Hermes reports income up over 2009

25Mar10

DESPITE reporting flat net profits for the final quarter of 2009, Hermes has declared a slight increase in net income over the past year’s trading, posting figures of €290.2 million – up on the previous year’s €288.8 million.

This was in line with the company’s revised forecast last month for a rise of 3 to 4 per cent in operating profit, versus an earlier forecast of a 5 per cent drop, WWD reported. Despite a difficult luxury market, Hermes has refused to cut prices, maintaining that the secret to weathering the recession lies in preserving the brand’s rich history.

“We don’t grow as fast as we could,” Hermes ceo Patrick Thomas said last year, “because we do not want to waste the image and the heritage that this company has developed in six generations just to make short term money. It would be a capital sin when you have an asset, a jewel like Hermès.”

The French house, famous for its bags, may be benefitting from a general recovery in the sale of luxury bags, also reported by Selfridges earlier this month. See which bags are selling best for the department store here.

via Hermes reports income up over 2009 (Vogue.com UK).

Advertisements


No Responses Yet to “Hermes reports income up over 2009”

  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: