Hermes at 4-year low after Q3 sales miss
Today 08:06
BUZZ-Hermes at 4-year low after Q3 sales miss Updates share move
** Shares in Hermes HRMS.PA fall around 6% to their lowest price since October 2022 after the French luxury company slightly missed Q3 sales expectations
** Q3 sales are up 4.3% year-on-year in currency-adjusted terms to €4.10 billion ($4.61 billion), below the 5.2% analysts polled by Visible Alpha had expected
** RBC says the results were "a mixed bag"
** "Q3 growth of 4.3%... will likely make for a very painful day today," says Jefferies
** "Hermès is suffering from a subdued market environment and from the initiative of direct peers," says Bernstein
** As of Wednesday's close, Hermes' shares have dropped 36% YTD; if losses hold, stock will see its worst day since July
($1 = 0.8891 euros)
(Reporting by Gianluca Lo Nostro)