Hermes displays the title of a new session on Monday increased (+1%). The value has increased since the announcement of its quarterly revenue by more than 7% (announced on 11/05).
The number of `first quarter consolidated revenues totaled 637.1 million euros, an increase of 25.5% at current exchange rates (+20.7% at constant exchange rates). The activity was very strong in the group's stores (+20% at constant exchange rates). Activities of wholesale sales (+23% at constant exchange rates) have benefited from `strong demand particularly in occupations Watch and Perfume.
Growth was strong in the first quarter in all regions except Japan. France, which enjoys the success of the store open late 2010 rue de Sèvres, recorded strong sales growth (+19%), like other European countries (+21%).
The Americas (+33%) and Asia ex Japan (+27%) showed strong growth. In Japan, sales were stable at the end of March. The positive trend observed since the beginning of the year has been reversed since the earthquake of 11 March.
"Business was driven by the excellent reception by the new collections met the Silks & Textiles and the success of fashion accessories" the group said. The Clock displays an turnover up 34%. Perfumes, whose collection of gardens has grown a garden on the roof, achieve a growth of 33%. Sales Division & Leather upholstery, whose application for leather bags remained robust, up 17%.
The target annual growth in consolidated revenues at constant exchange rates, between 8 and 10% remains unchanged. In 2011, Hermes will continue to invest in developing its distribution network including the opening of ten branches.
Transfer of 45% in the Jean Paul Gaultier
Hermes International said it had sold its entire 45% stake in the house Jean Paul Gaultier to the Spanish group Puig, in full agreement with the creator.
The group said it intends to accelerate the deployment of his house and give it new impetus. "I have no doubt that the alliance between Jean Paul Gaultier and the Puig family's will to further success," said Patrick Thomas, managing director of Hermes.
The sale price of the shares, namely 16 million, and repayment of loans, amounting to 14 million euros in 2011 will generate a book profit of an equivalent amount.
The opinions of analysts
While remaining "hold" on the title Hermes, Aurel BGC back its price target from 125 to 170 euros, after the point of activity for starting the year rated "outstanding".
The consulting firm said that the luxury house announced Wednesday a turnover well above expectations and a higher growth than its peers.
Also, the analyst revises upward its expectation of organic growth in turnover in 2011 of +10% to +15% (2,730 million euro against 2,600 million previously).
If Hermes makes no prediction in terms of operating margin for this year, Aurel BGC believes may appreciate by 170 basis points to 29.5%, or 805 million euros (723 million previously).
Oddo has also recovered its price target on Hermes International 115 to 125 euros and maintained its view "relief" on track "with exceptional fundamentals are valued at a premium relative to the sector by 70%" for which he does not believe a change in the shareholder situation.
The consulting firm said its target price adjustment reflects "a more aggressive long-term margins" of the luxury home.
"No surprises at the meeting on the results 2010 with 2011 objectives confirmed (CA 8% / 10% at constant exchange rates) and a strong speech against LVMH. Our estimates are adjusted marginally up (+ 1%), "says the analyst.
The number of `first quarter consolidated revenues totaled 637.1 million euros, an increase of 25.5% at current exchange rates (+20.7% at constant exchange rates). The activity was very strong in the group's stores (+20% at constant exchange rates). Activities of wholesale sales (+23% at constant exchange rates) have benefited from `strong demand particularly in occupations Watch and Perfume.
Growth was strong in the first quarter in all regions except Japan. France, which enjoys the success of the store open late 2010 rue de Sèvres, recorded strong sales growth (+19%), like other European countries (+21%).
The Americas (+33%) and Asia ex Japan (+27%) showed strong growth. In Japan, sales were stable at the end of March. The positive trend observed since the beginning of the year has been reversed since the earthquake of 11 March.
"Business was driven by the excellent reception by the new collections met the Silks & Textiles and the success of fashion accessories" the group said. The Clock displays an turnover up 34%. Perfumes, whose collection of gardens has grown a garden on the roof, achieve a growth of 33%. Sales Division & Leather upholstery, whose application for leather bags remained robust, up 17%.
The target annual growth in consolidated revenues at constant exchange rates, between 8 and 10% remains unchanged. In 2011, Hermes will continue to invest in developing its distribution network including the opening of ten branches.
Transfer of 45% in the Jean Paul Gaultier
Hermes International said it had sold its entire 45% stake in the house Jean Paul Gaultier to the Spanish group Puig, in full agreement with the creator.
The group said it intends to accelerate the deployment of his house and give it new impetus. "I have no doubt that the alliance between Jean Paul Gaultier and the Puig family's will to further success," said Patrick Thomas, managing director of Hermes.
The sale price of the shares, namely 16 million, and repayment of loans, amounting to 14 million euros in 2011 will generate a book profit of an equivalent amount.
The opinions of analysts
While remaining "hold" on the title Hermes, Aurel BGC back its price target from 125 to 170 euros, after the point of activity for starting the year rated "outstanding".
The consulting firm said that the luxury house announced Wednesday a turnover well above expectations and a higher growth than its peers.
Also, the analyst revises upward its expectation of organic growth in turnover in 2011 of +10% to +15% (2,730 million euro against 2,600 million previously).
If Hermes makes no prediction in terms of operating margin for this year, Aurel BGC believes may appreciate by 170 basis points to 29.5%, or 805 million euros (723 million previously).
Oddo has also recovered its price target on Hermes International 115 to 125 euros and maintained its view "relief" on track "with exceptional fundamentals are valued at a premium relative to the sector by 70%" for which he does not believe a change in the shareholder situation.
The consulting firm said its target price adjustment reflects "a more aggressive long-term margins" of the luxury home.
"No surprises at the meeting on the results 2010 with 2011 objectives confirmed (CA 8% / 10% at constant exchange rates) and a strong speech against LVMH. Our estimates are adjusted marginally up (+ 1%), "says the analyst.
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