French luxury design house Hermès’ has reported a net income of €2.22bn ($2.44bn) in the first half (H1) of fiscal year (FY) 2023, an increase of 36% from the same period in FY22.
Its basic earnings per share were €21.29 in H1 FY23 against €15.69 in H1 FY22.
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During the period, the company’s recurring operating income was €2.94bn, increasing 28% from €2.30bn in H1 FY22.
Hermès posted a consolidated net profit of €2.23bn in H1 FY23, up 36% from €1.64bn in the prior year’s period.
The company reported €6.69bn in consolidated revenue over the period, an increase of 25% and 22% at constant exchange rates and current exchange rates, respectively.
Regionally, revenue in Europe grew 22.3% due to constant exchange rates in H1 FY23. It grew by 27.3% and 19.9% in Asia and the Americas, respectively.
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By GlobalDataRevenue of Hermès in Europe was €764m in the second quarter (Q2), up 21.3% at constant exchange rates compared to Q2 FY22.
In Asia, the company’s revenue increased 32.3% to €1.84bn.
Hermès executive chairman Axel Dumas said: “The 2023 first half results reflect the strength of the pillars of the artisanal model of the house: quality of materials, exceptional know-how and abundant creativity.
“To support this growth, we continue to invest in our production capacities, in the expansion of our network while accelerating job creation and training in all of the group’s métiers.”
