03 Feb '11, 8pm

Hermes announces record sales in 2010

Hermes announces record sales in 2010

PARIS : French luxury brand Hermes showed Thursday that luxury can prosper even in a time of belt-tightening, announcing record sales in 2010 and increasing expectations of impressive annual results in March. The group, famous for its leather goods and silk scarves, announced sales totalling 2.4 billion euros ($3.3 billion), up from 1.91 billion euros the previous year, an increase of over 25 percent. "The group exceeded its sales growth target for the year owing to extremely strong business momentum for the company-owned stores, particularly during the Christmas season," the company said in a statement. Due to the results growth and a healthy net cash position, the board has decided to pay an interim dividend of one euro per share this month. "Hermes will continue to invest in expanding its distribution network, with plans to open ten branches," it added. Global luxury re...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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