Hermes in the recession of the situation, the first half of 2009 net profit fell by 7%-Gucci Handbags

Hermes in the recession of the situation, the first half of 2009 net profit fell by 7%-Gucci Handbags

Guide language: French luxury goods group Hermes (Hermes) has announced half-year results Gazette, first half of 2009 net profit fell by 7%, although this seems Paris-based company to manage our way through than expected in this economic downturn period.

The bottom line may have to adjust, but at the current exchange rate, its first half turnover rose 7.6% to 874.9 million euros (1.242 billion U.S. dollars combined).

Hermes said the instability of currency by the euro at the current exchange rate, its first half consolidated net income decreased to 125.4 million euros (1.78 billion U.S. dollars).

Hermes release said the profit decline was due to decline in the rate of financial investment income and foreign exchange value of the adjustment.

The French group added that operating profit fell 2% to 199.8 million euros (284 million combined). In the evaluation of more difficult market, the fashion house said its first-half operating margins account for only 22.8% of sales, while 25.1% over the same period in 2008.

In order to emphasize the group is confident that smooth out the economic downturn, Hermes said it has invested in the first half of 5200 million euros (74 million U.S. dollars). The main focus on expanding the branch network. It opened five new branches: two in the United States, the other three were in the UK, China and South Korea, in the second half of the expansion, has made concessions in Japan.

In addition, the luxury brand in the June 30 end of its fiscal year, net cash of 3.54 billion euros (503 million).

Hermes weaker wholesale business, a substantial drop of 22%, because of its watches, perfumes and tableware network of specialized branch of reduced orders.

While the fear may be the next economic rebound is the same as last time. That is, low employment recovery has not been proven in Hermes, which in the first half, an increase of 94 new jobs, mostly in production and sales posts, so the overall number of employees at 30 June 7988 has been reached people.

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