Hermes International SCA said Thursday that net profit and revenue fell in the first half of the year as many of its stores were forced to close and production sites ground to a halt due to the coronavirus pandemic.
The French luxury-goods company, best known for its leather bags, said net profit fell to 335 million euros ($395 million) from EUR754 million in the first half of 2019.
Recurring operating income--which excludes some non-recurring items--dropped to EUR535 million from EUR1.14 billion.
Revenue for the period fell to EUR2.49 billion from EUR3.28 billion.
Hermes said it's difficult to assess the impact of the pandemic on the full year, but that it hopes to achieve revenue growth at constant exchange rates in the medium term.
"This unprecedented crisis, which began at the start of the year and is still ongoing, allows us to test our business model's strength," said Executive Chairman Axel Dumas.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
July 30, 2020 at 01:34PM
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Hermes profit, revenue fall amid pandemic - MarketWatch
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