1H 2024 - Hermès Int'l - Full Analysis

Flight to quality with sales up 15% at constant FX; >1 billion EUR in CAPEX for FY24

Yesterday (after-hours Paris time), Hermès International reported its 1H 2024 performance and hosted its traditional webcast to provide more color on the broader trends. At the time of writing, the stock is up 3.5%.

Unsurprisingly, growth is normalizing after the post-COVID boom (just like for most consumer discretionary companies), and the significant outperformance during the recently tough quarters for the luxury industry is evident in its two-year stacks.