Hermes shares rose 5.1% on Friday amid sales surge

Some specific high-end brands seem to have defied the trend after L’Oreal shares dropped by 7% on Friday which continued to attract increasingly discerning shoppers.

Shares of Hermes were up 5.1% Friday after reporting a surge in sales as wealthy consumers continue to seek its exclusive Birkin handbags and silk scarves despite rising prices.

Hermes Shares witnessed a rise by almost 5%
(Credits: Google Finance)

Fourth-quarter revenues rose 18% at constant exchange rates to 3.36 billion euros, while full-year revenues were up 21% to 13.42 billion euros. The company also announced plans for an exceptional dividend of 10 a euro share.

Speaking Friday, Executive Chairman Axel Dumas said product prices were likely to rise by an average of 8% to 9% in 2024, according to Bloomberg, which he said was indicative of the company’s continued appeal in an increasingly “polarized” market.

Hermes stock is currently up more than 13% for the year, ahead of LVMH, up 11%, and Burberry, down 8%.

Michael Manua
Michael Manua
Michael, a seasoned market news expert with 29 years of experience, offers unparalleled insights into financial markets. At 61, he has a track record of providing accurate, impactful analyses, making him a trusted voice in financial journalism.
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