
French luxury group Hermes announced record net profits for 2014 on Wednesday, along with plans to pay out an "exceptional" dividend of five euros per share.
World-famous for its silk scarves and luxury handbags, Hermes logged 859 million euros ($942 million) in net profits last year, a 9.0 percent increase over 2013.
The announcement caused the group's share price to drop 1.43 percent to 306.75 euros in generally flat trading on the Paris stocks exchange.
Analysts pointed to profit-taking as well as disappointment that the results fell short of expectations.
The group announced in February that it had surpassed four billion euros in sales, with turnover up 9.7 percent, or 11.1 percent at constant exchange rates.
Sales surged notably in North America, where they were up 14.5 percent, and Asia, where they rose 13 percent despite a slowdown in China. European sales were up seven percent.
Nevertheless Hermes, citing "economic, geopolitical and monetary uncertainties around the world", set a lower turnover target for this year of around eight percent growth at constant exchange rates.
"Hermes will continue its long-term development strategy based on creativity and maintaining control over its know-how," the group said in a statement.
The group said it would propose a five-euro "exceptional" dividend on top of a regular dividend of 2.95 euros, up from 2.70 euros in 2013.
It said it created nearly 700 new jobs last year including more than 400 in France, mainly in manufacturing and sales staff.
Its workforce stood at nearly 12,000 at the end of last year including just over 7,000 in France.
GMT 09:47 2018 Tuesday ,23 January
SAP unveils big push into French tech start-upsGMT 05:07 2018 Tuesday ,23 January
Noble Group shares surge 37 percent on buyout talksGMT 19:07 2018 Monday ,22 January
BAKS spent Dh225m on charity projects in 2017GMT 22:52 2018 Sunday ,21 January
French firm "recalls baby milk product"GMT 22:27 2018 Sunday ,21 January
US company plans funds that double bitcoin price movesGMT 21:23 2018 Sunday ,21 January
Pence starts Mideast tour in Egypt amid Arab angerGMT 08:54 2018 Saturday ,20 January
Million-euro bill for firm behind Paris bike-share chaosGMT 10:47 2018 Friday ,19 January
German chemical giant BASF sees 'significant' profit leap

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor