Hermès has posted first-quarter 2026 revenue of €4.07bn ($4.80bn), up 6% at constant exchange rates but down 1% on a reported basis after a €290m currency drag.
Regional performance was mixed. The Americas rose 17%, with Japan and Europe excluding France each increasing 10%.
France fell 3%, which the group attributed to lower tourist traffic linked to the situation in the Middle East.
Asia excluding Japan edged up 2%, supported by local demand.
The other region, largely the Middle East, declined 6% amid geopolitical developments affecting markets, including the UAE, Kuwait, Qatar and Bahrain.
Retail sales in company-operated stores increased 7% despite softer tourist activity.
Wholesale was weighed down by reduced sales to concession stores, particularly in the Middle East and at airport locations.
Hermès executive chairman Axel Dumas said: “In a tense geopolitical environment, Hermès maintains its course, true to its long-term strategy. Supported by its abundant creativity, its uncompromising quality and the loyalty of its clients, Hermès is continuing its profitable growth in 2026 with confidence and conviction.”
By division, leather goods and saddlery grew 9%, supported by ongoing demand and higher capacity, including the opening of a leather goods workshop in France.
Silk and textiles rose 8%, while other Hermès segments such as jewellery and home increased 7%.
Ready-to-wear and accessories, as well as perfume and beauty, were flat, and watches dropped 4% as the market remained difficult.
The group continued to develop its production and retail network during the quarter, opening a store in Hanoi, Vietnam, and refurbishing and enlarging its Umeda Hankyu location in Osaka, Japan.
It also outlined plans to open new leather goods workshops in Charleville-Mézières in 2027, Colombelles in 2028 and Les Andelys in 2030, all in France.
In addition, it will expand its watchmaking facility in Le Noirmont, Switzerland, with the project due for completion in 2028.
Hermès said it paid €328m to employees in early 2026 relating to 2025 results, covering profit-sharing, incentive schemes in France and a €3,000 bonus for all staff.
For the medium term, the company reaffirmed its goal of revenue growth at constant exchange rates while citing continued economic, geopolitical and currency uncertainty.
