Hermes sees double-digit sales growth across regions in Q1 2024

French luxury group Hermes posted a sharp rise in first-quarter sales on Thursday, driven by a strong performance in its leather goods and across regions.

Sales rose 12.6 percent to 3.8 billion euros ($4.1 billion) at current exchange rates, with double-digit growth in every geographic area, the maker of handbags and other high fashion said in an earnings statement.

"The solid sales growth in the first quarter 2024 reflects the loyalty of our clients worldwide, the strength of the group’s artisanal model and the desirability of our creations in a more complex environment," said Hermes executive chairman Axel Dumas.

Its leather goods and saddlery business reported a 20 percent increase in sales with the arrival of new models. 

Sales in Japan soared by 25 percent "thanks to the loyalty of its local customers," Hermes said, adding that a new store opened in Tokyo.

In the rest of Asia, sales jumped 14 percent despite "softer traffic" in China following the Lunar New Year.

They rose 12 percent in the Americas and 15 percent in Europe.

"In the medium-term, despite the economic, geopolitical and monetary uncertainties around the world, the group confirms an ambitious goal for revenue growth at constant exchange rates," Hermes said.