Half Year 2025 Hermes International SCA Earnings Call Transcript
Key Points
- Hermes International SA (HESAF) reported a solid growth in sales, reaching EUR8 billion, up by 8% at constant rates.
- The company has continued to invest in production capacity and its exclusive distribution network, with plans for new leather workshops and store openings.
- Hermes International SA (HESAF) has strengthened its workforce, adding over 500 employees in the first half of 2025, with a focus on diversity and inclusion.
- The company has maintained strong financial performance with an operating income of EUR3.3 billion, up 6%, and a net profit of EUR2.5 billion.
- All geographical regions showed growth, with notable performances in Japan (+16%) and America (+12%).
- The company faced a negative currency impact close to EUR80 million due to the depreciation of the CNY, USD, and Korean won.
- Perfume and beauty division saw a decline of 4%, attributed to a strong comparison base from the previous year.
- There is a noticeable decrease in new aspirational customers, impacting divisions with higher volume but lower value.
- The geopolitical and economic uncertainties have led to a global trend of saving rather than spending, affecting customer footfall.
- The company is facing challenges with speculative buying in the secondary market, which affects genuine customer relationships.
Ladies and gentlemen, welcome to the presentation of the financial results of the first half of the year 2025. Now over to Axel Dumas, Head of Hermès, and Mr. Eric du Halgouët, in charge of Finance. Gentlemen, over to you.
Thank you. Good morning, one and all. I'm very happy to present to you today the half year results for 2025. At the end of June 2025, Hermès recorded a solid growth of sales and the current operating income up by 6%. The sales reached EUR8 billion, up by 8% at constant rates and all the regions are progressing.
The solidity of the results of the first half year results reflect the strength of the Hermès model. Based on the singularity and authenticity of our artisanal model, creative originality are exceptional know-how and uncompromising quality.
I wish to thank our customers for their trust and our employees for their commitment. In these uncertain times, our customers were present sensitive to the singularity of our objects and
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