Pursuits
Hermes Sales Trail Estimates as Japanese Revenue Declines
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Hermes International SCA, the maker of Kelly handbags, reported second-quarter sales that trailed estimates as the weakness of the yen and a higher Japanese sales tax weighed on growth. The shares fell the most since April.
Revenue climbed 5.8 percent to 963.4 million euros ($1.3 billion), Paris-based Hermes said today in a statement. Analysts predicted 971 million euros, according to the median of 11 estimates compiled by Bloomberg. Sales excluding currency swings rose 9.6 percent, slowing from the first-quarter.