Hermès Intl.: 16.4% organic growth in 2012, acceleration in Q4

NEUTRAL, Fair Value EUR194 (-21%)
News published on February Tuesday 12, 2013
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Hermès has reported FY 2012 sales up 22.6% to EUR3.484bn (consensus EUR3.430bn and BG: EUR3.460bn). Same-currency sales rose 16.4%, implying +18.5% in Q4 after +15.7% in Q3. The group has upgraded its 2012 EBIT margin guidance, which was conservative. Neutral recommendation maintained.

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