Underscoring Luxury Resilience, the Company’s Revenue Rose 21% With Net Profit Group Share Rising 28%
Hermès Group has reported strong financial results for the fiscal year 2023, with consolidated revenue reaching an unprecedented €13.427 million, marking a remarkable 21% increase at constant exchange rates and a 16% rise at current exchange rates compared to 2022. The group’s recurring operating income soared to €5.650 million, accounting for 42.1% of sales, while net profit group share surged to €4.311 million, reflecting a substantial 28% increase.
In the fourth quarter of 2023, Hermès Group continued its upward trajectory, with sales hitting €3.364 million, representing an 18% increase at constant exchange rates and a 13% rise at current exchange rates. This growth, achieved despite high comparison bases in America and Asia, underscores the sustained demand for the brand’s offerings.
Axel Dumas, Executive Chairman of Hermès, expressed pride in the brand’s performance, stating, “In 2023, Hermès has once again cultivated its singularity and achieved an outstanding performance in all métiers and across all regions against a high base.” Dumas attributed the success to the strong desirability of Hermès collections and the dedication of the brand’s employees.
Geographically, all regions posted solid growth of around 20%, with Asia excluding Japan, Japan, America, Europe excluding France, and France all contributing to the remarkable performance. The expansion was driven by robust demand in both the group’s stores and wholesale activities, with travel retail business notably thriving.
Hermès Group’s various sectors also demonstrated strong momentum, with notable increases in sales across its Leather Goods and Saddlery, Ready-to-wear and Accessories, Silk and Textiles, Perfume and Beauty, Watches, and Other sectors.
Looking ahead, Hermès Group maintains an ambitious revenue growth goal at constant exchange rates, buoyed by its integrated artisanal model, balanced distribution network, and creative collections. The proposed dividend of €15.00 per share, along with an exceptional dividend of €10.00 per share, underscores Hermès’ commitment to delivering value to its shareholders while continuing its legacy of craftsmanship and innovation in the luxury market.
