Hermes Upbeat for Further Growth After Ending 2022 on a High Note

By Joshua Kirby

Hermes International SCA will pay a higher dividend for 2022 and sees further revenue growth ahead after booking a strong end to the year.

The French luxury-goods major booked a 23% organic rise in fourth-quarter revenue to 2.99 billion euros ($3.19 billion), taking the full-year tally to EUR11.6 billion. Analysts had seen quarterly sales at EUR2.81 billion, according to a FactSet-compiled poll.

Operating profit for the year rose to EUR4.7 billion, on an operating margin that climbed to a record 40.5%. Net profit rose to EUR3.37 billion from EUR2.45 billion previously.

Hermes offered no numerical guidance for the year ahead but said it backs an "ambitious" goal for revenue growth at constant currency in the medium term, despite current monetary and geopolitical uncertainty.

For 2022, the group will propose a dividend of EUR13 a share, rising from the EUR8 as share paid out last year.

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

February 17, 2023 02:32 ET (07:32 GMT)

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