Hermes reports income up over 2009


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 ( UK).


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