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Luxury Goods

Hermes H1 net income reaches £1bn

The group also reported a 70.2% year-on-year spike in revenues to €4.24bn (£3.62bn) during the period

Women’s bags and clutches retailer Hermes saw net income soar to €1.17bn (£999m) during the first half of FY21, up from €335m (£286m) the previous year. 

The group also reported a 70.2% year-on-year spike in revenues to €4.24bn (£3.62bn) during the period.

Net income for the half year represented 27.7% of total revenue, a 14.2% year-on-year rise from H1 FY20’s 13.5%.

Revenues at Hermes were driven by large sales increases in the second quarter of the FY21, which spiked 127% at constant exchange rates.

Alex Dumas, executive chairman at the company, said: “The results for the first half of the year have been exceptional in nature. 

“But this performance also reflects the momentum and resilience of our model, which puts people, the source of creativity and innovation, as well as the requirement for absolute quality, at its core.”

While the group’s European operations, excluding France, saw a 50% jump in sales to €522m (£446m), its American divisions reported the largest year-on-year increase in sales of 98% to €668m (£570m).

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