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Hermes lowers annual sales growth target to 8 pct
February 12, 2015 / 6:47 AM / 3 years ago

Hermes lowers annual sales growth target to 8 pct

PARIS, Feb 12 (Reuters) - French luxury goods maker Hermes on Thursday demonstrated further resilience to the industry downturn by posting a 9.6 percent rise in fourth-quarter sales at constant exchange rates, slightly below some analysts’ expectations.

However, the maker of 8,000 euro leather Kelly handbags lowered its annual sales growth target for the first time in years to 8 percent at constant exchange rates, down from its traditional level of 10 percent - which it had regularly beat.

It also said that its operating margin in 2014 would be “in the region of 31 percent”, against 32.4 the prior year. (Reporting by Astrid Wendlandt; Editing by James Regan)

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