Hermes 2020 Net Profit Falls on Lower Revenue
February 19 2021 - 2:51AM
Dow Jones News
By Cecilia Butini
Hermes International SCA said Friday that net profit declined in
2020 on lower revenue, though revenue returned to growth in the
second half of the year.
The French luxury-goods company posted a net profit of 1.39
billion euros for the year ($1.68 billion), down from EUR1.53
billion in 2019.
Operating income was EUR2.07 billion in 2020, down from EUR2.34
billion the year prior.
Revenue came in at EUR6.39 billion, compared with EUR6.88
billion in 2019, Hermes said.
In Asia, one of the company's strongest markets, sales grew by
14% driven by dynamic activity in Greater China, Korea and
Australia, and excluding Japan, the company said.
Looking ahead, Hermes said it is difficult to assess the effects
of the coronavirus pandemic. The company said it confirms an
"ambitious" goal for revenue growth at constant exchange rates in
the medium term.
The company said a dividend proposal of EUR4.55 a share will be
made at the next general meeting on May 4.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
February 19, 2021 02:36 ET (07:36 GMT)
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