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Reuters
Published
Sep 22, 2009
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Hermes to close year with single-digit growth

By
Reuters
Published
Sep 22, 2009

MILAN, Sept 22 (Reuters) - French luxury group Hermes (HRMS.PA) expects to close the year with single-digit growth, Chief Executive Patrick Thomas was quoted saying in an Italian newspaper on Tuesday 22 September.


Photo : Quentin Bertoux

The Paris-based maker of 10,000-euro handbags and printed silk scarves last month kept its full-year outlook of flat sales and a slight drop in operating margin.

"At constant exchange rates, turnover for the January-June period was stable and until now we have been very prudent with forecasts for 2009," Thomas was quoted saying in business daily Il Sole 24 Ore after a store re-opening in Milan.

"But in the last few months, we have noted signs of recovery and I think that in the end we will close the year with single-digit growth."

It was not clear if he was referring to constant or current exchange rates.

Hermes group sales in the first were 874.9 million euros ($1.28 billion), up 7.6 percent at current exchange rates. ($1=.6827 Euro)

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