Hermès Intl.: Q1 sales were up 8%, in line with expectations but still a very healthy performance

Hermès reported this morning its Q1 2015 sales which came in at EUR1,125m (consensus: EUR1.12bn), up 19%. Organically, sales grew 8% (+8% expected). With this organic sales growth, we argue that again and unsurprisingly Hermes sales growth will be, by far, the best performer in Q1 among our luxury groups sample. We maintain our Buy recommendation and our EUR350 FV.

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