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Hermes shares fall 10% on China demand worries
Shares of the French company Hermes declined by 10.44%, reaching €1,518.5, due to concerns over a slowdown in demand in the Chinese market, despite an improvement in overall sales performance in the second quarter, with revenues amounting to €4.09 billion, an increase of 6.7% year-on-year. Additionally, sales in the Asia-Pacific region, which includes China, grew modestly by only 2.5%, indicating continued weak demand in the Chinese market. This has caused the stock's performance to decline by 29% since the beginning of the year. For the first half of the year, revenues totaled €8.16 billion, and net income increased slightly by 0.4% to €2.24 billion, while earnings per share decreased to €21.32.
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