Hermes: consolidated net income, group share down a quarter
(CercleFinance.com) - The group's consolidated sales amounted to 2,488 million euros in the first half of 2020, down -24% at current exchange rates and -25% at constant exchange rates.
"Sales trends in the second quarter (-41% at current exchange rates and -42% at constant exchange rates) reflect the impacts of the health crisis on the network," the group said.
Underlying operating income reached 535 million euros (21.5% of sales) at the end of June.
Consolidated net income, group share reached 335 million euros compared to 754 million euros at end-June 2019.
Restated net cash amounted to 3,922 million euros compared to 4,562 million euros at 31 December 2019. The fall is mainly due to the payment of an ordinary dividend (totaling 474 million euros) and share buybacks.
"In the medium term, despite growing economic, geopolitical and monetary uncertainties around the world, the Group confirms an ambitious goal for revenue growth at constant exchange rates," management said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
"Sales trends in the second quarter (-41% at current exchange rates and -42% at constant exchange rates) reflect the impacts of the health crisis on the network," the group said.
Underlying operating income reached 535 million euros (21.5% of sales) at the end of June.
Consolidated net income, group share reached 335 million euros compared to 754 million euros at end-June 2019.
Restated net cash amounted to 3,922 million euros compared to 4,562 million euros at 31 December 2019. The fall is mainly due to the payment of an ordinary dividend (totaling 474 million euros) and share buybacks.
"In the medium term, despite growing economic, geopolitical and monetary uncertainties around the world, the Group confirms an ambitious goal for revenue growth at constant exchange rates," management said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.