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Hermes shares soar to all-time high on rock solid sales growth
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Hermès Plans 8% Price Hike as Annual Sales Top $14 Billion
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PARIS (Reuters) -Birkin bag maker Hermes said on Friday that it will raise prices again this year after sales jumped 17.5% in the fourth quarter of 2023, continuing its track record of outpacing rivals when economic conditions deteriorate. Shares in the company opened 4.2% higher after sales for the three months to the end of December totalled 3.36 billion euros ($3.62 billion), up 17.5% at constant foreign exchange rates and ahead of expectations for 14% growth, according to Visible Alpha consensus estimates. Hermes said it will pay a 4,000 euro bonus to each of its over 22,000 employees worldwide.
French luxury giant Hermes posted on Friday record annual sales and net profit, with plans to reward all employees worldwide with a bonus following strong growth in every region last year.
Hermès International has announced a 28% increase in net income, group share, to 4.31 billion euros for 2023, as well as a 20% increase in profit from recurring operations to 5.65 billion,.
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