The group reported revenue growth of 33% at current exchange rates and 27% at constant exchange rates in the first quarter of 2022, as compared to the same period of 2021, reaching 2.77 billion euros.

"The strong growth in sales at the beginning of this year reflects the desirability of our collections and the confidence of our customers in our artisanal and responsible approach. Despite a still uncertain context, the group is accelerating its strategic investments, recruitments and training to support the growth of all the métiers of the house", commented Axel Dumas, Executive Chairman of Hermès.

Sales by Geographical Area

In the first quarter of 2022, sales in group stores increased by 28%, as compared to the same period of 2021. The company added that "the network continued to develop with store openings and extensions, and the strengthening of online sales worldwide".

Hermès reported that sales in the region of Asia excluding Japan, grew by 20%, on a comparable basis to the first quarter of 2021, benefitting "from a very good Chinese New Year and from sustained activity, especially in Thailand, Singapore, and Australia". However, the closure of some stores in Greater China, particularly Shanghai and Shenyang, has penalized the results in the country. Sales in Japan rose by 17% in this period, as compared to the same quarter of last year, thanks to the loyalty of local customers and the success of the collections.

In the first quarter of the current year, the Americas' region recorded a strong acceleration, due to the good momentum in the United Sales, with sales growth of 44%, on a comparable basis to the first quarter of 2021. Sales in Europe, excluding France (up by 44%) and France (up by 40%) "benefitted from favourable comparison basis and achieved a sustained growth, particularly in the UK, Germany, Italy and Spain".

Sales by Business Lines  

In the first quarter of 2022, sales in the Leather Goods and Saddlery division increased by 16%, on a comparable basis to the same period of 2021, thanks to the increase in production capacity and sustained demand.

The Watches segment "achieved an outstanding performance" in the three months ended in March 2022, "reflecting the technical watch-making expertise and creativity of the collections" with sales up by 62%, as compared to similar period last year. In this period, the Ready-to-Wear and Accessories division registered "a remarkable growth", with a sales increase of 44%, as compared to similar period last year.

In the first quarter of the current fiscal year, sales in the Silk and Textiles business lines grew by 27%, "benefitting from an enriched offer by new uses and new know-how in terms of materials and formats", and by 18% in the Perfume and Beauty segment, on a comparable basis to the first quarter of 2021. Other Hermès business lines confirmed their momentum (up by 37%), thanks to Homeware and Jewellery.