparable exchange rates, unless otherwise indicated) The Leather Goods and Saddlery business line (-13%), improved strongly in the third quarter, which renewed with a +8% growth as a result of the resumption of deliveries and sustained demand. The increase in production capacities continues, with the opening of the sites in Guyenne (Gironde) and Montereau (Seine-et Marne) in 2021, consolidation of our capacities in Normandy with the Louviers site (Eure) in 2022, and the project in Ardennes in 2023. A second production site in Auvergne has been announced and will become the 22nd Leather Goods and Saddler workshop. They are all located in France where Hermès continues to consolidate its local presence. The Group’s other business lines also benefitted from the good resumption of business in the different geographical areas. Ready-to-Wear and Accessories (-16%) showed a strong turnaround in the third quarter at +7%. The Women’s Spring-Summer 2021 fashion show, presented at the Paris Tennis Club in October, met great success, after that of the men’s collection early in July. Silk and Textiles (-32%) was penalised by a high comparison basis in the third quarter and by the lower sales in travel retail. Perfumes, also penalized by the impact of travel retail activity, were down 22%. After the very successful launch of the first collection of lipsticks in early February, the Beauty line continued to perform well. Watches (-8%) achieved a very good third quarter, up 13%. The Other Hermès business lines (+ 12%) are highly growing with a 42% increase in the 3rd quarter, thanks to Jewellery and Home universe. The new Lignes sensibles high jewellery collection was unveiled at the end of September. Highlights At the end of September, currency fluctuations represented an unfavourable impact of €22 million on revenue. Over the first nine months, Hermès International redeemed 168,780 shares for €123 million, excluding transactions completed within the framework of the liquidity contract. Outlook For 2020, the impacts of the Covid-19 epidemic remain difficult to assess, as the scale, duration and geographic extent of the crisis evolve every day. Our highly integrated craftsmanship model and balanced distribution network, as well as the appeal of our collections and our customers’ loyalty give us confidence in the future and support our resumption of operations. The Group remains highly involved and active by regularly assessing the situation and adapting measures to those taken by health and public authorities. Thanks to its unique business model, Hermès is pursuing its long-term development strategy based on creativity, control over know-how and singular communication. With pride in its craftsmanship model, in 2020 Hermès pays tribute to the extraordinary tool that is the hand, as well as to the ingenuity that drives every one of the house’s craftsmen and women. For it is this combination that characterises the innovative spirit of Hermès, its commitment to the Saddler’s spirit. In the medium term, despite growing economic, geopolitical and monetary uncertainties around the world, the Group confirms an ambitious goal for revenue growth at constant exchange rates.   The press release on revenue at the end of September 2020 is available on the Group’s website: https://finance.hermes.com. Upcoming events: 19 February 2021: publication of the 2020 annual results22 April 2021: publication of Q1 2021 revenue4 May 2021 : Shareholders’ 2021 General Meeting REVENUE BY GEOGRAPHICAL AREA 1   As of Sept. 30th EvolutionsIn millions of Euros  20202019PublishedAt constant exchange ratesFrance 420.0623.3(32.6)%(32.6)%Europe (excl. France) 629.3858.5(26.7)%(26.5)%Total Europe 1,049.31,481.8(29.2)%(29.1)%Japan 566.5626.7(9.6)%(10.9)%Asia-Pacific (excl. Japan) 1,994.61,946.82.5%3.6%Total Asia 2,561.12,573.5(0.5)%0.1%Americas 606.5866.7(30.0)%(29.3)%Other 71.490.1(20.8)%(20.9)%TOTAL 4,288.35,012.1(14.4)%(14.0)%  3rd quarterEvolutionsIn millions of Euros  20202019PublishedAt constant exchange ratesFrance 167.8217.5(22.8)%(22.8)%Europe (excl. France) 280.4313.9(10.7)%(9.9)%Total Europe 448.1531.3(15.7)%(15.2)%Japan 244.3226.08.1%11.1%Asia-Pacific (excl. Japan) 810.8647.525.2%29.2%Total Asia 1,055.2873.520.8%24.6%Americas 269.8297.5(9.3)%(5.2)%Other 27.225.56.6%6.5%TOTAL 1,800.31,727.94.2%6.9% 1 Sales by destination. REVENUE BY sector   As of Sept. 30th EvolutionsIn millions of Euros  20202019PublishedAt constant exchange ratesLeather Goods and Saddlery 1 2,159.92,492.3(13.3)%(12.9)%Ready-to-Wear and Accessories 2 974.41,174.8(17.1)%(16.4)%Silk and Textiles 271.0403.5(32.8)%(32.4)%Other Hermès sectors 3 424.2380.611.4%12.0%Perfumes 191.2246.0(22.3)%(22.2)%Watches 127.6139.0(8.2)%(7.7)%Other products 4 140.0175.8(20.4)%(20.3)%TOTAL 4,288.35,012.1(14.4)%(14.0)%  3rd quarterEvolutionsIn millions of Euros  20202019PublishedAt constant exchange ratesLeather Goods and Saddlery 1 879.8839.94.8%7.8%Ready-to-Wear and Accessories 2 437.4420.34.1%6.8%Silk and Textiles 105.8137.0(22.8)%(20.5)%Other Hermès sectors 3 184.9133.139.0%42.4%Perfumes 78.387.3(10.4)%(9.9)%Watches 53.448.510.0%12.7%Other products 4 60.761.9(2.0)%(1.0)%TOTAL 1,800.31,727.94.2%6.9% 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, tanning…), as well as the John Lobb, Saint-Louis, Puiforcat and Shang Xia products. REMINDER OF PREVIOUS PUBLICATIONS INFORMATION BY GEOGRAPHICAL ZONE *   2020 2019In millions of Euros  Q1 ReportQ2 ReportH1 report Q1 ReportQ2 ReportH1 reportFrance 168.983.4252.2 184.8221.0405.8Europe (excl. France) 234.7114.3348.9 261.6283.0544.6Total Europe 403.5197.7601.2 446.4504.0950.4Japan 213.6108.6322.2 204.2196.5400.6Asia-Pacific (excl. Japan) 600.9582.91,183.7 655.9643.41,299.3Total Asia 814.5691.51,505.9 860.1839.91,700.0Americas 258.578.3336.8 269.7299.6569.2Other 29.015.144.1 33.531.164.6TOTAL 1,505.5982.52,488.0 1,609.71,674.53,284.2 * Sales by destination. INFORMATION BY SECTOR   2020 2019In millions of Euros  Q1 ReportQ2 ReportH1 report Q1 ReportQ2 ReportH1 reportLeather Goods and Saddlery 1 771.1509.01,280.1 808.2844.21,652.4Ready-to-Wear and Accessories 2 325.8211.3537.0 360.2394.4754.6Silk and Textiles 115.050.2165.2 140.4126.2266.6Other Hermès sectors 3 122.9116.4239.2 116.7130.9247.6Perfumes 82.130.8112.9 84.674.1158.7Watches 41.033.274.2 43.447.190.5Other products 4 47.731.679.3 56.257.7113.9TOTAL 1,505.5982.52,488.0 1,609.71,674.53,284.2 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, tanning…), as well as the John Lobb, Saint-Louis, Puiforcat and Shang Xia products.     REMINDER - FIRST HALF 2020 KEY FIGURES (In millions of euros)H1 2020FY 2019H1 2019Revenue 2,488 6,883 3,284 Growth at current exchange rates vs. n-1-24.2%15.4%15.1%Growth at constant exchange rates vs. n-1 (1)-24.9%12.4%12.0%Recurring operating income (2)535 2,339 1,144 As a % of revenue 21.5%34.0%34.8%Operating income 535 2,339 1,144 As a % of revenue 21.5%34.0%34.8%Net profit – Group share 335 1,528 754 As a % of revenue13.5%22.2%23.0%Operating cash flows634 2,063 971 Investments (excluding financial investments)162 478 170 Adjusted free cash flow (3)27 1,406 618 Equity – Group share 6,340 6,568 5,763 IFRS net cash position (4)3,742 4,372 3,532 Restated net cash position (5)3,922 4,562 3,740 Workforce (number of employees)15,698 15,417 14,751 (1)     Growth at constant exchange rates is calculated by applying the average exchange rates of the previous period to the current period’s revenue, for each currency. (2)     Recurring operating income is one of the main performance indicators monitored by the group’s General Management. It corresponds to the operating income excluding non-recurring items having a significant impact likely to affect the understanding of the group’s economic performance. (3)     Adjusted free cash flow corresponds to the sum of operating cash flows and change in working capital requirement, less operating investments and repayment of lease liabilities, as per IFRS cash flow statement. (4)     The IFRS net cash position includes cash and cash equivalents, less bank overdrafts and short-term debts. It doesn’t include liabilities related to the application of IFRS 16. (5)     The restated net cash position includes short-term investments that do not meet IFRS cash equivalents criteria mainly because their original maturity exceeds three months. Limited review procedures have been carried out on the condensed interim consolidated financial statements by the Statutory Auditors in accordance with applicable regulations.   The half-year financial report, the press release and the presentation of the 2020 half-year results are available on the group’s website: https://finance.hermes.com. Attachment CP CA Q32020 - VA VDEF

  • Globe Newswire

    Information relating to the total number of voting rights and of shares as of 30 September 2020

    HERMES INTERNATIONAL Société en Commandite par Actions with a capital of 53 840 400,12 € euros, Incorporated under the n° 572 076 396 RCS PARIS Whose registered office is situated 24, rue du Faubourg Saint-Honoré 75008 PARIS FRANCE Information relating to the total number of voting rights and of shares envisaged by the article L 233-8 of the French “Code de Commerce” and Article 223-16 of the General Regulations of French “Autorité des Marchés Financiers “(AMF) DateTotal number of shares Total number of theoretical voting rights (including treasury stock)Total number of effective voting rights (exercisable at shareholders’ meetings)Publications30 September 2020105 569 412177 657 510 176 688 4928 October 202031 August 2020105 569 412177 660 861176 692 22610 September 202031 July 2020105 569 412177 663 549176 691 79011 August 202030 June 2020105 569 412177 663 663176 694 89911 July 202031 May 2020105 569 412177 671 725176 298 18911 June 202030 April 2020105 569 412177 371 899175 988 01212 May 202031 March 2020105 569 412177 385 889176 004 13114 April 202029 February 2020105 569 412178 148 779176 773 1759 March 202031 January 2020105 569 412178 118 639176 749 29114 February 202031 December 2019105 569 412178 108 521176 746 89214 January 202030 November 2019105 569 412178 063 668176 708 24712 December 201931 October 2019105 569 412178 065 620176 716 21414 Novembre 201930 September 2019105 569 412178 068 436176 725 23314 October 201931 August 2019105 569 412178 070 314 176 731 79913 September 201931 July 2019105 569 412178 071 327176 733 0267 August 201930 June 2019105 569 412178 073 631176 742 5069 July 201931 May 2019105 569 412178 186 716176 864 00814 June 201930 April 2019105 569 412178 231 861176 904 62613 May 201931 March 2019105 569 412178 235 213176 907 63211 April 201928 February 2019105 569 412178 236 297176 915 201814 March 201931 January 2019105 569 412178 238 767176 920 8267 February 201931 December 2018105 569 412177 354 174176 036 79510 January 201930 November 2018105 569 412175 147 721173 830 0587 December 201831 October 2018105 569 412175 147 522173 832 3049 November 201830 September 2018105 569 412175 138 169173 830 75612 October 201831 August 2018105 569 412175 138 358173 833 83414 September 201831 July 2018105 569 412175 128 042173 825 0329 August 201830 June 2018105 569 412175 132 569173 831 35312 July 201831 May 2018105 569 412174 925 618173 652 27115 June 201830 April 2018105 569 412174 923 889173 508 05115 May 201831 March 2018105 569 412174 946 378173 529 10112 April 201828 February 2018105 569 412174 946 564173 529 66415 March 201831 January 2018105 569 412174 907 134173 489 81415 February 201831 December 2017105 569 412174 840 779173 425 15815 January 201830 November 2017105 569 412174 128 500172 714 09415 December 201731 October 2017105 569 412174 126 106172 838 06414 November 201730 September 2017105 569 412174 092 529173 004 09913 October 201731 August 2017105 569 412174 099 833173 093 44012 September 201731 July 2017105 569 412174 099 902173 090 79111 August 201730 June 2017105 569 412174 063 847173 056 05813 July 201731 May 2017105 569 412174 060 847173 056 20015 June 201730 April 2017105 569 412174 056 256172 958 98615 May 201731 March 2017105 569 412174 057 356172 966 85113 April 201728 February 2017105 569 412174 062 531172 972 82610 March 201731 January 2017105 569 412174 063 182172 975 90814 February 201731 December 2016105 569 412174 057 477172 977 90213 January 201730 November 2016105 569 412174 057 875172 984 23814 December 201631 October 2016105 569 412174 056 756172 997 48215 November 201630 September 2016105 569 412174 056 837173 046 93514 October 2016 Attachment hermes_20201008_droits_vote_en

  • French Billionaires Seize Pandemic Opportunities
    Bloomberg

    French Billionaires Seize Pandemic Opportunities

    (Bloomberg Opinion) -- Of all the world’s billionaires, with the exception of those from China, it is the French who have just enjoyed their most lucrative decade, according to a new UBS/PwC study.LVMH Moet Hennessy Louis Vuitton SE boss Bernard Arnault and his ilk saw their wealth balloon more than fivefold to $443 billion between 2009 and mid-2020, fueled by Asian hunger for French-branded luxury goods and a global real-estate boom fanned by low interest rates. France is the land of what writer Pascal Bruckner calls “Bolshevism-lite,” where wealth is publicly hated but privately hoarded.While the Covid-19 pandemic looks like the start of an altogether less bright decade, the rich are unlikely to let this crisis go to waste.There are new Darwinist divides in the corporate world exposing a kind of gilded inequality at the top of society. Soaring tech businesses can shrug off social distancing while old-school brick-and-mortar firms can’t. Arnault’s fortune year-to-date has fallen by $19 billion as tourism and shopping take a beating, though he remains the fifth-richest man in the world, according to Bloomberg data. L’Oreal SA’s Francoise Bettencourt Meyers now faces stiff competition for her title as the world’s richest woman from Mackenzie Scott, Jeff Bezos’s ex-wife.In France, the coronavirus crisis has prompted the ultra-wealthy to wake up to the need to pitch in more, even in a country where American-style philanthropy is usually viewed as the job of the state. Hermes International donated 20 million euros ($24 million) to Paris’s hospital association in May; LVMH gave ventilators and manufactured masks. The glare of public opinion can’t be so easily ignored, as the backlash over billionaire donations to help rebuild Notre-Dame Cathedral last year showed.In this dog-eat-dog world, every small corporate victory counts. Arnault’s most visible bout of Covid-19 opportunism has been to try to walk away from LVMH’s mammoth $16 billion takeover of U.S. jeweler Tiffany & Co. after a drop in the target’s share price. Even if he fails, he will have bought time. Elsewhere, the plunging value of Altice Europe, the vehicle of telecoms mogul Patrick Drahi, led to the Franco-Israeli billionaire’s offer to take it private at an opportunistically low price of 2.5 billion euros. He faced the howls of minority shareholders.The current climate is even offering tycoons the perfect chance to acquire more power and influence via Lagardere SCA, the once-mighty industrial conglomerate that has suffered mixed fortunes as a media-and-retail play under the family heir Arnaud Lagardere.With the company under pressure from activist Amber Capital, France’s billionaires lined up to take a position: Vivendi SA’s Vincent Bollore, Marc Ladreit de Lacharriere and LVMH’s Arnault all bought shares recently, almost doubling Lagardere’s share price in the process. While at first it looked like a defensive whip-round to help Arnaud Lagardere, it’s now increasingly clear that Arnault and Bollore are in a face-off for control. The prize they’re all after? The company owns the grandaddy of glossy magazines, Paris Match, book publisher Hachette and politically influential radio and newspaper brands.Billionaires have always been attracted to media titles, and they already have plenty of sway with President Emmanuel Macron. But the once-in-a-generation profit opportunity of the pandemic comes in the run-up to France’s presidential election in 2022.This all might seem rather quaint compared to the space ambitions of Jeff Bezos and Elon Musk. France’s increasingly Jurassic jet set prefer radio brands to rockets. But that’s partly because the world is getting smaller for all aspiring Parisian elites. If things didn’t work out at home, they might once have dreamed of prop-trading in the City of London or launching a start-up in Silicon Valley. But globe-trotting across borders no longer looks quite such a sure thing. The future of French wealth lies in France, and not on Mars.This isn’t just a French phenomenon: Of all the business and investment strategies being pursued by the world’s billionaires, the least popular is to relocate to another country, according to UBS/PwC’s study. Still, in a crisis like this one, there’s no place like Paris.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Lionel Laurent is a Bloomberg Opinion columnist covering the European Union and France. He worked previously at Reuters and Forbes.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.