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Benzinga
  • 10 hours ago
Hermes and Kering both missed Q1 expectations as Middle East conflict disrupted luxury demand. Hermes sales rose just 5.6% to $4.8B, below the 7.1% estimate, with shares dropping 14%. Kering revenue fell 6% to €3.57B, with Gucci organic sales down 8%. Kering reported an 11% drop in Middle East retail revenue. Analysts flagged concerns over Middle East exposure and slowing Chinese demand.

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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Luxury stocks fell on Wednesday after Hermes and Kering reported first quarter results that
00:07missed expectations as the Middle East conflict disrupted demand, according to CNBC.
00:12Hermes reported sales of $4.8 billion, as total sales rose 5.6% below the 7.1% growth
00:20expected,
00:21citing weaker tourist flows and lower wholesale activity in the Middle East and airports.
00:25Shares dropped 14%.
00:28Kering reported revenue of 3.57 billion euros, down 6% year-on-year, as Gucci organic sales
00:35fell 8%, missing expectations for a 6% decline.
00:40Kering said Middle East retail revenue fell 11%.
00:43The updates pressured peers, while analysts cited concerns around Middle East exposure
00:48and slowing Chinese demand.
00:50For all things money, visit Benzinga.com.
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