PARIS (Reuters) – France’s Hermes on Thursday reported a 7% rise in first quarter sales, slightly missing expectations in a rare show of weakness in its top line segment for handbags and fashion items amid a choppy economic environment.
Known for its coveted Kelly and Birkin handbags, which fetch upwards of $10,000, the company reported sales for the three months ending in March of 4.1 billion euros ($4.66 billion).
The performance fell below analyst expectations for 9.8% year-on-year growth on constant exchange rates, according to a VisibleAlpha consensus estimate cited by HSBC, slowing from an 18% surge in the previous quarter.
($1 = 0.8801 euros)
(Reporting by Mimosa Spencer, editing by Tassilo Hummel)
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